DislikedHi dan,
Pls how do you draw your trend lines? I mean should it be at the lowest low of the bar touching one or two other lows? and again the support and resistance can we also have them on 50? Then at times there are s/r that are not on BRN should we ignore such? just trying to learn are my TL's correct? ThanksIgnored
Yes I draw my trendlines using the lows in an uptrend and the highs in a downtrend.
With regards to s/r levels... first problem is you are looking at an H4 chart and I would prefer it if we stuck to daily for the time being. Now to identify the key levels of s/r the best thing to do is zoom your charts out and even move up to the weekly timeframe to see things clearly. It is these "key" levels that we are interested in trading from because they offer the highest probability of a successful trade. The use of trendlines and fib retracements are guides only to the best/most likely level to look to trade from.
You are right... sometimes s/r levels do fall around the xx50 levels as well as the xx00 levels and they are not always at "big round numbers" - but they often are!
Try what I suggest above about really zooming out to identify s/r levels and see if that helps - if it doesn't please feel free to ask more questions - the purpose is to learn after all!
Regards,
Dan