Trading Horizontals is the holy grail?

Being in Crypto for almost 5 years and a bit longer in trading, I’ve seen and tried all kinds of Technical Analysis, but it really amazes me how popular it is nowadays to trade 1 of the oldest strategies: Support and Resistance levels.

Okay, some gave it a more modern title like Price Action Trading. Naked Charting or whatever sounds interesting. But, come on…… draw some horizontal lines and it should be the holy grail?

“Go long above resistance, go short below support”

That’s it? Watch a few YouTube videos and you can talk with all the others on Crypto Twitter….yeah cool!

Wait…..Stop!

Did I get you triggered?

I admit, the above was meant to trigger you. I don’t have anything against trading horizontals. I also use it more and more, we teach it our members and we present them those kind of charts every day and I fully understand that so many people use it successfully.

There are so many techniques one can use to analyse a chart. All of them have their pros and cons. Not a single one is flawless and every technique will give you errors or bad trades. So many different techniques, so many different people but all using a system they feel comfortable with.

But what I don’t understand: traders debating/ridiculing others for their charting technique. I see young/inexperienced traders trying to convince seasoned traders they use the wrong technique.

Do you really think:

· You can win a twitter beef?

· You can convince a seasoned trader who found his profitable technique already years ago?

I really don’t understand why traders are criticizing others for their Trading Techniques. The other trader probably studied a shitload of hours, traded for months/years, lost a huge pile of money by testing strategies (and hopefully profited also), but he found a technique which is working for him. There is a big chance the technique is working for him and at least he will feel comfortable with it.

And who TF are you to tell him that he is using a shitty system? You probably watched a couple of videos and think you have seen it all. Let’s ridicule others (safely from your ANON account) for a system, you probably never studied and you don’t know enough about to judge.

Your system is not the holy grail… I have a surprise for you: traders are also profitable using Bollinger Bands, Elliot Wave, Harmonics, triangles, trend lines, they count to 9….whatever…….They found a system what is working for them and you only look dumb when ridiculing others for their proven system. Their system is already working for decades for others and that doesn’t change suddenly.

What is the holy grail? It differs for every trader. One should study all kinds of systems to find their edge. Do you feel comfortable when using Bollinger Bands? Use it and don’t bother about those criticizing. Feeling better with Horizontals or a combination of the 2? Fine, use it and don’t let keyboard heroes change your vision!

This write up is not because I feel attacked for my techniques but a general observation in the Crypto Twitter scene. It’s disturbing me traders are criticized, instead of getting some respect for the work they did.

For myself, I found a profitable, very accurate system through the years which could be described as a combination of Classic Wave Patterns, some Elliot Waves basics, Fibonacci and a growing interest in horizontals. Depending on the situation, I choose what looks most likely to me. This works for me (and our students) and I respect every trader who publishes decent TA, no matter what kind of technique.

Wishing you all Happy Trading with respect for your colleagues!

Crypto_Ed_NL

Founder of www.crypto-ta.nl where we train members in all kinds of TA techniques so they can find their edge.