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

  1. #1
    Trader cutiekc's Avatar
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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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  2. #21
    Trader techboy's Avatar
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    Quote Originally Posted by sekiryutei View Post
    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.
    Technical part in trading such as support and resistance will not work during news release, because traders will react differently based on the data that is presented and they wont be looking on those level anymore, that is why it is not recommended to sticking to a trade during high impact news release but on the other side of it, news can also work in favor to our trade.

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  3. #22
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    Support and resistance in the market is very important thing we must consider when we make money through trading in the forex market. if you follow that you can make good money in the forex market. yes that is very much possible. Making money with it is good.

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  4. #23
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    Quote Originally Posted by impexo27 View Post
    Support and resistance in the market is very important thing we must consider when we make money through trading in the forex market. if you follow that you can make good money in the forex market. yes that is very much possible. Making money with it is good.
    [lang=id]that is the basic for all trading methods or strategies that should mastered with well by the traders, very important for traders to know how indicate support resistance and use it to get the moments in the market as the point to enter and exit from it, then, we know how to trade , but one thing, always put the order on the safest way, good managements and good psychologies is very important[/lang]

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  5. #24
    Trader cutiekc's Avatar
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    just have that believe that when we get to learn how the market works that there will be no limit to what we can achieve as a trader so therefore what we will be needing is to learn, when we do we will be able to know the movement of the market. The support and resistance levels are so much important and they are helpful as well.

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  6. #25
    Trader techboy's Avatar
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    Quote Originally Posted by samprazaan View Post
    [lang=id]that is the basic for all trading methods or strategies that should mastered with well by the traders, very important for traders to know how indicate support resistance and use it to get the moments in the market as the point to enter and exit from it, then, we know how to trade , but one thing, always put the order on the safest way, good managements and good psychologies is very important[/lang]
    Their are different approach in this business that we can make money upon, what is important is we mastered a chosen strategy so that we can execute it in real market without much problem, but on the other end we must also give emphasis first in the understanding of trading psychologies so that we can handle our emotions very well during trading.

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  7. #26
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    When we learn and get to know about the market the more, the more we will see that we can make much amount of money from the business. The support and resistance lines I have been able to know their importance long time ago, therefore I am more careful with them and have learned on how to make use of them when trading.

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  8. #27
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    Quote Originally Posted by cutiekc View Post
    just have that believe that when we get to learn how the market works that there will be no limit to what we can achieve as a trader so therefore what we will be needing is to learn, when we do we will be able to know the movement of the market. The support and resistance levels are so much important and they are helpful as well.
    Yap, that is true that there are no limit in what we can learn and earn in this business but making money from this business will be very hard. First of all, not all traders will know the direction of the market themselves and they didn't even understand about the support and resistance. That is very crucial since it will help some exchange pair having a halt and somehow we can adjust position with that too.

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  9. #28
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    Quote Originally Posted by splash View Post
    When we learn and get to know about the market the more, the more we will see that we can make much amount of money from the business. The support and resistance lines I have been able to know their importance long time ago, therefore I am more careful with them and have learned on how to make use of them when trading.
    yes, when traders find the learning useful, they can find the way to make it work through the strategy they are learning. the traders with support and resistance will make money by it when they have the skills in proper manner, that can help traders to develop the way which is successfully promising.

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  10. #29
    Trader cutiekc's Avatar
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    Quote Originally Posted by sekiryutei View Post
    Yap, that is true that there are no limit in what we can learn and earn in this business but making money from this business will be very hard. First of all, not all traders will know the direction of the market themselves and they didn't even understand about the support and resistance. That is very crucial since it will help some exchange pair having a halt and somehow we can adjust position with that too.
    When we start new in forex trading, making money will be hard, but that is the way it should be, then with time, it will become more better and less stressful. Furthermore, I think when we give more time to the business, I am sure we would be able to make money with any strategy and it would look like a perfect way of trading.

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  11. #30
    Trader techboy's Avatar
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    Quote Originally Posted by cutiekc View Post
    When we start new in forex trading, making money will be hard, but that is the way it should be, then with time, it will become more better and less stressful. Furthermore, I think when we give more time to the business, I am sure we would be able to make money with any strategy and it would look like a perfect way of trading.
    True, as time passes trader will start to understand that trading is not much about strategy, it is more about psychology and risk management, any strategy can work as long that we give emphasis in controlling the risk during our trading, it is by allowing huge loses in our trades that will make a trader fail most of the time.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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