Support/resistance levels. How do I identify them? - page 10
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At this point the pound has broken its 5 1/2 month low.
You can drawthe horizontal line yourself.
That's when the pound broke the low.
I see, thank you.
Unfortunately, it's all profanity. There are no levels or patterns in the market. Price exists in the moment and what according to all the rules of the world or only according to your rules is a level is not really a level. Whether the price touches it or skips past it depends on the participants at that specific moment. But what is really important is that there is a cause-and-effect model for the future price and you have to follow it, the rest is all profanity and speculation. The price is hammering on your line, not because it is a 5-month low, but because the current momentum is exhausted and the price is losing its strength. Just here and now. All technical analysis is a big fraud to attract liquidity and nothing more.
There are buyers and sellers in the market and information about their relationship at this moment in time and is crucial for future price and nothing more. I am very sorry for not getting proper education in the beginning of my journey and for being as ignorant as you, but now I am slowly sobering up and starting to understand the mechanisms of the market. If you look at the market in the context of the cause-and-effect model, success is guaranteed. IMHO!!!!
Now I am slowly sobering up and beginning to understand the mechanisms of the market
Mikhail, what sources do you use for information, if not theanalysis?
Michael, what sources do you use for information without theanalysis?
To begin with, watch this video and you'll be surprised how different it is in the stock market. After watching this video I invented a causal model of price formation, although I do not pretend to be the author, that's how it is...
https://www.youtube.com/watch?v=d4XzMqHNeew&t=994s
Then cluster analysis + VSA and that will be enough.
imho should be small because it's modest
Thanks, I'll have a look.
And how is the VSA? I've tried to make sense of it, but it's still a bit fuzzy when I use it. There are no volumes, candlestick formations, well, they work some time. What was going on in the background is also difficult to understand. If I have any experience, may you please tell me. I would like to watch the video.
Thanks, I'll have a look.
How is the TSA? I tried to guess its meaning, but it is too vague to use it. I have no volumes, candlestick formations, well, they work some time. What was going on in the background is also difficult to understand. If I have the experience, would you please tell me? I would like to watch the video.
I don't use VSA myself. I do not use VSA myself, I mostly use cluster analysis. And after watching the video use this tip and you'll see that you'll know the movement of the asset even before it starts to move exactly where the asset will go. I did it for myself not to worry. Don't thank me :-)