How to use Support resistance in forex?

[Asad Ali]

Support and resistance levels are important technical analysis tools that can be used by forex traders to identify potential trading opportunities. Here are some steps to use support and resistance in forex:

Identify support and resistance levels: Support levels are price levels where buying pressure is expected to be strong, preventing prices from falling further. Resistance levels are price levels where selling pressure is expected to be strong, preventing prices from rising further. These levels can be identified by looking at past price charts and identifying where prices have bounced off or stalled at certain levels.

Use support and resistance to identify trading opportunities: Once support and resistance levels have been identified, traders can use them to identify potential trading opportunities. For example, if prices have previously bounced off a support level, traders may look to buy when prices approach that level again, anticipating that prices will bounce off it again. Similarly, if prices have previously stalled at a resistance level, traders may look to sell when prices approach that level again, anticipating that prices will fall again.

Use other technical indicators to confirm trades: While support and resistance levels can be useful in identifying potential trading opportunities

 

[Ebram kamal]

dentify potential trading opportunities. When prices approach a support level, it can be a sign that buying pressure is likely to come in, providing an opportunity for traders to enter long positions. Conversely, when prices approach a resistance level, it can be a sign that selling pressure is likely to come in, providing an opportunity for traders to enter short positions.

Confirm with other indicators: While support and resistance levels can be powerful indicators on their own, it's always a good