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How to draw support & resistance line

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  • #31
    Re: How to accurately draw support & resistance line ???

    Hi,

    From some book & articles that I read. Some use line
    chart to draw as it much easy to see the S&R using
    line chart.

    Some even use the closing, not the high or low.

    Just for reference & discussion only.

    Comment


    • #32
      Re: How to accurately draw support & resistance line ???

      the fundamental of support line is longger the support line = stronger the support

      Comment


      • #33
        Re: How to accurately draw support & resistance line ???

        FIBONACHI GRID Support & Resistance









        Seems looks good & more easier to draw & to found , but i need someone help me to lead to the thread (Fibonacci Grid) at this forum, please. Thanks before.


        Comment


        • #34
          How to trade using support & resistance line ?

          Hi,

          Any experts or guru who trade using Support or Resistance(S/R), please
          kindly give some advise as I often have these issues

          1) fake breakout, that trigger my stop loss
          2) price will breakout and retest the S/R line again.

          Often, I will try to trade based on S/R with pattern setup, but
          often get killed by the retesting of the S/R by price again.
          I using indicator like stochastic but still not able to get
          good result.

          Any good method to solve this issue.

          Thank you

          Comment


          • #35
            Re: How to trade using support & resistance line ?

            Look for candlestick patterns near/on/over/below supp/ress lines. Forget indicators, they are laging=lying, price action is the key.

            Code:
            http://www.myfxidea.com/html/strongsingal.html

            Comment


            • #36
              Re: How to accurately draw support & resistance line ???

              FIBONACHI GRID Support & Resistance










              Please Mods; lead me to the thread FIBONACCI GRID, i have lost those thread.


              [-O<

              Comment


              • #37
                Re: How to trade using support & resistance line ?

                I trade support/resistance, trendlines and basic channels...
                What I can say is there is no magic indicator that can help precise entry without being stopped out.
                The better one is MACD divergence on double top or double bottom. MAke sure it is a perfect V or inverse V price pattern. If not, don't force it.

                The most important is your screen time. The more you watch and "feel" the price, the better you will. There is no shortcut --- it can take over years to get it.

                Comment


                • #38
                  Re: How to trade using support & resistance line ?

                  You may want to look at volume too. If there is big jump in volume size, that may mean that people do not trust the trend and it may change.

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                  • #39
                    Re: How to trade using support & resistance line ?

                    Hi neithan,

                    How do you look at volume in fx, any good way or method to
                    share with us all ?

                    Thank you

                    Comment


                    • #40
                      Re: How to trade using support & resistance line ?

                      If i have the 'time tunnel' machine and go back at the time i started to learn forex, support and resistence is the first thing i will major in charting analysis....

                      no step of stone rules to trade the snr, overtime its ur gut feelings will lead u... my 2 cents

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                      • #41
                        Re: How to trade using support & resistance line ?

                        For less aggressive play, it's less riskier by waiting for a retracement back to the support/resistance level and observe whether there's any pent up demand... and then participate in the move if there are no pressure..

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                        • #42
                          Re: How to trade using support & resistance line ?

                          Here is all u need to know -http://www.chartsecret.com/category/category/trading-articles

                          Comment


                          • #43
                            Re: How to trade using support & resistance line ?

                            i thinkwhat is most important in trading is volume. Without volume there is not high probability turning pt. setup

                            Comment


                            • #44
                              Re: How to trade using support & resistance line ?

                              Hi everyone,
                              I had some ideas to share about support and resistance:
                              a) volume is one of the magic data points that really brings the probabilities further in our favor when analyzing support & resistance. probably most of you all know that 'tick' volume is available from most forex data feeds (Esignal has a really good one aggregating 200+ bank's forex ticks). while it's not true lot volume traded, the amount of ticks per given time period can be seen as 'activity', when there's more activity professionals are interested. when there's less activity, most professionals are not very interested in those prices. there's an art to interpreting these degrees of professional interest in prices via volume & using that to triangulate with support & resistance. some of the basic ideas are:
                              1. if prices are 'cheap' in the eyes of the big players that move the markets, often when prices are continuing to head down at this 'cheap' level of support one might see tick volume less as the bars go down,indicating that professionals are not interested in lower prices
                              1a. however, very often professionals, sensing that other market participants are interested in lower prices, will move the bids lower to buy at cheaper prices, in a way sucking the public in to sell. the turning points of these situations often see ultra high tick volume and can occur around bad news numbers.
                              Support and resistance, prior levels, etc....can give us a forecasted zone to be looking for this kind of volume activity
                              2. often in the sequence of support becoming the spring board for higher prices, we'll see ultra high climactic tick volume as price touches & sometimes breaches support by a little, but closes in the middle to high end of the range; next very often when the professionals truly want to take the market up, we'll see price attempt to go down again to support-in a sense testing whether the sellers have lost interest-often this test will be on lower tick volume, indicating that the professionals are not interested in taking the market lower...this will all be happening right around support.
                              3. then, if we really are in a rise from support sequence, often we'll see a sudden push upward away from support in price on decent tick volume, as if many professional groups all at once realized that there was a 75% off sale on socks. often the volume & support/resistance trader will miss that entry and enter on a retest of the rising slope trend line that could be respected in this hypothetical move up
                              4. then at resistance, we might see price approaching resistance, maybe ready to stop and turn around, maybe ready to just pause and congest for a while. but often as prices become 'expensive' near resistance, tick volume might dry up a little.
                              4a. another common scenario is the opposite of the climactic ultra high volume at support. we'll sometimes see very positive news/numbers coming out, prices will surge toward resistance on ultra high tick volume, and prices will close in the middle to lower end of range on a fairly wide range (same at bottom climactic at support,often with fairly wide range), indicating perhaps that professionals knew they wanted to take the market down, but were using the euphoria of the public's buying on good news to enter the market short at much better prices
                              ---alot of this material comes from the pdfs of Richard D. Wyckoff, Hank Pruden, Tom Williams, and Todd Krueger....
                              ----sorry, if this was boring and you guys already know all this stuff. -live long and prosper \\//, >-

                              Comment


                              • #45
                                Re: How to draw support & resistance line

                                yes please lead me to the fibonacchi grid

                                Comment

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