moonchild
VIP Contributor
Support and resistance are levels that are very crucial in Forex charts, these are levels that when price reach will probably reverse, consolidate or break the level.
To spot these levels on your charts is very easy first of all you need to convert your candlestick to line chart, after that then you'll use the cross hair too and move it from up to down and notice if there is any place that the line chart touches the cross hair tool twice. make sure the touches are very obvious, then go to your tool bar and click the horizontal line then place it on the two points.
This is the procedure for finding accurate support and resistance, after placing the horizontal line, convert your line chart back to candle sticks you'll notice that the candles reacts to the line, this is a good technical confluence when you want to make decision on entering a trade.
In forex trading before we place a trade we look for confluence, confluence means reasons why we should enter a trade, if we find multiple reasons then we enter.
Support and resistance is one of the best strategies you can use to trade the market, it helps in setting moderate stop loss too because it's a key level.
To spot these levels on your charts is very easy first of all you need to convert your candlestick to line chart, after that then you'll use the cross hair too and move it from up to down and notice if there is any place that the line chart touches the cross hair tool twice. make sure the touches are very obvious, then go to your tool bar and click the horizontal line then place it on the two points.
This is the procedure for finding accurate support and resistance, after placing the horizontal line, convert your line chart back to candle sticks you'll notice that the candles reacts to the line, this is a good technical confluence when you want to make decision on entering a trade.
In forex trading before we place a trade we look for confluence, confluence means reasons why we should enter a trade, if we find multiple reasons then we enter.
Support and resistance is one of the best strategies you can use to trade the market, it helps in setting moderate stop loss too because it's a key level.