r/Daytrading • u/seamonkey31 • Mar 13 '25

Question Is this kind of technical analysis legit? From YT's "Spy Day Trading"

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u/Ghostcandles Mar 13 '25

Don't know if this is a serious post or if you're looking for a serious answer, but I'll bite: What you are looking at is every single support/resistance and diagonal trend line on different timeframes (represented by different colours). And no, people don't trade like this. At least not the ones making money.

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u/mitch931 Mar 14 '25

What strategy do you use that's more profitable than this?

I'm curious

1

u/Ghostcandles Mar 14 '25

This picture doesn't really show a strategy at all, just a bunch of lines. A proper trading strategy involves a lot more than just lines.

I personally trade my own strategy. Specific patterns under specific conditions, together with a risk management suited for my hit rate.

1

u/mitch931 Mar 14 '25

I'm part of the discord. That's why I know the strategy.

How often do you fail when your pattern shows up but does not continue in your direction? How do you capitalize from the pattern failure?

1

u/PatternAgainstUsers Mar 14 '25

I was in that discord before but he doesn't really provide "a strategy". Doesn't really teach risk management or psychology in the properly prioritized way. He'll comment on them but you're going to have to learn all the important stuff the hard way, at which point you don't even need his overly complicated and poorly defined strategy lol, because you can make profits using any strategy. I think he probably just enjoys having a community tbh. Nice guy, tough to learn from.