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Attachments: Can someone please guide/teach me about support/resistance lines?
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Can someone please guide/teach me about support/resistance lines?

  • Post #1
  • Quote
  • First Post: Apr 10, 2006 7:15am Apr 10, 2006 7:15am
Hi, I've just joined this forum and definately a newbie in forex trading. As I've observed charts for the past weeks and read from advices and strategies from professional traders in the web. However, upon to that it's like compulsory to always get up to date with support and resistance level. Can someone please teach me on how do i get to recognise the resistance/support level? Or is there anywhere i could get the latest support or resistance information?

I hope you don't mind me asking these noobish questions. I definately have the heart to learn and hope someday that i could help someone else as well.

Thanks,
gohrayson
Quoting habeeb
I hope he's got the patience that you have.
Hi habeeb,

Me? patient? Are you kidding?

Well, he did say he has the heart to learn... So I took that as a signal that he's willing to put in the time required.

Hope I didn't sound discouraging..

BTW gohrayson,

in the books that I've mentioned, I've actually read three and they are:
- The New Market Wizards
- Trading in the Zone
- Trade Your Way to Financial Freedom

TNMW and Trading in the Zone are great books in my opinion. TYWTFF was the very first Trading Book I had and I was not very much able to relate to it. I now plan to reread it and hopefully I can relate more..

The other two:
- Reminiscensces of a stock operator
- Market Wizards

I've read partly and are still on my reading list.

Hope this helps,
East
I will sum up what it takes to be successful in trading. It is very simple. Pay attention, you might miss it.

Discipline
Quoting nd1377
I will sum up what it takes to be successful in trading. It is very simple. Pay attention, you might miss it.

Discipline
Darn Right! I think that's what I should have said first! Thanks nd1377!
i think all theories and books don't work when something critical happens, i just follow my instinct.
Quoting gohrayson
Hi, I've just joined this forum and definately a newbie in forex trading. As I've observed charts for the past weeks and read from advices and strategies from professional traders in the web. However, upon to that it's like compulsory to always get up to date with support and resistance level. Can someone please teach me on how do i get to recognise the resistance/support level? Or is there anywhere i could get the latest support or resistance information?

I hope you don't mind me asking these noobish questions. I definately have the heart to learn and hope someday that i could help someone else as well.

Thanks,
gohrayson
the heart? I'm sure you do...If you did bro, you would not be asking for the latest greatest way for some one to explain to you how to recognize S/R lines on chart.

If you had the drive,such a question would not have been asked...because if you did you would know that there is no modern technology that can get you up to speed on principles that have been around for centuries.

I doubt you have read, studied, and demoed for weeks as you claim you have...b/c if you have, you would be hard at work applying the principles you read, studied and demoed for weeks

It seems more like your looking for a hand-out where there isn't one to give. You have to reach your own hand out and take what you want to make happen in this business. Look around, lazziness gets you know where.

You can start by using the search function on this forum to get you up to speed, and just start applying what you know pal.

lol , sry for being a bit harsh, but it's tough luv
[quote=gohrayson;50716]Hi, I've just joined this forum and definately a newbie in forex trading. As I've observed charts for the past weeks and read from advices and strategies from professional traders in the web. However, upon to that it's like compulsory to always get up to date with support and resistance level. Can someone please teach me on how do i get to recognise the resistance/support level? Or is there anywhere i could get the latest support or resistance information?

I hope you don't mind me asking these noobish questions. I definately have the heart to learn and hope someday that i could help someone else as well.

Thanks,
gohrayson[/quote

1 for piviot point will give youdaily , 2 will give you weekly, 3 will give you monthly.
happy trading
Attached File(s)
File Type: mq4 Pivot.mq4   10 KB | 429 downloads
http://www.forexfactory.com/showthread.php?t=61559
In my opinion price tends to stop at the followings:
1. 50 or 00 (SDX-SweetSpots.mq4)
2. ma eg 200sma, 365ema
3. monthly open

Happy trading
Attached File(s)
File Type: mq4 SDX-SweetSpots.mq4   3 KB | 529 downloads
Here is an article that is maybe the best explanation I have read on a related subject. It is focused on Pivot Points which would be part of understanding S/R.
Clearly written & very easy for anyone to understand.

http://www.investopedia.com/articles...5/FXpivots.asp

You might also like to look at this site as they post a S/R chart for each pair. Follow the link , the S/R chart is at bottom of page but I would look over all the info presented.

http://www.pfxglobal.com/index.php?o...360&Itemid=230
You guys do realize you're responding to a post from almost 2 years ago right?

Lux
MT4 EA, Indicator and Alert Coder Since 2006
  • Post #12
  • Quote
  • Edited 8:43pm Jan 13, 2008 8:16pm | Edited 8:43pm
Heheh, yep. And the subject matter is just as relevant now as it was then!

jackt, thanks for posting that SweetSpots indicator! It was exactly what I was looking for. Now I don't have to draw them in manually. Big time saver!
Hi There,

A little support to newbies.


fxhadji
Attached File(s)
File Type: doc 354- Support & Resistance.doc   425 KB | 3,217 downloads
File Type: mq4 Mouteki- TDMark_2Bar.mq4   20 KB | 543 downloads
Quoting gohrayson
Hi, I've just joined this forum and definately a newbie in forex trading. As I've observed charts for the past weeks and read from advices and strategies from professional traders in the web. However, upon to that it's like compulsory to always get up to date with support and resistance level. Can someone please teach me on how do i get to recognise the resistance/support level? Or is there anywhere i could get the latest support or resistance information?

I hope you don't mind me asking these noobish questions. I definately have the heart to learn and hope someday that i could help someone else as well.

Thanks,
gohrayson
Support and resistance are levels where the marked brings in enough latent volume in order to change the direction of the price. Latent volume is a new concept and I will define it like "placed but not executed orders"; so if you place an order to buy limit at 1.5510 EUR/USD it means that you are creating latent volume, also if you keep in mind that you will buy when the market reaches 1.5510 you create latent volume because the market is actually reduced to feelings (if you feel that you're gonna buy you are already influencing the market by creating latent volume).
With that being said, the question that you posted can be re-formulated like "where is latent volume created?". People tend to create latent volume:
1) where other people have already created latent volume
2) where it is probable that other people will create latent volume
The first cathegory is composed of linear support/resistance, which means previous lows/highs which means a level where enough latent volume was created in the past so that the price action reversed at that moment.
The second cathegory is composed of mobile support/resistance such as trendline support/resistance, Gann support/resistance lines, Bollinger Bands, Andrew's Pitchfork support/resistance channels, Fibonacci arcs, together with Fibonacci Retracements + Projections + Extensions. These levels - when touched - allow latent volume to enter the market.
All the above can be considered support/resistance levels. Please note that latent volume is created in both directions, at all the levels mentioned above; that is the reason for which support/resistance eventually fails.
Quoting gohrayson
Hi, I've just joined this forum and definately a newbie in forex trading. As I've observed charts for the past weeks and read from advices and strategies from professional traders in the web. However, upon to that it's like compulsory to always get up to date with support and resistance level. Can someone please teach me on how do i get to recognise the resistance/support level? Or is there anywhere i could get the latest support or resistance information?

I hope you don't mind me asking these noobish questions. I definately have the heart to learn and hope someday that i could help someone else as well.

Thanks,
gohrayson


Check out this Thread

http://www.forexfactory.com/showthread.php?t=69882
  • Post #16
  • Quote
  • Last Post: Jul 5, 2008 11:14am Jul 5, 2008 11:14am
Quoting gohrayson
Hi, I've just joined this forum and definately a newbie in forex trading. As I've observed charts for the past weeks and read from advices and strategies from professional traders in the web. However, upon to that it's like compulsory to always get up to date with support and resistance level. Can someone please teach me on how do i get to recognise the resistance/support level? Or is there anywhere i could get the latest support or resistance information?

I hope you don't mind me asking these noobish questions. I definately have the heart to learn and hope someday that i could help someone else as well.

Thanks,
gohrayson
Speaking as another noob, here's a magazine article featuring trendlines by Tom DeMark, author of The New Science of Technical Analysis. You might find some ideas in it.
Attached File(s)
File Type: pdf FOREX - TDTL[1].pdf   388 KB | 430 downloads
Life happens at the level of events. Trust only movement. - Adler
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