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

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    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.

    USDJPYDailyt3.png

    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.
    GBPUSDDailyt2.png

    GBPAUDDailyt1.png
    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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    Well, it is good that you are learning. I also once followed the support and resistance and still following it, but there is something I would let you know. Those lines some times gets broken and it is important that you have a solid trade setup before trading otherwise the trade would fail you many times it will make you money thus it will not be a good strategy to be used.

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    some times i find that the trading using the support and resistance levels may be so good to consider and all of us may find that every details should be takes into our minds when we are ready to draw these lines and regard that they may be broken nearly according to other factors

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    Quote Originally Posted by hosny55 View Post
    some times i find that the trading using the support and resistance levels may be so good to consider and all of us may find that every details should be takes into our minds when we are ready to draw these lines and regard that they may be broken nearly according to other factors
    It looks so simple to be true, thus so many of us would not agree with it, I also have found out this my self also and I am glad some other traders are being able to see the same thing too. Forex trading with the support and resistance level as been part of my strategy for long and I also apply candle stick trading to it.

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    Support and resistance analysis is very simple, and its one of the best trading analysis in forex market, even professionals also follow the technical analysis approach in their trading. I am also learning and implementing the support and resistance theory along with swing trading in my trading. Support and resistance are the basics and they should not be avoided.

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    The irony in trading is that there are a lot of deception in the market, but it is a known fact that when price approaches level of support and resistance there is a strong anticipation from traders that price may get stalled at this level, but it is also important to note that we have to take the right reference of this level to have a much accurate view of the this level, R/S at higher time frames are more reliable reference compare to lower time frames.

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    Trader cutiekc's Avatar
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    Quote Originally Posted by Khimi234 View Post
    Support and resistance analysis is very simple, and its one of the best trading analysis in forex market, even professionals also follow the technical analysis approach in their trading. I am also learning and implementing the support and resistance theory along with swing trading in my trading. Support and resistance are the basics and they should not be avoided.
    Yes, very simple but yet one of the hard thing I learned when I was new, furthermore, we will find it simple because we have gotten to this stage. The price reaction to those levels are some how close to perfection and the breakouts as well, these are the things which experience has taught me so far.

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    Quote Originally Posted by cutiekc View Post
    Yes, very simple but yet one of the hard thing I learned when I was new, furthermore, we will find it simple because we have gotten to this stage. The price reaction to those levels are some how close to perfection and the breakouts as well, these are the things which experience has taught me so far.
    If all these are simple, then I think a lot of us should have been in big money already, but then you see nothing is really that simple in forex trading, forex trading is a complex business and mind you the support and resistance levels or line are not fixed, they also do fail, but then a good trade that has learned it would be able to make money with it.

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    In my opinion that the using of support and resistance levels may come true when we study the market very well and also the trading without them may be so risky .support and resistance levels may be the back bone of any trading strategy to give accurate results .

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    Quote Originally Posted by splash View Post
    If all these are simple, then I think a lot of us should have been in big money already, but then you see nothing is really that simple in forex trading, forex trading is a complex business and mind you the support and resistance levels or line are not fixed, they also do fail, but then a good trade that has learned it would be able to make money with it.
    True, making money in trading is not easy, in fact its less than 20% of traders are making constant profits so trading is difficult, that is why it is really important to learn a lot about the market and understand its character very well so that we can find an effective trading strategy.

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