Support and resistance levels.
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Thread: Support and resistance levels.

  1. #1
    Hello again people


    could someone please inform me away quck and simple way of determining support and resistance levels, I am trying to learn to trade as feww indiors as possible (only using candle charts at the moment.) And although I'm about breaking even in the moment I believe understanding a session's S @R levels could be in weeding out rougue candles helpfull

    I'm currently using Oanda and'm unsure wether the platform can do this automatically for me or not.

    All aid many apprieciated as consistently


    Good luck to each and all of you!

  2. #2
    Quote Originally Posted by ;
    Can I be right in believing that ploting of S@R levels isn't an exact science? Where you draw the lines on the charts are they approximate levels or just worked out points. Sorry if that sounds dumb but I really want to get this right in my head!! Thanks again
    Well if there's anything which can be classed as an exact science I have not seen it yet. To answer your question it easier to think of these as Regions of interest, areas where it would be sensible to expect price to undo, stall or ignore. Like I said, when the areas are chosen out proceed to lower TFs to search for more exact price points to watch Price Action. On the AUDNZD chart I have highlighted an area we'd watch as price returns to it. I researched the Weekly points and then refined it on the Daily. And we could observe Price Action about the 4hr chart and make trading decisions from there. In the event that you play briefer TFs, understanding that these areas are near will be able to enable you to sort the signals you're getting from indiors you use. Nothing's 100% in this game, all you can do is attempt to transfer the odds a little in your favour.


  3. #3
    Would I be correct in thinking that ploting of S@R levels is not an specific science? Where you draw the lines on the charts are they approximate levels or exactly exercised points. Sorry if this sounds dumb but I truly wish to get this right in my mind!! Thanks again

  4. #4
    Fantastic expliion peterfm

  5. #5

    Quote Originally Posted by ;
    Treat these as crucial places. Don't assume that a S/R place is no more legitimate because it goes back to the mists of time. Check any chart and see how these regions replie after years of trading.
    This is very correct. . I recall when GBP/USD broke the barrier. The highs back in and 1992 and 1991 acted as resistance. We had to look this far back because that was the final time GBP/USD was high.

  6. #6
    Loe all areas in which price has made significant reversals of management, and stick a Line on the chart. You can refine the positioning by going down to Daily - 4hr charts. Treat these as key areas. Don't presume that there is a S/R area no more legitimate because it moves back to the mists of time. Check any chart and find out how these areas repeat after years of gambling. See attached


  7. #7
    Common support/resistance areas are fibonacci retracement lines, pivots and fashion lines. Pivot = (high low close)3 Trend lines need to hit two things on a chart Fibonacci retracement lines are drawn from the very top to the base of the current range, they can also be drawn another way round. Hope this helps

  8. #8
    Horizontal levels of support/resistance: preceding swing high/lows, double top/btooms, ranges upper/lower bands, etc..

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