DRAW SUPPORT AND RESISTANCE Mapping out support and resistance is really the most important core skill any serious traders will need to have a good grasp on. If you can’t draw your support and resistance then your trading as a whole will implode on itself. It’s really important you master the skill of identifying support and resistance level to build a good foundation for your success as a trader.
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Support And Resistance Support And Resistance Has Given You Some New Insight On How To Structure Your Charts And Plan Your Trades More Effectively.
The ability to draw support and resistance correctly is learned over time and patience, so don’t give up. If you’ve got a chart that’s loaded up with so many lines that you don’t even know what you’re looking at anymore, then you’re doing it wrong.
Forex Support And Resistance
Most traders believe that support and resistance mapping is meant to be a hard or complicated process, when it’s actually not. Some traders also believe they have more of an ‘edge’ or ‘insight’ into the market if they market out as many lines as possible, again far from true. So what I am essentially saying here is that you don’t need to go crazy with marking out support and resistance levels, in fact you only need to mark out the significant levels that are surrounding the current price movements. In some cases we will only have 1 line marked on the chart as you will often see in our market commentary, and that’s all we will need to correctly map out the situation on the charts. Seriously, anything over 3 lines marked on the chart would start to be considered too ‘busy’. By only marking out what is necessary you will keep your charts tidy, simple and easy to read. This gives the price action much more clarity and makes identifying important price movements much more obvious.
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