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

  1. #1
    Hello again people


    could someone please tell me away quck and simple way of determining support and resistance levels, i am trying to learn to trade with as feww indiors as possible (only using candle charts at the moment.) and although i am about breaking even at the moment i feel knowing the S@R levels of a session would be helpfull in weeding out rougue candles!!

    I am currently using Oanda and am not sure wether the platform can do this automatically for me or not.

    All help most apprieciated as always


    Good luck to each and all of you!

  2. #2

    Quote Originally Posted by ;
    Would i be right in thinking that ploting of S@R levels is not an exact science? where you draw the lines on the charts are they approximate levels or exactly worked out points. Sorry if that sounds stupid but i really want to get this right in my head!! Thanks again
    Well if there is anything that can be classed as an exact science I haven't seen it yet. To answer your question it easier to think of these as Areas of interest, places where it would be reasonable to expect price to reverse, stall or ignore. As I said, once the main areas are picked out then go to lower TFs to look for more exact price points to watch Price Action. On the AUDNZD chart I've highlighted an area we would watch as price returns to it. I marked the Weekly points in the 1st image and then refined it on the Daily. And then we can watch Price Action on the shorter 4hr chart and make trading decisions from there. Even if you play shorter TFs, knowing that these areas are close can help you sort the possible signals you're getting from whatever indiors you use. Nothing's 100% in this game, all you can do is try and move the odds a little in your favour.


  3. #3
    Would i be right in thinking that ploting of S@R levels is not an exact science? where you draw the lines on the charts are they approximate levels or exactly worked out points. Sorry if that sounds stupid but i really want to get this right in my head!! Thanks again

  4. #4

  5. #5

    Quote Originally Posted by ;
    Treat these as key areas. Don't assume that a S/R area is no longer valid just because it goes back into the mists of time. Check any chart and see how these areas repeat after years of trading.
    This is very true.. I remember when GBP/USD broke the $2 barrier a few months ago. The highs back in and 1991 and 1992 acted as resistance. We only had to look this far back because that was the last time GBP/USD was so high.

  6. #6
    Find all areas where price has made significant reversals of direction, 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 assume that a S/R area is no longer valid just because it goes back into the mists of time. Check any chart and see how these areas repeat after years of trading. See attached


  7. #7
    Common support/resistance areas are pivots, fibonacci retracement lines and trend lines. Pivot = (high low close)3 Trend lines must hit two points on a chart Fibonacci retracement lines are drawn from the top to the bottom of the recent range, they can also be drawn the other way round. hope this helps

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

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