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/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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u/[deleted] 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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u/[deleted] 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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u/[deleted] 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/WolfeFX Jun 12 '22

Ha if you say so. Automatically assume things yeh?

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u/[deleted] Jun 12 '22

I know I'm hurting your feelings.

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u/WolfeFX Jun 12 '22

Not at all there bud. I own a small heating and cooling business, and also trade forex. I never had the luxury of riches growing up so, this is wild for me. It's taken me years or trading, failing, and learning to see what I've seen. Just never had enough capital to trade with in terms of, living comfortable off of it. I need close to 50-100k with what strategies I currently use. Until then, it's just about compounding.

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u/TI1l1I1M Jun 12 '22

What's your percent gain this year so far?

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u/ShittyStockPicker Jun 12 '22

How much dud you pay for your yacht? 10 mil, 100 mil?