Trading Discussion The Key Resistance Level

[theolove2021]

This is where I think of a lot of Forex traders get trapped when they try to draw their levels out. They are always looking for that perfect

text-book definition of a support or resistance level where the market respects it to the pip.

The NZDUSD daily chart shows something close to a textbook perfect example of a resistance level. But even here the candle wicks did not line up in perfect succession.

Notice how once the market broke through resistance, and retested the level from the other side – it held as support. Even here, the level was not respected down to the pip, the market ‘overshot’ the horizontal level a little before bouncing off it.

Keep trusting the process.

To your success.

Theophilus S.

 

[btaliat]

This is called fear of missing out. Some traders do afraid of the market most time. They even scare to know when to enter the market and even when to exit the market. They are sacred of many factors, many are scared of the current prices of the market while some fear not losing.

 

[Setho]

I have observed a lot that especially at the resistance levels if it is been tested severally then it becomes weekend and that makes it more accessible for a breakout and we can finally see it manifesting. It is always important to define your entry very well at this kind of zones in order not to fall for a fake breakout.

 

[Dita Walczak]

Good analysis, key resistant area market usually reverses the market. This requires knowledge in the forex market. If I expect bullish pressure from this position, it will be wrong.

 

[btaliat]

Good analysis, key resistant area market usually reverses the market. This requires knowledge in the forex market. If I expect bullish pressure from this position, it will be wrong.

Your reply shows your intent in the knowledge of forex. I wish you guys even define some terms you used in all your posts. This will be a wah of carrying the new beginners along. I do think the same application can be used when analyzing crypto trading but there are some little changes between the two

 

[Wisdom01]

Most time the market could go otherwise and break the support level and cause a huge fall ,you just need to set the trade when there is a buying signal and take the money you actually want to take from the trade and in this way you make more gains

 

[Mary Frederick]

There is no alternative to hard working for bringing success. There are various forms of education. There are so many e-books containing the basics of Forex trading and a pile of video tutorials available on Youtube. Eurotrader ensures instant customer support whenever traders need it.