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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. #31
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    Its really tough but it can be sorted out in a grey and well positioned trading informations that we are all said to work with and so we have to work as hard and be sure that we can do the best in everything that we are doing we are alll leveled to know how things work

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  3. #32
    Trader layigold's Avatar
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    Being a price action trader, support and resistance levels are not strange to me and you need a sound knowledge of this in forex trading because it will help you to know where the buyers are interested to join the trade and push the price up higher and this same goes for the sellers eyeing the resistance areas or zone. I need to tell people that it is not every resistance or support level that will hold and that is why it is very important that you manage you risk properly

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  4. #33
    Trader cutiekc's Avatar
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    In essence I just have to say that generally, the support and resistance are so much helpful, it is important that any one who wants to make money from the market. Those support and resistance are what we have to learn and know how they works and how they possibly could make stall the price.

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  5. #34
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    Trading on forex is interesting and very much profitable when we get to learn and understand on how the market works. Forex trading is a risky business that is true, but then, we are the ones most at times who has failed in getting the business done the right way we are expected to. Therefore the support and resistance line has to be learned.

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  6. #35
    Trader cutiekc's Avatar
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    Learning makes things more easier for us. When we learn the more we can earn, there are so many ways of making money from forex trading but we end up not being able to earn as we should and that is literally because we have not learned. So basically the learning we have will open doors to more and more profits.

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  7. #36
    Trader techboy's Avatar
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    Quote Originally Posted by layigold View Post
    Being a price action trader, support and resistance levels are not strange to me and you need a sound knowledge of this in forex trading because it will help you to know where the buyers are interested to join the trade and push the price up higher and this same goes for the sellers eyeing the resistance areas or zone. I need to tell people that it is not every resistance or support level that will hold and that is why it is very important that you manage you risk properly
    True,resistance and support area wont work all the time that is why it is important that we always control our risk to a manageable all the time, trading is almost similar to a flip of a coin that if we maintain good risk reward ratio and control our risk we will still end up a winner in the long run, traders can be profitable even if they open a trade in random.

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

  8. #37
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    Quote Originally Posted by cutiekc View Post
    Learning makes things more easier for us. When we learn the more we can earn, there are so many ways of making money from forex trading but we end up not being able to earn as we should and that is literally because we have not learned. So basically the learning we have will open doors to more and more profits.
    [lang=id]learning is the thing to make someone understand for something, but not enough unless they do practicing seriously with spend the time to get the skill to implement them with well, good trader is a good learner who really understand to get the right way in managing the business, learning will give us many views that will push us to grow,[/lang]

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  9. #38
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    Quote Originally Posted by techboy View Post
    True,resistance and support area wont work all the time that is why it is important that we always control our risk to a manageable all the time, trading is almost similar to a flip of a coin that if we maintain good risk reward ratio and control our risk we will still end up a winner in the long run, traders can be profitable even if they open a trade in random.
    there is nothing that can work every time in the forex business, what will work in the forex business very time is the working skills of traders which the trader is not changing, and that will lose at times too, and the risk management will save the day during the dry season.

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  10. #39
    Trader techboy's Avatar
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    Quote Originally Posted by silverlady View Post
    there is nothing that can work every time in the forex business, what will work in the forex business very time is the working skills of traders which the trader is not changing, and that will lose at times too, and the risk management will save the day during the dry season.
    Trading is a very harsh business because it has a lot of deception going on and that is why traders caught in confusion on what to do most of the time,and to develop a trading strategy that can handle different market conditions is an aspect that only a few traders can do, plus the fact that we have to deal also on our emotions.

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

  11. #40
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    Quote Originally Posted by techboy View Post
    Trading is a very harsh business because it has a lot of deception going on and that is why traders caught in confusion on what to do most of the time,and to develop a trading strategy that can handle different market conditions is an aspect that only a few traders can do, plus the fact that we have to deal also on our emotions.
    that is about the skill, traders will know to work well in the market and if only they have good skill and correct understanding, with them, traders will know how to manage the risk with well and follow the market to take the benefits from it, different conditions will need different skill,

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