Hi All,
I’m pretty new to trading and was just wondering if there’s a website or resource available where I can check to see if I’ve plotted my support and resistance levels correctly?
Regards,
Sam
The less you rely on others, the more you will start to see your trading improve.
Confidence can’t be attained externally- it needs to be internal.
Jake
Hi both,
Thanks for getting back to me.
@Darren, I know the strategy I want to use to trade using S&R but I just want to check the levels I’ve drawn are right.
@Jake, I realize this but again it’s just a case of checking my levels are correct when starting out.
Sam
Hi Sam
I have spent a lot of time researching support/resistance levels and agree with Jake. After achieving a basic understanding my confidence only grew when I drew my own levels and watched price starting to react to them. I still don’t always get it right but then nobody does.
It does give me a good feeling when price bounces where I drew my levels.
Maybe you can post one of your charts on this post with levels already drawn am sure you will get some good feed back from the many expert members on this forum.
Regards
Daren
A good thing about using support and resistance levels is that it’s a subjective experience regardless of what time frame you use. Nobody understands your strategy like you do and you build your strategy according to what you see. So if you see a level you like go with it.
All the best
Bob
Like most are hinting at here, “checking if your levels are correct” is superbly subjective.
Try to think about trading as less of a science, and more as an art.
Can one artist tell another artist their painting doesn’t look “correct”?
It’s not that I disagree with other posts, cause I don’t. But when I first started this is what I did. If you’re using the MT4or5 platform, go to the terminal part of your screen, (bottom) click on code based and find orlova_ZZ indicator, drag and drop on your screen, you will see it high lights resistance points and support. Take if off your screen, then draw your S&R lines then insert the orlova_ZZ indicator to compare how you did. It’s practice the more you do the better you get as long as you have the basics. It seems very overwhelming when you first start but after a few months you’ll get the hang of it. Just make sure you use the indicator to confirm your analysis, not the other way around. Good Luck
Gp
Hello to the OP, and welcome…
I agree with everyone else (thank goodness 
) and could only add this:
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choose a time-frame and figure out the levels to trade in that time-frame (to avoid confusion);
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use whole numbers and half numbers, e.g. for EUR/USD these would be 1.4000, 1.3950, 1.3900, 1.3850, and so on. These levels are normally strong or at least interesting, as well as easy to understand;
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try supply(=resistance) and demand (=support) zones, using boxes/bands instead of lines, in that it will allow more flexibility…
Cheers and
HAPPY TRADING…
You should look for the answer of your question in your trading performance.
Show a picture of your S/R levels
Hi,
Sorry to resurrect an old thread but I’m on the Support and Resistance part of the BabyPips course and am having problems deciding where to draw my S/R lines.
I understand that it is an art rather than an exact science, but searching through previous threads I found the above quote mentioning the orlova_ZZ indicator. However I do not have this indicator in my MT4 platform’s code base listings.
Has it been superceded my another indicator do you think? And is there another indicator someone could recommend please which will give me a general idea of where my S/L lines should realistically be drawn?
Cheers,
Simon
It might help if, rather than thinking support/resistance [B]lines[/B], you think of [B]areas[/B] perhaps 20-50 pips deep depending on your time frame.
Draw your area where you see repeated areas where price failed to break above/below the same level on at least 3 seperate occasions, more if you’re looking at longer times
You need two levels which are important for your current trading. One above the current price of the pair and one below. Leave the rest for later. Check the candle stick behavior near those levels and then decide to trade or not.