i think a lot of people have scare of S&R and trendlines and give up of trying any system that use them.
i will post here a very simple way of draw those super important lines, and i hope this could help everyone that don´t use them.
this is how i draw S&R (you can change the colors).
1-open a chart and put zigzag indicator on it.
2-red line in every top or bottom of the zig zag in a week chart
3-blue line the same in a day chart
4-yellow line the same in a 4h chart
5-don´t draw nothing in a 1Hchart or bellow and always remember that S&R lines should be look as zones.
1-zigzag indicator in a chart
2-in a 15M chart connect the lows to the lows and the highs with the highs.
3- remember a higher low means uptrend and a lower high means down trend…so if the line is above the price it must pointing down and if the trendline is bellow the price it must pointing up.
this is how it looks in a 15M chart and them the same lines in a 1H chart:
I use the zigzag to help draw s/r lines also. Another idea is to change from candles to a price line. but the zigzag is even better, it eliminates a lot of the noise in the price, makes it easy to see the high points and low points.
I had no idea it can be so easy when you put Zig Zag indicator on (haven’t tryed it before), but now it helps a lot. I haven’t practiced on drawing trendlines and S/R levels before, but now I will
I just wish that Metatraders line would end exactly where you put the second dote, not somewhere in the other end of our Universe
If you are referring to a trend line on metatrader, right click on the line, click on trend line properties, click on the parameters tab, and un-check the ‘ray’ box.
The other side of the universe is currently 45 giga light years to the surface of last scattering… There is some debate as to whether it is an unbounded finite hypershere… umm… well you brought it up
the only problem when dealing with zig zag is that it repaints change its mind and that it take time before it show a line. I know there is a non lag zig zag also. But intresting thouts rulimia22
when using zigzag to help find support and resistance though, you are just using it to find high points and low points in the past so you can draw a line through those points. so it’s not the current end point that matter. So for that purpose it works pretty good. I don’t use it for any other purpose
to draw S&R lines in the daily chart you can and you should use a lot of data. from the last year or even more. those lines are very respected in smaller time frames.
you´ll see that after draw the lines in the dailly chart you´ll not have a lot to draw in the 4hours chart because the lines will be very respected in the 4h and even more in the 1h. but in the 1h S&R lines become S&R areas.
i like also to draw my trendlines in smaller TF (5M & 15M) because they are also very respected in the 1H chart.
i trade most of the times the 1H so this is what works for me.
