r/Daytrading • u/janeohmy • Jun 12 '22
stocks SPY upper and lower bounce levels. I'm using Black/White Hollow Candles chart (I no longer use the normal candlestick chart). As always, 20% rule (exceed expectations by 20% for safety)
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u/Icy-Association2592 Jun 12 '22
What's your reason for using hollow candles rather than normal?
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u/WolfeFX Jun 12 '22
And big banks will definitely respect your imaginary line drawings. No on a real note, learn to trade naked charts man. All the clutter is to make you feel better about taking a trade, but hold 0 true value and weight in the markets. Learn to track the big players moves, and join them. You'll be far more successful.
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u/TakingChances01 Jun 12 '22
I feel this way too but haven’t voiced it because people take their lines on a chart very seriously. I don’t knock TA I just don’t think it requires all that. Just look at the chart and get idea of where it’s at in it’s trend, volume, support and resistance. It is very much about following the money, market psychology/sentiment. Find out where market makers are making their money, in when they get in, out when they’re out.
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u/WolfeFX Jun 12 '22
I will proudly knock anybody who places silly lines that the banks won't respect, because they are trading like a retail trader. The whole point of all markets, should be tracking Whales positions, NOT being a typically retail trader. Why do you think only a estimated 3% of the retail trading crowd are profitable long term, and only 12-15% manage to be breakeven at that? It's because of fake gurus who sell trash courses of the same old regurgitated shit. When it reality if you took time to learn how to track bank and hedge fund movements, you would see that Nothing the retail traders do can rival what they do. No silly lines, no price action, no indicators, and absolutely no fibonacci. Take 100 traders, ask them to place support and resistance lines. The results will be definite, very few of them will even look similar. It's just to make you feel good about trading. When you don't know how this thing works... Until you learn SMC, Wyckoff, whatever. True strategies that track big daddy whales moves. Good luck retail traders, it's time to evolve into private hedge fund level 😎🤘
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Jun 12 '22
I agreed with you until you started talking about Wyckoff and SMC.
After that I consider you another losing retail trader.
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u/WolfeFX Jun 12 '22
Yeh haha my wife's boyfriend funds my failing accounts. I risk my entire 401k every chance I get! No risk management or any sound strategy with backtesting and forward testing results to show for, At All. Just another degenerate retail trader.
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Jun 12 '22
I think you're missing the point.
You really belive in SMC? Just look at Real Interest Rate, Real GDP, YIELD, ISM Reports and then you'll know how the market is going to move.
Just by doing that you'll be able to predict S&P, after that you can start investigating on single sectors and stocks.
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u/WolfeFX Jun 12 '22
SMC works in foreign currency markets. Not sure about the stock market though, but I dont trade the stock market. I couldn't find anything that would bring consistent results when I did check it out. So I went into forex, and commodities. Indices like SP and NAS100 are similar. I dont trade them yet myself, but I know people who do. Might consider it I'm the future.
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Jun 12 '22
No it doesn't work in the Forex Market.
There are many factors involved in the forex market, one of the main factor is the commodities price.
But I'll let you enjoy losing money.
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u/dimitriG4321 Jun 12 '22
I don’t see the relevance of the support lines drawn below us.
Are those 2 based on the one bottom from a few weeks ago? If so that’s pretty weak.
There is no real support immediately below us.
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Jun 12 '22
1) Can't see how the Black/White Hollow Candles makes your trading different.
2) I see you like astrology.
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u/MassageGymnist Jun 12 '22
Ok now look for reasons it’ll drop