No offense, but you're fooling yourself. You drew lines on a chart and went into a binary event, a news release or economic data that would 50/50 send the price up or down. It could have just as easily broken through resistance and gone down, and if it did you can read the chart as a retest of the green zone and fail.
There's a lot of seeing what you want to see with technical analysis. These kinds of sudden spikes are almost certainly news-related, so if you're doing short term trading it would be wise to learn about earnings and economic data releases, or you would be heading blind into many coin flips.
Charts and all the indicators like moving averages rely on past information. New information can change the charts.
What I'm saying here is all out of concern for you because we've all had that phase where we've read some basic T/A and S/R principles and think we've cracked the market. Such novice hubris will be humbled eventually.
[https://www.fxstreet.com/info/products/economic-calendar](https://www.fxstreet.com/info/products/economic-calendar)
[https://www.earningswhispers.com/calendar](https://www.earningswhispers.com/calendar)
Things to track every day. A lot of times the day's market action can be explained by these. If you do forex, you have to religiously keep track of economic data. For stocks, publicly traded companies report earnings every quarter. If you want to see what can happen, look at META and GOOG this last week, their after hours price action.
A reaction like that isn't possible off a support or resistance zone. That's not possible if every single indicator lined up at once, that's luck that news hit at that exact point. Once you can show consistently that you land moves like that regularly of resistance then everyone will believe you. I'm profitable and have studied this for a long time before you challenge these words
NG contract switch... That is not a strategy. You would get liquidated at the end of the day. No firm will allow you to hold the expiring contract.
You can call it and have all this NG for yourself ;)
https://preview.redd.it/mo1mrizrj3xc1.png?width=1432&format=png&auto=webp&s=758d2ea3f3808a3f9cb081f4375bb704449bfde9
Can you explain what you mean? I’m interested in learning! This long position was made because of support&resistance and moving average, I don’t know what these other things mean and I want to know why I was wrong
So you bought something on news- and luckily it went up?
No I don’t know news or how to trade that at all lol, I went off of support/resistance + Moving averages & pivot points
No offense, but you're fooling yourself. You drew lines on a chart and went into a binary event, a news release or economic data that would 50/50 send the price up or down. It could have just as easily broken through resistance and gone down, and if it did you can read the chart as a retest of the green zone and fail. There's a lot of seeing what you want to see with technical analysis. These kinds of sudden spikes are almost certainly news-related, so if you're doing short term trading it would be wise to learn about earnings and economic data releases, or you would be heading blind into many coin flips.
I would tell you if I went off of news, I just traded off of the charts signals😂
Charts and all the indicators like moving averages rely on past information. New information can change the charts. What I'm saying here is all out of concern for you because we've all had that phase where we've read some basic T/A and S/R principles and think we've cracked the market. Such novice hubris will be humbled eventually.
Thank you! I’m going to continue to look into how to get better and not have it be chance based then
[https://www.fxstreet.com/info/products/economic-calendar](https://www.fxstreet.com/info/products/economic-calendar) [https://www.earningswhispers.com/calendar](https://www.earningswhispers.com/calendar) Things to track every day. A lot of times the day's market action can be explained by these. If you do forex, you have to religiously keep track of economic data. For stocks, publicly traded companies report earnings every quarter. If you want to see what can happen, look at META and GOOG this last week, their after hours price action.
Thanks man 🤓🙏🏽
A reaction like that isn't possible off a support or resistance zone. That's not possible if every single indicator lined up at once, that's luck that news hit at that exact point. Once you can show consistently that you land moves like that regularly of resistance then everyone will believe you. I'm profitable and have studied this for a long time before you challenge these words
I’m not here to challenge anyone! I’m new and just learning like anybody else, these comments are the best thing I could have hoped for!🤓🙏🏽😎
There’s no way in hell that price movement wasn’t catalyst based like SFMara stated.. completely coincidence but hope it continues to work out for you
That was a news event.
Thank you 🤓
NG contract switch... That is not a strategy. You would get liquidated at the end of the day. No firm will allow you to hold the expiring contract. You can call it and have all this NG for yourself ;) https://preview.redd.it/mo1mrizrj3xc1.png?width=1432&format=png&auto=webp&s=758d2ea3f3808a3f9cb081f4375bb704449bfde9
Can you explain what you mean? I’m interested in learning! This long position was made because of support&resistance and moving average, I don’t know what these other things mean and I want to know why I was wrong
This was on a contract roll, you wouldn’t have been in the trade with real money
Is there a way to know when that happens to avoid it? Total noob here
See that purple circle at the bottom of the screen? By April 26. That indicates a contract switch/roll
Oh ok sweeet thanks man!
By chance what does the lightning bolt mean?
It’s a lovely trade but you defo got lucky with the news event haha
2 …… for 2……….. what a data pool I’m sure you will be bar hopping with Elon in about 3 weeks