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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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    Quote Originally Posted by Senorita View Post
    If talking from experience, I will indeed say that the support and resistance level have been one of the very effective system in forex business. These are the basic system of trade every trader should know about because it will be a best time to make any market entry or market exit in forex. I usually work with these system and though one can't be perfect in making analysis but there are more probability to making a strong market entries at this support and resistance levels.
    Support and resistance levels are important and how effective they can be for you depends on how effectively you can use them in a strategy. You just need to bother to do your work well and discharge your responsibilities as a trader to the best of your skills. It is then that you will be managing your trading with good perfection and achieving handsome returns. Things like opening huge number of trades or failing to keep up risk and money management should be avoided.

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    Quote Originally Posted by Bhave4U View Post
    Support and resistance levels are important and how effective they can be for you depends on how effectively you can use them in a strategy. You just need to bother to do your work well and discharge your responsibilities as a trader to the best of your skills. It is then that you will be managing your trading with good perfection and achieving handsome returns. Things like opening huge number of trades or failing to keep up risk and money management should be avoided.
    we can build our skills if we work hard here if we properly learn trade on demo.whenever we do not learn trade we can lose. so make sure you know where market is going and how you are earning because we can build up skills with some hard work. we can use demo account for this purpose and can trade for learning purpose.so any way of trading can be good if we use it properly first

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    Rookie layigold's Avatar
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    Resistance and support levels could really be of help to forex traders to make good and profitable trading decision most especially when they are viewed in terms of zones or neighborhood rather than just the price . Though nothing is completely perfect in forex trading but a proper understanding of support and resistance can help you get a good entry and exit for your trades . In technical analysis , you cannot just do without factoring in these critical levels of support and resistance

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  5. #904
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    support and resistance are good but if we know them perfectly like other strategies. so use them on demo for long period because some training can not be enough, it can be best for us if we use them for long period, in support and resistance we can understand about entry and exit but still we can lose from this way as well, so use any way but learn it before using it on real, this is necessary for us

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    Good traders knows how strong the support and resistance level are and would work hard to see that this level are respected and followed rightly. These levels always help us understand when best to make entry for reversal and sure it's one of the best way to trade reversal or breakout that would happen. The support and resistance level will continue to be right level for traders to always open and close a trade and with knowledge of such level, we will always have an increase chances to keep winning.

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    Rookie Azis Muslim's Avatar
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    Quote Originally Posted by Tonycee View Post
    Good traders knows how strong the support and resistance level are and would work hard to see that this level are respected and followed rightly. These levels always help us understand when best to make entry for reversal and sure it's one of the best way to trade reversal or breakout that would happen. The support and resistance level will continue to be right level for traders to always open and close a trade and with knowledge of such level, we will always have an increase chances to keep winning.
    Look at the time frames first before determining those levels as strong or weak ones. Daily time frame is good enough to provide us the accuracy we need to trade for possible trend following and market breakout, by gaining more confirmations from another patterns or strategies if we have them. Then we can calculate how much risk we are willing to give to market in exchange for profit ratio we are going to make in this trade.

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  8. #907
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    There shall come a time when the trader will have to take time and then learn to understand the market more better and the more the trader has learned and known about the support and resistance, they could tell where and what direction the market will move towards. Therefore, understanding the support and resistance is quite good and needs a lot of time to master.

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  9. #908
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    Quote Originally Posted by Darkhorse View Post
    There shall come a time when the trader will have to take time and then learn to understand the market more better and the more the trader has learned and known about the support and resistance, they could tell where and what direction the market will move towards. Therefore, understanding the support and resistance is quite good and needs a lot of time to master.
    In beginning everyone have to learn analysis and management and also those who are still not able to achieve their goals in trading. The weak and strong points in the market are depicted by the support and resistance levels and this is needed in analysis for any trader. For news trading we can also consider crucial SOR zones. In my past I did not laid so much importance on SOR levels but slowly now I recognize their importance in Forex analysis.

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    Rookie Silhouette's Avatar
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    Quote Originally Posted by MIGHTYRAMESH View Post
    In beginning everyone have to learn analysis and management and also those who are still not able to achieve their goals in trading. The weak and strong points in the market are depicted by the support and resistance levels and this is needed in analysis for any trader. For news trading we can also consider crucial SOR zones. In my past I did not laid so much importance on SOR levels but slowly now I recognize their importance in Forex analysis.
    Support and resistance levels in market are valuable to apply not only for technical traders but also for other type of traders who uses different analysis. Although this may not become their main reason or important part of analysis, at least it should be helpful for them to improve their accuracy better. Don't know if this is worthy to use to them because this levels are optional for many.

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    rules made to be followed, not to be broken

  11. #910
    Trader cutiekc's Avatar
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    Learning will bring out the best in every one of us and that is the simple truth about learning, because through learning I was able to have known this and then know how to make good use of it. There is no perfection, but then again, we can succeed the business once we have everything as needed. There is no perfection in the business unless you have given a lot of time to learning.

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