Forex lies me at the levels of support and resistance
Hello respected traders.
I trade for a whole year, of course, if one can call it trade, the more likely I float at its sole discretion so as not going nearly as plus.
I trade using technical analysis and try to use the support and resistance levels i.e. when I see that currency hit my strong support i.e. about 3 spikes at minimum, I would go long, and appropriately when hit my resistance level, I go short. Then try to take corresponding maximum profit.
BUT the trouble is that these support and resistance levels do not always work, and very often currency pairs that I open position do not touch them, but instead punched them and go further though. Even if there were 3 peak already, and this is a very strong support (support), and it break them and my loss is growing exponentially.
I really think that THEY specifically cheat with me and do not give me money.
Please see this on my chart (figure)
Can someone tell me and explain about the levels of resistance and support.
Thank you.Hello Archie 2000. May I ask if you have read some literature on the subject? What is the source of your belief that the levels of which currency bounced 3 times have to be very strong support or resistance levels? There are many other ways to define the levels of support and resistance.
I’ve read the book of Murphy, John-Technical Analysis of the Financial Markets. It gave me basis for finding levels, and I’ve read in the forums that the level that currency bounced twice already considered to be a strong level. [
I read this book. But it contains no clear criteria for determining levels of support and resistance.
Let’s take few quotations from the book and begin their review.
“Volume is another way to measure the value of support or resistance. “
I have a question. What does “volume” mean on the Forex market - how the volume can be created when you have sale and buy at the same time. This market is not the Commodity market.
That means more volume gives more likely condition to break the level of support or resistance.
If the volume is growing rapidly we have break situation not bounce.
“The significance of the support or resistance level, its distance in time from the current moment”
That means the more the level of resistance or support is from the current price so it is stronger?
Yes this is the most fun statement I heard.
Hi Archie 2000, One of the reasons why you may be having problems is that you are using the rules that someone other than yourself created. I would suggest that you consider doing four simple things to help yourself to create better entries and exits.
1. Try using a one hour chart or a 4 hour chart, the higher you go in time frames the stronger the support and resistance levels are.
2. Spend several hours per day and scroll back a minimum of one year and then slowly scroll forward and create your own rules based on the observations of archie 2000.
3. Forward test your new rules/system in a demo account. Use the exact same leverage that you would be using if trading on a live account.
4. Use an honest broker if you think you are having problems with the one that you have. Set up another demo platform with a different company and put on the exact same trades and if your take profits are getting closed out properly in one account but not another then you need to find a better broker if it happens all of the time. But certainly clarify first that it is the brokers fault and not your trading first.
Hello respected traders.
I trade for a whole year, of course, if one can call it trade, the more likely I float at its sole discretion so as not going nearly as plus.
I trade using technical analysis and try to use the support and resistance levels i.e. when I see that currency hit my strong support i.e. about 3 spikes at minimum, I would go long, and appropriately when hit my resistance level, I go short. Then try to take corresponding maximum profit.
BUT the trouble is that these support and resistance levels do not always work, and very often currency pairs that I open position do not touch them, but instead punched them and go further though. Even if there were 3 peak already, and this is a very strong support (support), and it break them and my loss is growing exponentially.
I really think that THEY specifically cheat with me and do not give me money.
Please see this on my chart (figure)
Can someone tell me and explain about the levels of resistance and support.
Thank you.Hi Archie,
There is no fixed rules in forex.By your experience you will learn lot of things,which you will never find in any books.Develop your confidence, you will surely win in this field.
hello
use fibonacci level its more accurate than piovt.sub/res take alook 
You know, I put BuyStop above a resistance and SellStop below resistance. It works! 
I go with the trend, not the other way.
Besides noone said that if the price bounced off a level it will bounce off the second time.
Oh and "bounces off twice from a level" basically means not 2 bounces in 2 1-hour bars but a double top/bottom! Read some on chart patterns and you'll understand me.
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Hello respected traders.
I trade for a whole year, of course, if one can call it trade, the more likely I float at its sole discretion so as not going nearly as plus.
I trade using technical analysis and try to use the support and resistance levels i.e. when I see that currency hit my strong support i.e. about 3 spikes at minimum, I would go long, and appropriately when hit my resistance level, I go short. Then try to take corresponding maximum profit.
BUT the trouble is that these support and resistance levels do not always work, and very often currency pairs that I open position do not touch them, but instead punched them and go further though. Even if there were 3 peak already, and this is a very strong support (support), and it break them and my loss is growing exponentially.
I really think that THEY specifically cheat with me and do not give me money.
Please see this on my chart (figure)
Can someone tell me and explain about the levels of resistance and support.
Thank you.