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Thread: How close to perfection the support and resistance could be

  1. #1
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    How close to perfection the support and resistance could be

    I have been spending some time studying the chart in other to strengthen my trading strategy and knowledge.My strategy basically is about support and resistance, and after some experience I think we would make better trades when we give attention to the support and resistance which could be levels or trend line.

    A picture worth more than a thousand words.

    This is the USDJPY trade I took after the bullish candle signal that formed accurately on the support trend like. Furthermore, the price went up and retested the 123.726 resistance and went down strong. I never paid attention to that level and it hit my stoploss. Lesson which I learned was that, I should pay attention to any support and resistance level. I could have been out if I had placed my take profits around the 123.726.

    Attachment 13199

    On the other chart we can see how the price kept on retesting the lines and giving a signal bar candle, furthermore, being a good sign why to enter and make some money.
    Attachment 13200

    Attachment 13201
    I know sometimes it will not work as expected, but, my review has proven to me that it works at most times, so now, what I need is to keep on practicing it and I suggest to all newbie trader that they should learn it.

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    We should not get so much excited about the business,thus we should know that in forex trading, there is no perfection therefore we could make money and loss it with the same method we have been making use of, therefore what I am trying to say is that which ever method we are making use of when trading then we should ensure that we have risk management and money management applied to it.

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    Quote Originally Posted by splash View Post
    We should not get so much excited about the business,thus we should know that in forex trading, there is no perfection therefore we could make money and loss it with the same method we have been making use of, therefore what I am trying to say is that which ever method we are making use of when trading then we should ensure that we have risk management and money management applied to it.
    Perfect means 100% correct but I don't think that anything is perfect in forex, even I am also following the support and resistance but it mean is not that I have to forget about my rules and have to take a very high risk to gain big amount of money too much excitement and expectation of money would not be good for anyone, It will be better to focus on simple and lower earning.

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    Quote Originally Posted by Earnperfect View Post
    Perfect means 100% correct but I don't think that anything is perfect in forex, even I am also following the support and resistance but it mean is not that I have to forget about my rules and have to take a very high risk to gain big amount of money too much excitement and expectation of money would not be good for anyone, It will be better to focus on simple and lower earning.
    There is never perfection but if our analysis is great we can get very close to perfect predictions. It is really easy to say things undone than to do it, it may be because most of us imagine that it is just easy to do trades and to earn profits in our trades without being aware and without anticipating negative things while doing it.

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    If we have learned and understand the trading strategy been used this is the feeling we would have that way thinking that it is perfect. But one has to be careful and know that if you are Traci g you need not to allow your emotions to take control of you. Apparently knowledge and skills makes the business more easier.

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    I have learned a lot from forex trading, and I have got to know that the support and resistance levels are all important, we just have to learn them and know how they works, they could be an obstacle if we done, for instance, in the past the trade would reverse and go back to my entry point, but now I know the potential support and resistance levels thus I know where to go out easily.

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    the using of the support and the resistance levels may be so good and vital to the shortest ways to understand the market and the prices so i think that it is a very good and effective to make a good decision to study first the support and the resistance levels

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    Quote Originally Posted by splash View Post
    I have learned a lot from forex trading, and I have got to know that the support and resistance levels are all important, we just have to learn them and know how they works, they could be an obstacle if we done, for instance, in the past the trade would reverse and go back to my entry point, but now I know the potential support and resistance levels thus I know where to go out easily.
    Of course support and resistance levels have a major part to play in technical analysis. It is simple but yet can have a high practical usage in real trading. However we should understand that there can be different support and resistance levels. Look at m1 charts and you have one support or resistance. Look at hourly chart and you have another SOR levels. We can also relate a support and resistance with moving averages or other indicator to get a stronger idea.

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    Quote Originally Posted by PROPENSITY100 View Post
    Of course support and resistance levels have a major part to play in technical analysis. It is simple but yet can have a high practical usage in real trading. However we should understand that there can be different support and resistance levels. Look at m1 charts and you have one support or resistance. Look at hourly chart and you have another SOR levels. We can also relate a support and resistance with moving averages or other indicator to get a stronger idea.
    I agree with you but then I know that experience will teach us the best about support and resistance levels, so far so good is one of the best way to follow the market, thus no matter the trading strategy which we are making use of, if we would want to make money from it, then I think we should apply the support and resistance levels to it.

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    Quote Originally Posted by PROPENSITY100 View Post
    Of course support and resistance levels have a major part to play in technical analysis. It is simple but yet can have a high practical usage in real trading. However we should understand that there can be different support and resistance levels. Look at m1 charts and you have one support or resistance. Look at hourly chart and you have another SOR levels. We can also relate a support and resistance with moving averages or other indicator to get a stronger idea.
    i guess it is not for them who use technical analysis only, but support resistance is needed by them who use fundamental analysis, so they can determine for how much range that will set per order and take the profit from the news, that is very important for traders to know and calculate about it,

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  11. #20
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    Quote Originally Posted by PROPENSITY100 View Post
    Of course support and resistance levels have a major part to play in technical analysis. It is simple but yet can have a high practical usage in real trading. However we should understand that there can be different support and resistance levels. Look at m1 charts and you have one support or resistance. Look at hourly chart and you have another SOR levels. We can also relate a support and resistance with moving averages or other indicator to get a stronger idea.
    Well, even news trading will needs them for quite a lot of times as well and i admit it. It is just because news trading will have some psychological point in here and we need to watch the technical levels like support and resistance as a taking profit place. If we didn't use them at all then we will be confused as for when we will be able to take the profit eventually.

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