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    Registered user 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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    Registered user cutiekc's Avatar
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    Quote Originally Posted by mexima View Post
    support and resistance can not be straight like where market reject more than twice it can be any pattern where market reject like is can be hammer pattern or zig zag pattern where market reject the price it become support or resistance now that will depend on trader experience how he analysis.
    But the fact is that the support and resistance is commonly know, once the trader has been able to always make use of the higher time frame in making analysis and then getting to identify with the support and resistance levels, the candle stick furthermore, will also help the trader to be able to identify with the support and resistance levels which are more valid.

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    Quote Originally Posted by cutiekc View Post
    But the fact is that the support and resistance is commonly know, once the trader has been able to always make use of the higher time frame in making analysis and then getting to identify with the support and resistance levels, the candle stick furthermore, will also help the trader to be able to identify with the support and resistance levels which are more valid.
    higher time frame is not confirmation that with it support and resistance will work, actually this strategy will work if we have patience, if we wait for some time after touching a point, when we wait we can understand market will breakout this time or will make a reversal, so its necessary for a trader to wait for some proper time, if we do not wait we can lose and can place wrong orders so in any strategy our personal behavior also involved

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    Registered user Toyen's Avatar
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    Quote Originally Posted by naeem555 View Post
    higher time frame is not confirmation that with it support and resistance will work, actually this strategy will work if we have patience, if we wait for some time after touching a point, when we wait we can understand market will breakout this time or will make a reversal, so its necessary for a trader to wait for some proper time, if we do not wait we can lose and can place wrong orders so in any strategy our personal behavior also involved
    The larger time frames might not be a confirmation that support and resistance strategies will work, but it will give traders higher assurance that they are doing the right thing. Mind you, you should never trade the support and resistance system on the lower time frame, that will be dangerous, the trader will only be wasting his time when he trades like that. Trading the market generally with larger time frames is so reliable.

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  5. #934
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    This is one of the very method I use often in trading and many traders will always tell you that its one of such easy to open a trade and expect the possibilities of winning from it. This is a system that is well known and most traders will wait at this levels before they can open or exit their trade. This levels brings up opportunity for a perfect entry and it sure give us all it takes to maintain a profitable success. This is my very best mode of trading and will however bring about good trade in forex.

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    Quote Originally Posted by Tonycee View Post
    This is one of the very method I use often in trading and many traders will always tell you that its one of such easy to open a trade and expect the possibilities of winning from it. This is a system that is well known and most traders will wait at this levels before they can open or exit their trade. This levels brings up opportunity for a perfect entry and it sure give us all it takes to maintain a profitable success. This is my very best mode of trading and will however bring about good trade in forex.
    No matter which method or technique we are following to trade, things are never so simple and the depth of our understanding of our methods matters. Forex is a big market and though no one can be completely perfect here our aim should be to make ourselves as near to perfection as possible. Stable earnings in Forex has to be achieved by collective application of a strategy along with strong planning and risk management rules.

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    Quote Originally Posted by AmitChallenger View Post
    No matter which method or technique we are following to trade, things are never so simple and the depth of our understanding of our methods matters. Forex is a big market and though no one can be completely perfect here our aim should be to make ourselves as near to perfection as possible. Stable earnings in Forex has to be achieved by collective application of a strategy along with strong planning and risk management rules.
    Shallow things down work out well in this globally competitive working place, we need deep understanding of the market and our trading methods. Good and relaxed trading just needs a strong strategy and the right positioning of the stop loss, so that we dont end up with big loss no matter what. A strong strategy can give us high probability trades and for a strong strategy it is indispensable that we have good command on using SUpport and resistance levels.

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    Quote Originally Posted by AmitChallenger View Post
    No matter which method or technique we are following to trade, things are never so simple and the depth of our understanding of our methods matters
    if things are not simple then we should understand here we are trading we are trading on real money, we are earning more profit then other any business so why we do not hard work here, if we are earning well so we should work well also, some people do not take this business seriously they lose just, if we are trading in right way we are earning good so there is noting bad in hard work,we can use any method and can prove on demo by practice without losing own balance

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    Registered user mexima's Avatar
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    Quote Originally Posted by Tonycee View Post
    This is one of the very method I use often in trading and many traders will always tell you that its one of such easy to open a trade and expect the possibilities of winning from it. This is a system that is well known and most traders will wait at this levels before they can open or exit their trade. This levels brings up opportunity for a perfect entry and it sure give us all it takes to maintain a profitable success. This is my very best mode of trading and will however bring about good trade in forex.
    waiting for the level for taking the entry is one of the difficult task to do because mostly trader got confuse because of emotions or some thing and they open up the trade earlier than level and loss some pip how ever they get profit because the entry is perfect but they unable to take the maximum profit because of early entry.

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    Registered user Azis Muslim's Avatar
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    Quote Originally Posted by naeem555 View Post
    if things are not simple then we should understand here we are trading we are trading on real money, we are earning more profit then other any business so why we do not hard work here, if we are earning well so we should work well also, some people do not take this business seriously they lose just, if we are trading in right way we are earning good so there is noting bad in hard work,we can use any method and can prove on demo by practice without losing own balance
    Simple or not it is depending on our understanding with our strategy and our psychology. Nothing really that hard to do in this business because as long as traders are determined to do better things, they will work hard to achieve their goals no matter what. Support and resistance strategy has become one most important factor to help technical traders to confirm their analysis for market possible reversal or breakout.

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    Registered user sniper007's Avatar
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    Quote Originally Posted by naeem555 View Post
    if things are not simple then we should understand here we are trading we are trading on real money, we are earning more profit then other any business so why we do not hard work here, if we are earning well so we should work well also, some people do not take this business seriously they lose just, if we are trading in right way we are earning good so there is noting bad in hard work,we can use any method and can prove on demo by practice without losing own balance
    You are only going to earn more money than other business depending on how you have learned the business, so when you have lack of knowledge and skills, then know that you will be earning lower as well, so therefore, the perfection sets in when we really have passion for the business and has taken it so much seriously.

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