Portfolio Trading with Support/Resistance

Earlier this month I started Paper Trading on Think or Swim to see if it would work to manage 24 key pairs on a daily basis by only looking for possible entries on Support and Resistance.

So far I’m seeing good progress

I would enter a 1K position size (I’m aware of position sizing for risk management) for this experiment.

The idea was to see if I could grow my account with the smallest possible position sizes and as the account would grow I would shift to live trading and position size properly.

As of right now I have a gain of 36.57 and an open gain of $75.

I’m not sure if Think or Swim’s Paper Trader will allow me to post gains in pips, but maybe I’ll save that for my live trading. I’m thinking of starting with $1200 for a live account and again trade with only 1K positions until I get the balance high enough to trade with more.

Any thoughts out there?

A good idea.

My question is - How do you define what is - and what is not - support and resistance?

From what I understand Support and Resistance is subjective. But for the most part, if you can see a base forming at the top or bottom of price then that’s probably a good indication.

Not my understanding at all.

Nor the understanding offered in any book I’ve read.

My understanding is that support and resistance are objective and factual.

Support is represented by the levels of swings-low of the price, and resistance by the levels of swings-high.

What’s subjective is how we allow them to influence our trades and our assessment of the probabilities of previous support and resistance also becoming future support and resistance.

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When I say subjective I’m saying there isn’t an exact number, but a range.

I trade in the direction of the Weekly Trend on the Daily Chart.

AUDJPY
This trade has had a pretty good move since I entered at Support.

AUDNZD
I’m looking for a possible breakthrough on Resistance

AUDUSD
On this one, I’m looking for a downward move on a pivot at Resistance

EURAUD
This one broke through resistance today

EURCAD
This one broke through resistance today

EURCHF
This one broke through resistance today

EURJPY
This one broke through resistance today

EURNZD
This one broke through resistance today

EURUSD
This one broke through resistance today

GBPAUD
Looking for a possible break through Resistance

GBPCAD
This one broke through resistance today

GBPCHF
This one broke through resistance a few days ago

GBPNZD
This one broke through resistance a few days ago

GBPUSD
This one broke through resistance today

NZDCAD
I’m looking to enter at Support on this one

NZDJPY
This one has had a good move down since opening

NZDUSD
Was looking to enter at the pivot at Resistance

I have a few others I’m watching, but unsure yet what direction I want to trade them.

My intention of positing my ideas is to talk shop with other traders.