Namaste Big Brothers
Good Morning to all
Just went through some good and encouraging posts in the following threads
http://www.traderji.com/equities/10035-stocks-keep-close-eye-1166.html
http://www.traderji.com/day-trading/32562-trading-pt-style-646.html
There were some posts which were actually eye opener for me. I am yet to learn a lot. And this is the best time to learn and practice.
Markets are moving up.
In my experience, the most important and inevitable thing to know for a successful trade is to being aware of Resistance and Support levels. Drawing Lines at support and resistance levels in the historical data is nothing, anyone can do it with a little practice. But does this little practice is enough to jump into the river. well, I don't think so. Knowing well in advance when the support or resistance is likely to take place and at what levels, is the key. So this not only includes the levels but the time factor is also there.
Therefore, I am trying to start from scratch. And because Market is going up, I will try to find out the resistance level with as much good timing as I can.
First of all, I am trying to define, what actually resistance is? All I know is that it is just not a trend line or parallel line drawn on historical chart to feel confident. There is something else, very important, missing in my understanding of the
real resistance levels, which I will try to identify.
Because, if I could be able to understand the funda behind finding resistance and support levels, I can really make a killing on all my trades. I think everyone will be quite aware of this very fact, that shorting can give extraordinary gains in very less time as compared to long trades.
So, the first thing, what is resistance. I am trying on my side. My big brothers are requested to participate if they also want to join me in my hunt, and those big brothers who are already aware of are requested to help.