Daily chart
see the chart…its on fire and running very fast. …its very steep also.
I can not draw any S/R in this chart …is there anyway to find S/R here ?
My opinion on s and r is that it should be obvious to see on a chart. Don’t look for something that isnt there.
If you’re using mt4 or 5 go to the code based on the bottom of your screen and look for ZZ_orlova or support and resistance with the description Support and Resistance Indicator. If you don’t want to draw them yourself I would use these. the ZZ_Orlova is great for charts like this the more stars the stronger the area
use fibonacci retracements and extensions for signifying levels when PA is in unknown territories, ie never reached before, highs or lows.
there’s nothing else besides that.
Support and resistance lines are going to be areas on a price chart where price was moving with momentum in one direction, stops and reverses either significantly (deep retracement) or minorly (small pullback).
This is where my levels would be:
My trading strategy for this chart:
1- wait for price to breakout of the current range
2- if price breaks above resistance, either trade the breakout, or, trade a corrective pullback in which you’d be looking for the area to hold as new support. Target would be the breakout highs.
3- if price breaks below support, either trade the breakout, or, trade a corrective pullback in which you’d be looking for the area to hold as new resistance. Target would be the breakout lows.
Not much more needed from a price action perspective there.
If this were my chart, I’d ditch the MAs, add a 20 EMA and a 14, 3,3 stochastic for confirmation (alongside volume of course).
Regarding the BOLDED/UNDERLINE comment- this is most likely the exact worst-possible spot you can buy. Look @ the volume.
Mass accumulation @ the bottom (professionals buying before the trend begins).
The most recent price action has very little support- yet price continues to rise.
Out of nowhere Boom, huge day of volume, but price trades sideways afterwards.
RED FLAG - DANGER DANGER.
This appears to be exhaustion and stopping volume.
Professional money trapping in weak hands @ the top who are buying inventory which is beginning to be unloaded to the masses in a distribution phase. It may take a few days, weeks or months, but I’d put my money on the line that whatever the instrument you have charted here is due up for a correction.
Not going against what I said originally. My bias would be to whatever direction the volume steps in and supports the price action. If the current range is broken to the topside with tons of volume, that means there is still demand for this asset and price may continue to rise. If I had to put a mark on it, I’d be neutral to bearish.
Hi godzilla, I’d suggest:
- zoom out to a larger timeframe & see if there are any higher level S&R above the current price,
- use current swing lows & swing highs to project future swings,
- use round number (100s etc)
or… find a cleaner chart to trade 
Here it is …
whats your say on this now ? what confirmation you’d look at ? please note I am doing swing trading (not day trading).
What is this a chart of?