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CRUCIAL LEVELS for European and the U.S markets FOR THE DAY: |
psalm
Black Belt
Joined: 12 Nov 2011
Posts: 5368
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Post: #1  Posted: Thu Dec 15, 2011 1:31 pm Post subject: CRUCIAL LEVELS for European and the U.S markets FOR THE DAY: |
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The Resistance for Dow Jones is 11920 and support is at 11689
The Resistance for FTSE is 5455 and support is 5284
The Resistance for DAX is 5744 and support is 5610
The Resistance for CAC is 3045 and support is 2943 |
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ajayhkaul
Yellow Belt
Joined: 18 Jun 2009
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| Post: #2 Posted: Thu Dec 15, 2011 1:43 pm Post subject: |
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You think technicals really work in such abnormal situations ?
They would become a self fulfilling prophecy for all techies and their automated systems ie all sell/buy around the same levels of breakdown/breakout.
So unless the trader/investor has the big picture in mind , he would find it tough to play his hand |
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psalm
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Joined: 12 Nov 2011
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| Post: #3 Posted: Thu Dec 15, 2011 1:54 pm Post subject: |
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Ajay,
I dont believe in playing the markets for a period of hours or days. The big money is earned playing the markets on a long term (The bigger picture, as you have mentioned). But even in that Bigger Picture, technicals can be associated. There is no point in showing your back to technicals if the influential players in the markets are following it. By saying this, I believe that the influential players in the markets follow the technicals. May be not on a daily basis. The levels I have mentioned for the global markets are just for the awareness, if someone is interested. |
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ajayhkaul
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Joined: 18 Jun 2009
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| Post: #4 Posted: Thu Dec 15, 2011 3:57 pm Post subject: |
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psalm
Consider this ...
Everyone uses internet , including to trade online. Without going into advantages of internet , we are aware that it is used to profile the users, monitor what they say and do ie it is now used to control the masses. Ditto with mobile phone technology. Once the masses are hooked , the control is better than the fear instilled thru religion!
Now , when more and more people use technicals, it is possible to 'extract' money and manipulate. So the 'influential players' use these levels with their deep pockets to line up the traders eg Triggering stoplosses is easy since most people put stoploss at the same levels...and so on. Following technicals actually makes traders more predictable and therefore controllable.
Technical analysis is not a precise science and no matter what you do with them , the next move on the next tick is as predictable as a coin toss.
That is why big money makers are not technicians - there is none . All the guys who made it worked on the big picture ideas or some other strategy/ edge.They will not reveal their'systems'.
Notice that technicians almost always end up writing books ,teaching and coaching to offset/hedge their trades.Success rate is near zilch.
When everyone follows the same thing , it stops working !
Paradox! |
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vinay28
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Joined: 24 Dec 2010
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| Post: #5 Posted: Thu Dec 15, 2011 7:09 pm Post subject: |
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Ajay, thank you! You made my day. Now I am happy that I haven't learned TA. But then I am still loosing money? |
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dracula
White Belt
Joined: 07 Dec 2011
Posts: 31
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| Post: #6 Posted: Thu Dec 15, 2011 7:34 pm Post subject: |
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| vinay28 wrote: | | Ajay, thank you! You made my day. Now I am happy that I haven't learned TA. But then I am still loosing money? |
& Vinay, you are disclosing it on a charting site  |
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ajayhkaul
Yellow Belt
Joined: 18 Jun 2009
Posts: 866
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| Post: #7 Posted: Thu Dec 15, 2011 7:38 pm Post subject: |
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| vinay28 wrote: | | Ajay, thank you! You made my day. Now I am happy that I haven't learned TA. But then I am still loosing money? |
So the question to ask oneself is 'what is my strategy or edge?' when does this edge work? and when does it not work? So when all parameters say GO , you enter.when the markets dont meet your edge , stay away.
People in these forums believe that their edge is some technical analysis method ....if they know when it works , good . If not they may find out over time at a cost or they may never find out . They will keep trying various methods with the success akin to a coin toss. One win(heads) will keep them going and absorbing many 'tails'... and so on....
Coming back ... what is your edge ? |
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singh.ravee
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Joined: 12 Aug 2010
Posts: 678
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| Post: #8 Posted: Thu Dec 15, 2011 7:42 pm Post subject: |
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| AJAYHKAUL wrote: | psalm
Consider this ...
Everyone uses internet , including to trade online. Without going into advantages of internet , we are aware that it is used to profile the users, monitor what they say and do ie it is now used to control the masses. Ditto with mobile phone technology. Once the masses are hooked , the control is better than the fear instilled thru religion!
Now , when more and more people use technicals, it is possible to 'extract' money and manipulate. So the 'influential players' use these levels with their deep pockets to line up the traders eg Triggering stoplosses is easy since most people put stoploss at the same levels...and so on. Following technicals actually makes traders more predictable and therefore controllable.
Technical analysis is not a precise science and no matter what you do with them , the next move on the next tick is as predictable as a coin toss.
That is why big money makers are not technicians - there is none. All the guys who made it worked on the big picture ideas or some other strategy/ edge.They will not reveal their'systems'.
Notice that technicians almost always end up writing books ,teaching and coaching to offset/hedge their trades.Success rate is near zilch.
When everyone follows the same thing , it stops working !
Paradox! |
chart providing site pe likh rahe ho, technicals ka koi fayda nahi |
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vinay28
Black Belt
Joined: 24 Dec 2010
Posts: 11748
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| Post: #9 Posted: Thu Dec 15, 2011 7:49 pm Post subject: |
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| Dracula, I wrote it in a lighter vein, not knowing it will become vericose to lure you! |
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dracula
White Belt
Joined: 07 Dec 2011
Posts: 31
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| Post: #10 Posted: Thu Dec 15, 2011 7:54 pm Post subject: |
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| vinay28 wrote: | | Dracula, I wrote it in a lighter vein, not knowing it will become vericose to lure you! |
hahahaha...dat's a good one mate...  |
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dracula
White Belt
Joined: 07 Dec 2011
Posts: 31
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| Post: #11 Posted: Thu Dec 15, 2011 8:17 pm Post subject: |
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| AJAYHKAUL wrote: | psalm
...
...
...
...
When everyone follows the same thing , it stops working !
Paradox! |
But, ajay, every one is doing marriage & having kids & still it's working , dats why we are here...
offcourse , I am kidding |
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ajayhkaul
Yellow Belt
Joined: 18 Jun 2009
Posts: 866
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| Post: #12 Posted: Thu Dec 15, 2011 8:22 pm Post subject: |
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singh.ravee this charting site is also to exchange views and beliefs. At times we should stop and do a reality check ,don't you think?
And I have pointed out the shortcomings of TA and its potential to be used against the trader....it can be a trap for the unsuspecting trader esp beginners.
Forewarned is forearmed ... the traders in this forums are up against the professionals... so they must have a distinct edge...else it is a losing proposition.
Read the 'tips' of any of the high profile chartists on the TV channels ... their hit ratio is same as a coin toss ( just monitor only one of these guys over a period of 3 months and see for yourself) .
Guys who are making money are not talking about their systems -- if they do , it will stop working !
Trading appeals to our gambling instincts and one win is all it takes to hook you for a long time |
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dracula
White Belt
Joined: 07 Dec 2011
Posts: 31
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| Post: #13 Posted: Thu Dec 15, 2011 8:29 pm Post subject: |
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...
Last edited by dracula on Thu Dec 15, 2011 9:21 pm; edited 1 time in total |
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dracula
White Belt
Joined: 07 Dec 2011
Posts: 31
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| Post: #14 Posted: Thu Dec 15, 2011 8:55 pm Post subject: |
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| dracula wrote: | | AJAYHKAUL wrote: | singh.ravee this charting site is also to exchange views and beliefs. At times we should stop and do a reality check ,don't you think?
And I have pointed out the shortcomings of TA and its potential to be used against the trader....it can be a trap for the unsuspecting trader esp beginners.
Forewarned is forearmed ... the traders in this forums are up against the professionals... so they must have a distinct edge...else it is a losing proposition.
Read the 'tips' of any of the high profile chartists on the TV channels ... their hit ratio is same as a coin toss ( just monitor only one of these guys over a period of 3 months and see for yourself) .
Guys who are making money are not talking about their systems -- if they do , it will stop working !
Trading appeals to our gambling instincts and one win is all it takes to hook you for a long time |
very well said Ajay, Actually, Art of Trading is not something which can be shared instantly, it is something which you adopt over a period of time by understanding urself & your limits... |
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SwingTrader
Site Admin
Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #15 Posted: Thu Dec 15, 2011 9:27 pm Post subject: |
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| AJAYHKAUL wrote: | You think technicals really work in such abnormal situations ?
They would become a self fulfilling prophecy for all techies and their automated systems ie all sell/buy around the same levels of breakdown/breakout.
So unless the trader/investor has the big picture in mind , he would find it tough to play his hand |
Many people like you told me the same when I started learning TA years ago. I am glad I did not listen to them.
If you don't believe TA works then you are in the wrong place. There are other forums on the net that like the sort of stuff you post, this one is surely not one of those forums.
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Srikanth Kurdukar
@SwingTrader |
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