Key support and resistance lines

I understand learning to identify these are very important, my question is since its important information (or at least I imagine it is) for us all how do you make sure your lines are accurate, that’s to say coming in fresh there are established key lines of support and resistance over potentially long periods of time already so identifying the trend and knowing this already established data seems very important. For example I may know that some currency is trending downwards and draw my own lines or whatnot but wouldn’t I be better served having lines with key points of support and resistance closest to those being reported on the news websites? Is there a way I can get this data into my charting software without painstakingly attempting to draw it all myself?

Explain what you are trying to do a little better. If you are simply asking is there somthing that will draw support and resistance lines for you, instead of you doing them yourself the answer is yes. Open up your trading platform, go to indicators, click and look for support and resistance indicators and click and drag one to your chart. Like I said I’m not sure what you want so if this doesn’t help explain what you want so it’s more clear

thanks for taking the time out to try and help me, you’re right thats pretty much what I meant I just think I overcomplicated it a bit.

EDIT: Please bear with me, I’m still trying to sort of find my place in all of this

hi gchild

If you are focused on 1 trading pair then you should get to know where the support and resistance is simply by focusing on and understanding that currency pair, how it moves, where its been and what is happening now. Over time you will just know what the next area of support and resistance is.

I would [U]not[/U] recommend taking the easy road by having a indicator draw them for you all the time, it might be good to help you understand what support and resistance is and where to draw the lines. but you are far better to understand it for yourself by looking at all the timeframes, daily, 4hr, 1 hr, and draw lines on the chart at areas where price has bounced many times, big round numbers like 1.3000, previous high points. You will soon get to know all the important levels.

Personally I trade on the 5 min chart only so I am more focused on the short term support and resistance that has happened in the last 24 hours, but I also keep an eye on the bigger bigger timeframes and note any significant areas that could be coming up during my trading session.

I agree. especially with the start with 1 pair. If you want to use an indicator to help you to learn support and resistance then that’s okay too. It’s hard to believe when you first start out, that within a very short time you’ll be able to look at a bare chart no matter lines, bars, candle sticks and at a quick glance in most cases and see the trend, whether it’s up, down, ranging or sideways. Bt in the beginning get a much help as you need to be able to understand support and resistance. You might also want to learn the fibonacci tool as quick as you can as well. You can read any of the price action threads on this site to help you understand support and resistance as well as utube

Yup I agree with everyone here, its better to draw them yourself, also you have to keep in mind that those lines tend to be tested frequently so dont place your limit orders and SL losses exactly on them.
All the best

Thanks for the advice everyone, I like the idea of learning to trade price action rather than relying on indicators it seems more suited to me I just have to get good at being able to understand what its telling me. Something else I’m trying to figure out is what time frame to get used to looking at or should I be looking at them all and then plan a trade based on only one of them?

I use 3. Day trading I use: daily, 4 hour and 1 hour. Scalping: 30, 15 and 5. I use the largest to look for set ups verify with next shorter and enter and manage on shortest. Keep praying and learning one day you’ll get the ah ha moment and it will be easy after that