Do Support And Resistance Lines Confuse You? 🙄
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- เผยแพร่เมื่อ 18 ต.ค. 2024
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Drawing too many support and resistance lines. How many support and resistance lines should I place? How do we avoid that and trade only the key levels that are meaningful to us? Are support and resistance just random lines on your chart? I have struggled with this before myself. We have our primary levels but also secondary ones and before long you have too many levels drawn on a chart. The key to this is to limit what you put on a chart; you can't put every single level. Look at the most recent levels which should be given more importance. Also, as opposed to having support and resistance lines try to have zones of interest. OK.
Timur Muhammedov: Hi, I have a bit of an issue with support and resistance in range bound condition. My problem is that I draw not only upper resistance and lower support of the range but also several levels in between those. This makes it hard to open a position because I think that price may bounce back from any of those support and resistance levels. I hope I managed to explain my issue. I would appreciate if you could help me with that. Thank you.
What do you mean by 'several levels in between those'? Please try to be clearer.
Timur Muhammedov: I mean that I draw quite a lot of support and resistance levels all of which seem to be important because they are being tagged many times. The problem is that I'm not confident to open a position even if price reached upper resistance or lower support because there many important level in between and price can bounce back from those levels and not reach my target. And if I put my target at the nearest support or resistance level then the whole trade doesn't make sense due to bad risk reward. Thanks a lot for your help and great videos!
#support_and_resistance
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Thanks for your answer! It really helped
Pivot points with VWAP have always worked great for me.
Those spider's nets are everywhere:) The best way to do it just focus on 3 dimensional trading. Let say you trade daily charts as we do. Connect most significant swings on monthly chart first then go to weekly and daily. Your entry is then on a daily chart. Now let say you trade 1h chart so you gonna start drawing levels from daily then 4h and 1h (1h is you entry chart ). Simplicity is the key here guys. Markets are not that difficult people are complicated.
I hope that helps. Enjoy the ride!
Great advice thanks a lot !
Fair play to you👍
Cool idea cheers!
Exactly people complicated too much well that's our nature :)
Agreed since I m start trading I never loose any ticks,
Start your major support and resistance levels/ trendlines Etc on higher time frames. Then narrow down to where the zone is or a time frame you like to trade at, using price action, patterns breakouts etc, all ways be aware of confluence's in higher time frames, cluster zones intersections where lines cross and so forth.
Great insight! I will consider discretionary as taking precedence over quantitative! Especially by your teaching. skills and enthusiasm!
Just draw a lower trend line when the trend line run against you ;)
good video, i was thinking about this lately. and what about having a rule that the line must have been tested at least three times? does it help in any way or could it be confusing?
look for the most touches with void above and below
Do you think you could cover your opinion on pivot points vs support and resistance please? :) What is your opinion about having both on the chart at the same time, does it clutter it too much and invalidate entry/exits?
Support and resistance lines are the same thing. Youll notice that a candle stick will fight to pass a resitance line, break it, then settle on the same area as support.
Thanks for this vid!👍🏼
Follow up, on support and resistance, if I'm trading 10 mins charts what time frame should I draw the lines? 15mins, 1 hours, day? It will be noisy as well.. please help
Hi mark, i am new trader learning the basics, those zones other than the top 1 all used to be support levels, as the price is currently beneath all of them, does that mean they are all now resistance? If so once the price broke one of those levels on the way back up, does it then turn into a support zone again? Thanks!
I love that you all time tag the videos with that theme under video. Big like for channel. Btw Mark you need to drink more water sometimes i feel desert in my neck when you try gobble up saliva. :D
Excellent.
Thank you. 👍🙏
does the higher the time frame stronger the support and resistance ? and how to combine the support and resistance and trend line. i will appreciate if you reply thank you.
Higher timeframes will be stronger as there will be more volume involved, hence more demand/supply (not much volume could be involved in very small timeframes). As for trend lines check some of the videos here: th-cam.com/users/ukspreadbettingsearch?query=trend+lines
Mark you have a bad link taget for "How To Trade Based on Support and Resistance Levels! 📈" is the same like "Change the Way you Look at Support and Resistance!" .
thanks removed one.
Thanks
Does mark trade using fundamentals or is he just a pure technical trader?
Mainly technicals and price action; he's mostly a day trader.
Sam can you help me on how to improve my patient when waiting for trade to work out ,most of time i end up closing the order with few gain and left big money on the table. that's hut's. am trying to find the way though this but .maybe you have already being in this situation and you found the way though
Check these videos:
How to Let Winners Run: Stop Cutting your Winners too Early with these 3 Simple Tips 👍
th-cam.com/video/Lcq8lhhfW90/w-d-xo.html
How to Hold on to Your Trading Winners 👍
th-cam.com/video/TiIlLvDEb9c/w-d-xo.html
The Mindset Needed to Run Winning Trades 🧠
th-cam.com/video/i9-p-AviMEM/w-d-xo.html
Also, check some of the material here: th-cam.com/users/ukspreadbettingsearch?query=patience
thanks
look guys i've read that trading ranges is one of the hardest things to do besides if you gotta think about all these different zones and levels...dont even take the trade bud!!!!hehehehe