I agree 100%, in fact zooming out is one of the most overlooked and underutilized aspects of trading that most new traders fail to recognize. When I first realized it's value I thought "how could I have not noticed that!"
Best Time Zone for Daily & 4Hr Candle Open (Support & Resistance)? 11 replies
ECN && STP && Scalping && Hedging - Broker Review - Oct 2009 24 replies
Picking Tops & Bottoms With Support & Resistance? 11 replies
Horizontal Support & Resistance Lines 13 replies
Support & Resistance help please 4 replies
DislikedThere is a ton of good information flowing in this thread for finding S/R!
One thing I would like to add which is realted to what scoob wrote.
The reason there are so many pending buy or sell orders sitting on at a price on a chart is because there are so many traders looking at the same thing.
Stated another way, when looking at a chart to determine areas of S/R don't look too hard. If you see a place where price turned so did thousands of other traders. Look for the obvious turning points, places where price was rejected or stalled. This...Ignored
DislikedI stopped looking at it as Support and resistance. I now look it as Supply and Demand, just changing my vocabulary with that has brought a whole new dimension to my trading for the better.Ignored
DislikedGo read through James16.
It does not get any simpler.
1) Remove all indicators lines and other crap from your chart
2) Pick a TF atleast 1hour or above to start with
3) Zoom out
4) Draw Horizontal lines. If you don't know where to draw them ask a 10yr old. Should not take more than 5 minutes total.
Its the simplest thing in the world.Ignored
DislikedHi everybody, this is my first post on FF, ive been having a good read as of late. Im fairly new to forex, just using a demo spread betting account atm. It seems a very useful site, a lot of very knowledgable traders on here. But like most forex forums Ive realised you have to be careful to cherry pick good advice, otherwise you will just end up overloaded with things you do not need to know.
Anyway, whilst you are on the topic of S/R Im sure some of you will use fib levels to deifne areas of support and resistance, what timeframes do you use...Ignored
DislikedJames 16 thread will keep you busy ...
Also look at the nobrainer trades threat. Absolutely amazing
http://www.forexfactory.com/showthread.php?t=86429
Personally I think these setups define Price Action very clearlyIgnored