Is it is good to trade only with support , resistance and trendlines . I have been trading with these for the past one month and am able to make 10 to 20 pips daily without much losses Is it is ok to stick with this plan or do i have to move further
It’s completely fine to trade with whatever works for you. I would solidify the strategy though, just to make sure that my gains are not due to applying a strategy in a market that was favorable to it in that period. You want your success to last years. Are you acting consistently? Do you have a mini algorithm that says “when X then Y” in your mind? Then I would test the hell out of the strategy to make sure it would work in different market conditions. Loses are not the end of it, the point is for your strategy to be making more gains in the long run.
Best of luck!
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In fact, almost all patterns consit of support, resistance and trendlines. Most of the principles of technical analysis are based on them. That is why in case if you know how to work with them, you actually know the main things in technical analysis. We can also say that trendlines are just diagonal support and resistance lines.
Of course there are lot of other strategies and approaches to the trading like indicator-based trading, but support and resistance are the basis of trading, so you can aply them whenever you want to any financial instrument despite of its nature.
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