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''Major [[SR]], for e.g. [[LOY]], [[HOY]], [[COY]], [[OOD]], etc. In fact, the OHLCs of '''recent days''' are all worth to pay attention to, especially yesterday's. Worth to mention, Ninetrans made one important point about SR on [https://ninetrans.blogspot.com/2011/01/trading-with-trend.html his post], quoted below:''<blockquote>''An unfortunate consequence of focusing on oscillators, pivots and '''support and resistance levels''' is that the trader is forced to <u>focus on counter-trend trading</u>, which is usually low probability. The second consequence is that the trader typically <u>focuses on small moves</u>, netting +1 or +2 points when they should be focusing on getting a large slice of the move. The third consequence of trading this way is it <u>forces you to use limit orders, which are inherently counter-trend</u>. While consistent traders can use limit orders quite successfully, for most traders, they are counter productive since it forces you to focus on getting the best price rather than focusing on the best probability trades that can be held for the maximum points.''</blockquote>''That said, this doesn't mean we should just ignore SRs, the right way to look at SR is be aware that they are there, but at the same time be open that support can become resistance and vice versa. If you are swing trading, do not take profit too early just because there is LOY below. As Al Brooks says, most resistances fail since the market tends to continue to do what its been doing.'' | ''Major [[SR]], for e.g. [[LOY]], [[HOY]], [[COY]], [[OOD]], etc. In fact, the OHLCs of '''recent days''' are all worth to pay attention to''<ref>[[笔记:48D Trading the Open#H or L of Yesterday or Prior Days: Support and Resistance]]</ref>'', especially yesterday's. Worth to mention, Ninetrans made one important point about SR on [https://ninetrans.blogspot.com/2011/01/trading-with-trend.html his post], quoted below:''<blockquote>''An unfortunate consequence of focusing on oscillators, pivots and '''support and resistance levels''' is that the trader is forced to <u>focus on counter-trend trading</u>, which is usually low probability. The second consequence is that the trader typically <u>focuses on small moves</u>, netting +1 or +2 points when they should be focusing on getting a large slice of the move. The third consequence of trading this way is it <u>forces you to use limit orders, which are inherently counter-trend</u>. While consistent traders can use limit orders quite successfully, for most traders, they are counter productive since it forces you to focus on getting the best price rather than focusing on the best probability trades that can be held for the maximum points.''</blockquote>''That said, this doesn't mean we should just ignore SRs, the right way to look at SR is be aware that they are there, but at the same time be open that support can become resistance and vice versa. If you are swing trading, do not take profit too early just because there is LOY below. As Al Brooks says, most resistances fail since the market tends to continue to do what its been doing.'' | ||