Hey there…
Being a newbie…i would need help to check if my S/R line are roughly at the good place.
…and what could be modified.
Many thanks in advance !!!
( PS: Those are on the Weekly…and Daily charts )
None of those lines are any good. You and alot of others really need to understand what makes price move. What you are doing is Drawing lines without knowing what the chart is actually telling you. To you the price movements are magical and you believe drawing random lines where candles touch multiple times will work. It doesn’t for most people do what can you do different?
Couple things to help you.
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the more times price comes back to a level the more chance there is off price breaking through it. This is because supply or demand orders have run out
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price reverses in zones not at lines
I sound like a broken record but this information is gold and I wish I knew it before I started browsing through indicators and support resistance systems. Learn supply demand. Only then will you understand what your looking at.
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My charts only have S&R lines that are near the current price action. Why do you need to plot lines thousands of pips away?
…Unless you’re trading very long term. I apologize if my comment is a bit rude. My charts used to look like that and I cleared everything and have since kept my charts much cleaner.
Tanks for your insight…!!
This is the very first time i draw support and resistance lines…
Trying the best i can…from the infos i gathered so far.
Thanks again.
Thanks…
So I should remove the most top line…
I had to start somewhere…and one method is to put down the obvious ones.
At least that’s what the online course tells me…
But i understand your view…
Thanks a lot…!!!
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Yeah i mean the whole point of plotting those lines is because they have a history of affecting price. I just see it as a waste of your time to plot levels that aren’t really going to matter any time too soon. You want to use them to decide to enter a trade RIGHT NOW. I used to keep lines plotted on my charts all the time, for every pair I traded. Now, almost none of my charts have any lines on them at all unless I’m either in a trade or I’m watching for some action.
PS, I’m no expert. If what you’re doing is working, do it. I’m letting you know what works for me and my style of trading.
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Depends on who you ask. Only thing that matters is if the s/r lines you plotted work for you. Its a matter of perspective.
Imo there might be a few too many, but I think you did fine.
Best of luck to you.
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