moonchild
VIP Contributor
Support and Resistance are the alpha and omega of trading the foreign exchange markets.
My mentor always say, it's all about levels, and this is very true, forex is really about levels and how to spot them and this is what this post is going to talk about.
To draw an accurate support and resistance level you have to switch your charts to line chart and also, if you're using a phone you should turn the view to a horizontal view and if you're using a computer that's the most preferable.
After that you should start with the daily timeframe and the reason for this is the higher time frame the higher the strength of that level.
After you go to the higher timeframe you should start noticing using the cross line tool where there is two touches and make sure the touches are accurate.
After you spot the two touches, grab your horizontal line and place it there, you have just find a support and resistance.
Go on and find two more and then move to four hour frame or you can switch to weekly time frame and draw your lines too.
After drawing the line you should wait for price to reach that level before taking action
My mentor always say, it's all about levels, and this is very true, forex is really about levels and how to spot them and this is what this post is going to talk about.
To draw an accurate support and resistance level you have to switch your charts to line chart and also, if you're using a phone you should turn the view to a horizontal view and if you're using a computer that's the most preferable.
After that you should start with the daily timeframe and the reason for this is the higher time frame the higher the strength of that level.
After you go to the higher timeframe you should start noticing using the cross line tool where there is two touches and make sure the touches are accurate.
After you spot the two touches, grab your horizontal line and place it there, you have just find a support and resistance.
Go on and find two more and then move to four hour frame or you can switch to weekly time frame and draw your lines too.
After drawing the line you should wait for price to reach that level before taking action