Is there a website that lists past s & r lines or would I be better off just creating my own list.
You must be thinking along the same direction as me right now. I’m wondering how far back everyone is going on S&R lines? If the folks are new to trading, they don’t have the history of months or years of charts with S&R lines. What’s the best way to approach the S&R lines if someone is just starting out? Should we go weeks back?
Take a look at the website below for more info on
support & resistance lines.
Support and Resistance - StockCharts.com
The best way to get a feel for them is to mark them up for yourself,
back as far as you can go. Generally if price action pays attention
to a certain level either on the way up or down, it will do it historically
again & again…
Take notice also of websites & traders who give out these levels, see
if yours match up, take a look at the website below for an example.
If the S+R lines are strong it doesn’t matter how far back they go. I trade GBP/JPY, which was at a low last week that hadn’t been seen since 1995, so I was using S+R lines from 13 years ago!
Of course if the line hasn’t been hit in years like that I’d consider it a very weak line and reduce the lot size of any trades I took off of it.