Could someone tell me a simple way of determining support and resistance levels beside using Pivot Point Formula, I think using that indicator not exactly right sometime...
All help most apprieciated as always!
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To successful in trading requires 3M`s
1. Mind
2. Method
3. Money
Indicators don't always give the best result because some brokers use a timezone other than GMT, and the indicators depend on the high/low/close values of the Daily bars (which would be changed in this case).
Could someone tell me a simple way of determining support and resistance levels beside using Pivot Point Formula, I think using that indicator not exactly right sometime...
All help most apprieciated as always!
Common support/resistance areas beside pivot point are fibonacci retracement lines and trend lines.
Trend lines must hit two points on a chart, and Fibonacci retracement lines are drawn from the top to the bottom of the recent range, they can also be drawn the other way round.
I hope this can help find support/resistance that you meant.
Common support/resistance areas beside pivot point are fibonacci retracement lines and trend lines.
Trend lines must hit two points on a chart, and Fibonacci retracement lines are drawn from the top to the bottom of the recent range, they can also be drawn the other way round.
I hope this can help find support/resistance that you meant.
Can you give me more specific how to use it with picture of course...
__________________
To successful in trading requires 3M`s
1. Mind
2. Method
3. Money
Can you give me more specific how to use it with picture of course...
Just remember the short cut: In this picture, when drawing a swing low to high in the case of an uptrend start at the bottom and move up just like the trend movement. Reverse this for a short move.
The higher % fibs are how much the move can retrace with 100% being the greatest. Hope that helps.....
Could someone tell me a simple way of determining support and resistance levels beside using Pivot Point Formula, I think using that indicator not exactly right sometime...
All help most appreciated as always!
I think the best thing to do is to learn the tools most traders use for support and resistance (i.e. channels, trendlines, pivot points, fib lines, etc.), and develop your own system to find S&R and how to trade them. It may take longer to develop and implement a winning system, but at least you don't have to rely on someone or a company who may not be there down the road. If you have questions on how to use some of the tools mentioned above, there's plenty of free information on the internet, or just ask any of the forum members, including myself. We're all here to help.
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"Lopsided trend following behaviour is necessary to produce a violent market crash. "
I think a good idea to draw trend lines on a larger time frame to start with then go to a lower time frame keeping an eye on the price when it approaches long term lines.
On this GBP/USD chart the trend line (1) provided resistance at the start of the down move then a year later provided support at {a}
Lines 2&3 were resistance and support creating a triangle formation and when the price continued to near the apex provided potential for a good move ...in this case up.
Trendline 4 denotes the present uptrend though you could plot a similar slope line inside this touching different points and passing through a few of the bars
Hello,
I have been looking for a way to know muh about support and resistance, fibonacci retracement and trendlines,Elliot waves. When I go to www.actionforex.com, I see the Pivot points but not able to make use of it. Meanwhile, I always read about it online. The best way I think I can olve this problem is to get someone to say 'Open this chart, draw this line, use these tools'.
Sir, I will be very glad if you can mentor me on this. I always watch the presentation but not understand the lines drawn.
I really need a mentor on this.
Quote:
Originally Posted by overtrader
I think the best thing to do is to learn the tools most traders use for support and resistance (i.e. channels, trendlines, pivot points, fib lines, etc.), and develop your own system to find S&R and how to trade them. It may take longer to develop and implement a winning system, but at least you don't have to rely on someone or a company who may not be there down the road. If you have questions on how to use some of the tools mentioned above, there's plenty of free information on the internet, or just ask any of the forum members, including myself. We're all here to help.
Hello,
I have been looking for a way to know muh about support and resistance, fibonacci retracement and trendlines,Elliot waves. When I go to www.actionforex.com, I see the Pivot points but not able to make use of it. Meanwhile, I always read about it online. The best way I think I can olve this problem is to get someone to say 'Open this chart, draw this line, use these tools'.
Sir, I will be very glad if you can mentor me on this. I always watch the presentation but not understand the lines drawn.
I really need a mentor on this.
Hi Kenny!
We actually have a very good lesson on trading using Pivot levels, with both reading materials and a video of the last lesson on this topic.
Hi Kenny, I totally agree with overtrader - finding YOUR own way to draw trendlines/fibs/pivots and using them to design your own system is the best thing to do, for 2 main reasons. First, as overtrader rightly put it - no matter how good or reliable that "someone" is, at some time down the road he/she may not be there anymore, so you need to have something of your own to rely on. Secondly, it's a lot more fun to do the analysis yourself
All that being said, i think all of us will be more than happy to give you some guidelines as to how to use these tools at our disposal - we actually try to do that every day in the LTR. But it's not the lines we draw today or tomorrow that count, but HOW we do that - if you end up finding your own way of drawing a map on your chart then I guess the "fishing" lesson is over and you can start enjoying your fish Sure, it's better to have someone give opinions on your lines on the chart (that's why everyone's feedback in the room is much appreciated!), but all of us should be able to do our own analysis with our own bias - that's when we really feel confident.
Good luck with building up your system, and if we can do anything to assist you with any particular issue in the LTR or outside just give us a sign!
P.S. I am preparing a course that we should hold in parralel with the LTR starting in January - it's called "Understanding and Trading Elliott Waves", which involves waves of course (rules, guidelines and their application) but also lots of trendlines and fibs. Note that the primary purpose of the course is to "understand" EW, but the ultimate target is to give an idea how to TRADE them after understanding how they work - hope you guys will enjoy this. Let me know if there are any suggestions with regard to this course (I'm currently preparing it whenever I get some time)
Determining Support And Resistance Levels
Sure, it's better to have someone give opinions on your lines on the chart (that's why everyone's feedback in the room is much appreciated!), but all of us should be able to do our own analysis with our own bias - that's when we really feel confident.
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