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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. #941
    Trader cutiekc's Avatar
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    Quote Originally Posted by Azis Muslim View Post
    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.
    Understanding and then how long we have been in the market and have been learning, in the sense that the more we have been used to a trading strategy then the better the trader will trade. You should understand the way the market works, there is no perfection in trading, mine got more better because I gave more time been given to the trading strategy.

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  3. #942
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    Quote Originally Posted by cutiekc View Post
    Understanding and then how long we have been in the market and have been learning, in the sense that the more we have been used to a trading strategy then the better the trader will trade. You should understand the way the market works, there is no perfection in trading, mine got more better because I gave more time been given to the trading strategy.
    We will have a strong strategy to use provided that we give enough time so that we know our strategy deeply through practice. But a strategy is not the only thing we have to learn, we also have to learn about risk management and protect our money. There can be perfection in our own trading and it is possible when we learn to do trading with proper analysis and learn to be sensible in taking decisions.

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  4. #943
    Trader Toyen's Avatar
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    Quote Originally Posted by komalam View Post
    We will have a strong strategy to use provided that we give enough time so that we know our strategy deeply through practice. But a strategy is not the only thing we have to learn, we also have to learn about risk management and protect our money. There can be perfection in our own trading and it is possible when we learn to do trading with proper analysis and learn to be sensible in taking decisions.
    I know for certain that many traders will be looking for the strong trading strategy, this is the first requirement that will make the trader to be trading rightly. Trading with the support and resistance strategies is the one i know that is best for traders that really mean success in this market. It is never a trading system that will make traders to be trading like the bad traders, it is able to give good earnings always.

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  5. #944
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    There is no perfection but I can relate with the fact that the trader who has been so much used to a trading strategy could make use of it as though they are perfect with it, whereas they don't get to loss their money more often. Trading the market and then having those quality skills to identify the support and resistance levels has to do with the trader being consistent with the strategy they are making use of.

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