How to use Support and Resistance Effectively - page 78
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The best Sup and res plz
I need a best sup and res indicators
The word technical analysis and support and resistance, even though they may sound difficult to understand, are actually pretty simple. keep in mind. of course, that you will need to become familiar with reading basic price chart in order to recognize support and resistance level.
MP -- certainly not easy, but definitely possible
while youre not always the easiest to understand, I believe I agree with you UP TO A POINT.
what the market does, and the market makers who do it, is beyond comprehension for a newb, precisely because they are newbs who dont even know what questions to ask, because they dont even know what they dont know yet !
its a new culture, with its own rules, street gangs and lots of cops looking the other way, BUT IT CAN BE COMPREHENDED once one understands and has learned.
This learning takes a while, but so does almost anything, including belly dancing or shiatsu massage techniques --- the beauty of learning THIS game is the huge rewards possible down the road when one has enough education and experience to be able to survive in the gladatorial contests presented.
as Ive said so often, its not really a difficult game to play, but it is not EASY, because, unless you are a born trader, you MUST learn what every TWITCH means, and that does NOT come in a few days !
My bottom line is simple --- what looks like horribly random and intentionaly misleading price at times IS in a way, but far less than we talk about ---- the traders with enough money, including of course, the banks, move up and down to produce the most profits for themselves, and pay absolutely no attention to us, the small retail traders. Their object is to sell into rallies which prepares them for shorting, which then happens
Mix in "normal" retraces as these higher level traders seek to establish higher profit positions by allowing the price to move up during a short, so they can then sell at the top of the long move, and add MORE to their short positions, and you begin to understand how the game is played.
Invariably, a move will take place at a support or resistance area on SOME TIMEFRAME, which is why you need to observe all of the normal ones as well as the H1, which is a standard "overall" timeframe for s+r main moves.
It becomes TREMENDOUSLY simpler after a few years, although MOST of the newbs who entered a few years ago are now gone and a whole new flock has come in but standing there in the background are the "survivors" and they carry a whole bunch of knowledge from those years !
ENJOY AND TRADE WELL
mp
not hard at all, to get the support , resistance line correctly
whether it is horizontal or slope
but strictly for professional to trade , and for investment bankers traders to agree on -- so they could cash us more than pip spread -- it is common broker practice, no surprise or absurd in this gambling practice -- as they calculate at each price level, how much they will win or loss if their customer become a winner -- just in case that they get lucky, so they always advice us to take cover or hedge it as they just don't like inequilibrium
if we are retail small traders, it is more misleading than being helpful -- research into this before, so I switch to other and do not use S/R alike for price level, I might use diamond rhombus shape for R/S though as the time duration for those R/S (slope) is smaller and we are able to use it in day trading or simply I move along and away from following the bouncing Trampaline price action -- as no way we can beat the logic or deviated movement if the sole aim is to eat our SL --their supercomputer crag will beat us fair and square -- clever broker with their own plaform or datastream router will - re-adjust their datastream a little bit and benefit their own traders in their floor-- I have certainty to said that, so programmers are in a higher demand than the MQ4 coders as it effort worth more in its outcome
] -- we still use MA as forex could be easy once we figure the inertia in our mind set
-- i.e. for the pros only, and for the bankers , who is the market mover to aggregate their effort during U-turn MOMENT : my research conclusion, I will let it pass personally
my motto is to study historical chart over the weekend
do demo experiment in weekday -- if the probability seems to be wrong, it is wrong
our assumption got beaten up , as it suppose to be all mathematics in trading, but delay and volatility will happen FASTER than our eyes could cope
just like if new iphone got LCD resolution higher than then human retina, can a short sighted person use iphone to watch good video inches aways from its eyes (without glasses) -- this is a good analogue on speculator of day trading, we are that short sighted, indeed, splitting image hahahahMP -- you dont gotta WIN over the pro, just tie !
LOL --- beginning to like you !
FIRST --- no one can WIN over the PRO, simply because there is no higher than what the pro can do, BUT WE CAN DUPLICATE THE PRO and stay right with him/her !
If the top price that will ever happen on a certain day is xxxxxx, you CANNOT make more than xxxxxx --- its IMPOSSIBLE because THAT is the end of the run (if only for the day or session).
but YOU, the little retail trader can take your profits at EXACTLY the same place as the PRO, as its nothing more than LEARNING where the pro is heading and then setting your TP to the same place.
we will always be "apron string holder on-ers" but what is the problem === back in the days of a different market, when the famous old men smoking cigars and trading in front of everyone else was happening (and a trade was $200 ONE WAY) all the other traders would find out what J. Pierpont Morgan was trading and make the same trade --- now this did two things of course, it pushed Morgan's trade UP as more and more bought in, and as the price went up, HE got the choice of where to bail as HE was setting the pace (nowadays its known as "pump and dump") but today things are a bit different in the profit taking manner anyway.
Now we know that the big boys and girls are taking profits at specific s+r points and moving the price up and down all day to get to that point, partly to hide their motivation (which sure isnt hard to hide) and partly just to make more money by getting twice (or much more) as many chances at the same currency.
so all im saying is you cannot WIN over the pro, but it is simply not that hard to tie him/her, every single time.
enjoy and trade well
mp
my point of all the junk talk ( we keep on finding the mistake in our trading style, did we know that we are playing forex with NBA pro -- how to win the pro, I got only less than a handful of method now)
I might use diamond rhombus shape for R/S, other are useless -- no disrespect to anyone who use it well, I am not just that level-head in using R/S , when it repaints or just over by 10 pip, it drive me into other predictive method, that's all I am saying -- I won't use street smart to play forex as you suggest
actually 6140 inspire me to see the MOMENT of entry differently -- by I add my own personal statistics as my TP / SL level after reading what he wrote , a week agonot hard at all, to get the support , resistance line correctly
whether it is horizontal or slope
but strictly for professional to trade , and for investment bankers traders to agree on -- so they could cash us more than pip spread -- it is common broker practice, no surprise or absurd in this gambling practice -- as they calculate at each price level, how much they will win or loss if their customer become a winner -- just in case that they get lucky, so they always advice us to take cover or hedge it as they just don't like inequilibrium
if we are retail small traders, it is more misleading than being helpful -- research into this before, so I switch to other and do not use S/R alike for price level, I might use diamond rhombus shape for R/S though as the time duration for those R/S (slope) is smaller and we are able to use it in day trading or simply I move along and away from following the bouncing Trampaline price action -- as no way we can beat the logic or deviated movement if the sole aim is to eat our SL --their supercomputer crag will beat us fair and square -- clever broker with their own plaform or datastream router will - re-adjust their datastream a little bit and benefit their own traders in their floor-- I have certainty to said that, so programmers are in a higher demand than the MQ4 coders as it effort worth more in its outcome
-- we still use MA as forex could be easy once we figure the inertia in our mind set
-- i.e. for the pros only, and for the bankers , who is the market mover to aggregate their effort during U-turn MOMENT : my research conclusion, I will let it pass personally
my motto is to study historical chart over the weekend
do demo experiment in weekday -- if the probability seems to be wrong, it is wrong
our assumption got beaten up , as it suppose to be all mathematics in trading, but delay and volatility will happen FASTER than our eyes could cope
just like if new iphone got LCD resolution higher than then human retina, can a short sighted person use iphone to watch good video inches aways from its eyes (without glasses) -- this is a good analogue on speculator of day trading, we are that short sighted, indeed, splitting image hahahah
my point of all the junk talk ( we keep on finding the mistake in our trading style, did we know that we are playing forex with NBA pro -- how to win the pro, I got only less than a handful of method now)
I might use diamond rhombus shape for R/S, other are useless -- no disrespect to anyone who use it well, I am not just that level-head in using R/S , when it repaints or just over by 10 pip, it drive me into other predictive method, that's all I am saying -- I won't use street smart to play forex as you suggest
===
so we set up position to take both of these direction as our profit -- it is very exotic fx stuff -- but I start to hate watching the market all day long -- even I am quite sure I can PREDICT -- after all these research, I am just into one branch / area -- prediction with accuracy
attention pls
Pls hw cani detect the resistance & surppot, & to know what to do next?
Hi Everyone
Use of support and resistance in forex trading is of utmost importance.May be clearer sometimes if one draws them by hand as there are diagonal s/r that can be useful too.
Here is a good instructional video on how to draw support and resistance levels.
learning how to draw them is one thing, learning how to use them is yet another.