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Thread: importence of Support and resistance level in forex

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    Rookie erox's Avatar
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    Unhappy importence of Support and resistance level in forex

    in forex support and resistence level are very importent and in most of time markit respect them we can adjust our take profit and stop loss around these levels effectively .

    a) SUPPORTS:
    in down trend where markits stop falling and try to bounce back until breakout of that level if it breaks and then it continue for another level .

    b) RESISTENCE:
    resistence lavel in up trend where markit stop going up and try to bounce back until breakout of that level if it breaks then it continue for next level .

    i think these levels are very importent for modifiying stop loss and take profit becuase the markit most of time touch thses levels and we can set our take profit and stop loss around these levels it can help us we can easily Identify these levels by using trend lines or with suuport and resistence indicator i am using it .

    (EXAMPLE)

    here is a great example of support and resistence levels ...Attachment 15192

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    Rookie Sascha's Avatar
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    Quote Originally Posted by biru View Post
    Understand market support and resistance trading method are very important for trader after it you should develop everyday successful simple or strong strategy for trading toward success on this business. If you can struggle the market higher time and understand market real direction or movement well then building successful support and resistance strategy are simply possible for trader which are working on it.
    locating market support and resistance levels in market is easy to do. in fact, even one month beginners can do this to their chart. one big question is, only patient and logical traders are able to make use of those levels for their trading opportunity by gathering more confirmations from their strategies and look at another supportive patterns in market.

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  3. #882
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    Quote Originally Posted by Sascha View Post
    locating market support and resistance levels in market is easy to do. in fact, even one month beginners can do this to their chart. one big question is, only patient and logical traders are able to make use of those levels for their trading opportunity by gathering more confirmations from their strategies and look at another supportive patterns in market.
    When the lines are dragged across the SOR levels then that will be easy to remember and use and also we get the market direction or trend. Even if we are using an indicator or chart pattern, using it in conjunction with SOR levels can help us make a stronger confirmation. Support and resistance levels are surely the backbone of market analysis and so we need to learn to use it in a professional way.

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  4. #883
    Rookie Sascha's Avatar
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    Quote Originally Posted by AmitChallenger View Post
    When the lines are dragged across the SOR levels then that will be easy to remember and use and also we get the market direction or trend. Even if we are using an indicator or chart pattern, using it in conjunction with SOR levels can help us make a stronger confirmation. Support and resistance levels are surely the backbone of market analysis and so we need to learn to use it in a professional way.
    those levels are important and useful for any kind of trading. in fact, for me who trades with news couple times a week, i also use support and resistance levels to help me get better confirmation about market next moves after news release. i can relate the levels to possible result of news to help me limiting my risk and increasing my winning ratio with bigger profits.

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  5. #884
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    Good we understand how the support and resistance works and know how to follow such level because it's one of the best time to have an open trade or close an existing trade. The right support and resistance level would give traders the possible higher chance to make profits from trading and with the knowledge of this level, traders can make the best plans to learn and build a strong trading which will always help them stay in winning ways.

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  6. #885
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    Ulthred, good understanding not important here, in all strategies it is important we must need to work on it, in support and resistance we need to work on trend line, i believe on it because support and resistance is best, and trend line confirm us about it, in support and resistance clearly we can understand about entry and exit, so i believe on it, other strategies are good but this is best of all, just need to wait for best entry point

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    Rookie Rylai's Avatar
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    Quote Originally Posted by naeem555 View Post
    Ulthred, good understanding not important here, in all strategies it is important we must need to work on it, in support and resistance we need to work on trend line, i believe on it because support and resistance is best, and trend line confirm us about it, in support and resistance clearly we can understand about entry and exit, so i believe on it, other strategies are good but this is best of all, just need to wait for best entry point
    No idea which one is important or not unless we learn one thing, understand it, and apply it to our trade. as matter of fact we can't use something properly before we learn it and understand it, so first you're a bit wrong about this. with all due respect, no traders can do something or decide which things are important for them unless they learn them first and understand before they can really get the advantages from their learning, especially with support and resistance.

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  8. #887
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    That is what most of the technical trader always make good use of when they are trading, it is a good thing to understand it though, but know that just the support and resistance is not enough for the trader to become a good trader, there are other things needed to be learned so the trader should be well ready to learn it.

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    Rookie layigold's Avatar
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    Let me start by saying that support and resistance levels is more of areas or zones than price, I need to say this because most people refer tons particular price level as a support or resistance. Support and resistance levels play significant roles in forex trading because they determine the move and direction of the market, these are the levels of interest to traders where price may experience a partial or complete reversal. These levels are good to determine the entry and exit of positions by technical analysis traders.

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    Quote Originally Posted by layigold View Post
    Let me start by saying that support and resistance levels is more of areas or zones than price, I need to say this because most people refer tons particular price level as a support or resistance. Support and resistance levels play significant roles in forex trading because they determine the move and direction of the market,
    The understanding of the basics should be strong so that we have strong stand in trading, like strong understanding of SOR zones is must for a strong market analysis. Anticipating a pull back from these zones or a breech of these zones can both give us opportunity to make some green pips. Looking at the SOR zones we can properly estimate when it is good to enter a trade, how long we can stay with the trade and when it is good to come out of the trade.

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    Rookie Yayami's Avatar
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    Quote Originally Posted by Abhishekwala View Post
    The understanding of the basics should be strong so that we have strong stand in trading, like strong understanding of SOR zones is must for a strong market analysis. Anticipating a pull back from these zones or a breech of these zones can both give us opportunity to make some green pips. Looking at the SOR zones we can properly estimate when it is good to enter a trade, how long we can stay with the trade and when it is good to come out of the trade.
    can't explain how the benefits of support and resistance levels allow me to make a good trading because it's just natural habit for me to use them and see for possible reversal and continuation of market with few lines i created manually in my chart. i don't really take it as strong analysis or not because what make my trades become so accurate is my decision making. those analysis will always be analysis and i decide what to do as the traders. so the power of accuracy lies in my decision.

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