will enable you to take trades exactly at the area price will reverse. I look for support and resistance manually, starting from weekly charts and working my way down to e obvious way to determine s/r levels is by how many times candles have ended at various prices.The more touches the more is is a big part. On the first case ( the candle on the left that we marked for you clearly, the price fell on the next candle which made it a valid reversal. When you take a look back after drawing Zones will find that those lines withheld the price for numerous times before and will continue to do that for numerous times more. Also, read trading discipline which is also a most important skill for successful trading. Our stop loss should be placed on the other side of the zone and not too close to the level to give it some space as we said it is a Zone, Putting the Stop loss there because this the end of the trade.
Wha t I am searching for is something that can recognize support. I have searched and found many fib and pivot indicators but am looking for a suppo rt/resistance indicator specifically and cant find anything. Hi all f is anyone able to rec ommend a good support resistance indicator? I have had. Support and Resistance Trading Simplified Trading Discussion.
Now that we know the role of S R Lines, which from now on we will call Zones. Conclusion : Now we have learned from this Support and Resistance strategy how to draw Zones and how to trade them successfully and how to determine the direction that the price will probably move to, so we could have a better edge in our trading. Trading support and resistance, and discovering support and resistance zones are pivitol to your trading success. While in the second case ( the candle on the right that we marked we had a very small candle which did not mean anything except that the resistance stalled the price for a while. Here, you can see that those weak candles were not able to breach the Resistance line and had long wicks and could not break that level so we wait to see what will happen with the next candle will the price action break that level. If the price reverses that will be good as it is what we are expecting but need a strong reversal candle though to assure that price will reverse and that it will not collapse back again. Support is the level where price finds it difficult to fall below until eventually it fails to do so and bounces back. Knowing the type of candle is crucial to identify whether the entry is valid or not. They are more like zones that can be breached and pushed into and then it may pull the price action back out of it or maybe price action will succeed in breaking it for good so Zones and far better term to describe. Its almost like what we talked about in our article about the importance of multiple time frame analysis. In the chart example above we see how Support rejected the price and pushed back up and we see the candle that formed afterward to signal the end of the down movement and the beginning of and upward movement. The reason we say 2 to 4 currencies is because this is a good number of pairs to be looking at and will not overwhelm you mainly so you have a good judge on your trade opportunity.
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