What method/reasoning are you using to locate resistance points, if you don't mind me asking!
I trade strictly from a resistance point basis...always nice to hear others perceptions!
What method/reasoning are you using to locate resistance points, if you don't mind me asking!
I trade strictly from a resistance point basis...always nice to hear others perceptions!
"..I trade strictly from a resistance point basis.."
Good.
Most traders calculate support and resistance levels incorrectly, and to make their job even harder!
I will write sonn about that in Forex Education Center.
By the way, One of the simplest ways to do technical analysis is by using the pivot points.
Thanks for comment and support
Almost everyone does support and resistance levels incorrectly. People believe that past resistance points, fib, pivots, etc are support and resistance. Eventually there comes a tipping point where you realize that these are incorrect as well. The people that are trading these are showing you exactly where they will enter and exit. This is what you trade against...zero-sum in action!
Real support and resistance is found in the market where the stop orders are placed, and new orders are waiting. The "clustering" of the present orders in the current market make the resistance points that are worth trading.
Money is made where money is lost, flowing from a lack of experience to experience. For example....the current drop in Steem, taking out all the stop orders placed in the market. Now that those are liquidated, the market is mainly comprised of buy orders...and will continue its rise!
My two satoshi...
"..Real support and resistance is found in the market where the stop orders are placed.."
You are right Money is made where money is lost.
Thanks for comment
No prob bob. Good job on the forex educating. Keep it real.