folks from trading academy

[Christiaan]

hey guys

So i did a couple of webinars done by the folks from the trading academy where they basically teach you to trade off resistance and support or as they will tell you zones where there is a lot of buyers or a lot of sellers aka support and resistance.

It's pretty basic stuff really and nothing new but I thought that maybe some rookies(i'm also a rookie)will enjoy this one chart where I have drawn lines representing the area where there is more sellers than buyers and how effective such a trading system can be.

If a understood the folks from the academy wrong I apoligise ,now on to the chart.The two pink lines I've drawn show the area where supply is stronger than demand.AS you can see prices rose to this area a couple of times selles stepped in and prices began declining again.

AS I mentioned this tread is really for the benefit for any rookies(i'm also a rookie) the webinars can be found on fxstreet along with tons of other free webinars.

http://img30.imageshack.us/img30/968/forforum.png

Tell me what you think

 

[Christiaan]

So i did a couple of webinars done by some of the guys from the trading academy and what gives these traders a unique view is that they use to work for brokers or something and basically they had the orders for buyers and sellers right in their face obviosly this was a long time ago.

Anyway they say you don't need to have the orders right in front of you that all the information you need is right in your face.Basically they find zones where demand exceeds supply or supply exceeds demand aka support and resistance and then they buy or sell accordingly. i don't trade this way but i do keep an eye on other people's systems
and the chart I posted earlier i think captures the way these people trade best.

Anyway I thought I'd post an update prices again rose towards the supply zone and agian sellers stepped in and again prices fell.They don't note resistance or support their trading system is build around these zones and they use no indicators.You will understand what i mean if you look at the pic

http://img199.imageshack.us/img199/8493/jpyforum.png

If you want it from the horses mouth their webinars is on fxstreet.com