Support and Resistance, Are They Useful? - page 2
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It is not difficult to plot s/r levels manually. Besides, we can use this indicator which is automatically doing it on the chart.
As to trading using s/r so yes - it is not easy to do - there is some theory and practics about how to do it. But the true about it is the following:
Some "teachers" or "masters" are misleading the traders about breakout: they are talking that trading breakout/breakdown is much more profitable one (compare with trend following way of trading based on trend lines for example). Yes, that is true. But they are not telling about how difficult to make this profit using s/r and not providing some special practics about it ...
It is not difficult to plot s/r levels manually. Besides, we can use this indicator which is automatically doing it on the chart.
As to trading using s/r so yes - it is not easy to do - there is some theory and practics about how to do it. But the true about it is the following:
Some "teachers" or "masters" are misleading the traders about breakout: they are talking that trading breakout/breakdown is much more profitable one (compare with trend following way of trading based on trend lines for example). Yes, that is true. But they are not telling about how difficult to make this profit using s/r and not providing some special practics about it ...
I am on MT4 platform. So i can not use the indicator. Any help on converting it into mq4?
Thanks
This indicator came from MT3 so ...
I attached 2 versions for MT4
Just some explanation about this indicator :
Forum on trading, automated trading systems and testing trading strategies
Market Condition Evaluation based on standard indicators in Metatrader 5
newdigital, 2013.10.18 14:00
The history of the development.
Paramon is username of the trader who created this system long time ago for Metatrader 3 (Metatrader 4 and Metatrader 5 did not exist in that time - it was very long time ago). Paramon named his system Paramon Scalping (but as we see - it is not real scalping). He did not use any indicators and he traded just price action only using M5 timeframe charts (MT3).
Later on - the other traders created indicators for MT3 and MT4 to use this system (Maksigen indicators or/and Paramon indicators) just because they could not trade live without any indicator (having just price only on the chart). For now - Paramon indicators were converted to MT5.
Paramon is legendary person and he was the first trader in our Metatrader world who started to trade breakout systems live on real account without any indicators placed on the chart.
We should always remember the people who were the first
Paramon Trading system for MT5 - read this post.
I seem to have a problem with the idea of trading support and resistance. The Forex market is always unpredictable so counting on the support and resistance as a safe way to trades for me sometimes is a drag. For instance looking at the major currency pairs, you could see that EURUSD, GBPUSD, USDCHF were all not respecting any S&R. From the beginning of the week it has been breaking through all S&R. For me i feel its best trades with the trend.
Hi Roszey, if you are looking for a safe way to trade on Forex, better start and practice enough time with demo accounts and real with small lots.
The problem of any level, like support and resistance, is that you never know what are the good and bad ones, since it depends on several factors, like the period or degree you are using.
And the worst, the best you can find is about the past, since the future levels are to be written.
Hi Roszey, if you are looking for a safe way to trade on Forex, better start and practice enough time with demo accounts and real with small lots.
The problem of any level, like support and resistance, is that you never know what are the good and bad ones, since it depends on several factors, like the period or degree you are using.
And the worst, the best you can find is about the past, since the future levels are to be written.
My opinion is that support and resistance are useful because so many pay attention to them, especially on the major peaks and throughs.
Are you basing your sentiment on what people are paying attention to or to what you think best works for you?
Both. I consider support and resistance a self-fulfilling prophecy and have personally witnessed price reacting to support and resistance many times.
ok. Good for you. Have you seen the chart of EURUSD for last week? You will realized that price has broken through most of the S&R level form the beginning of the week.
Anyway i beleive every trader has his or her own rules and strategies to works for them. The only important is the them able to be disciplined enough to follow it.
ok. Good for you. Have you seen the chart of EURUSD for last week? You will realized that price has broken through most of the S&R level form the beginning of the week.
Anyway i beleive every trader has his or her own rules and strategies to works for them. The only important is the them able to be disciplined enough to follow it.
Yes, newdigital shared a good analysis of EURUSD for the coming week:
https://www.mql5.com/en/forum/23163
We will be having an interesting week ahead of us.