Hi there,
i have been trading using s/r as a guide for reversal. I also use candle reversal patterns but i seem to be getting it wrong almost every time its driving me mad.
Can anyone one help me identify s/r. i thought that this would be the easy part.
Thanks in advance.
Better for you to provide some charts to show us how you’re currently drawing S/R and we can make comments.
I use the line charts on the high timeframes and fibs from major swings.
Are you aggressively entering or are you waiting for formations to play out? Given that price will not always obey S/R (otherwise it would be locked in a range in perpetuum), its better to wait for confirmation than to enter on the first sign of reversal.
I will wait for PA confirmation then set an entry stop order about 10 pips above below the PA candle (hammer/shooting star, engulfing, inside bar). Provided it has clearly reacted to a S/R level and hasn’t just appeared anywhere.
I’m still demoing this strategy as I only recently weaned myself off indicators so have a lot of mistakes to make yet! Loving it so far 
Here is something that could help you,
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The support/resistance area is a zone, not a line. Expect price to reverse in this area, don’t expect price to turn on a dime. Allow the price to move ± some pips. Keep in mind that usually, the higher the timeframe chart you are using to draw the support/resistance lines, the greater the area of support or resistance. This simply means that a weekly chart will be likely to have a much larger support or resistance zone than a five minute chart.
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While the price is expected to reverse in this area, it may be best to wait for confirmation once price approaches one of these areas. Don’t assume that price will reverse here, but instead wait and see if that is the case. Also it is useful to use another indicator to confirm that the price is really reversing.
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One simple trick that may enable you to ‘see’ these areas is to use a line chart. Most charting packages allow you to view charts with candlesticks, price bars or lines. Choose the line option and see if you can draw in the support/resistance lines yourself.
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To identify a support or resistance area is identified by finding an area where price has found both support and resistance. Once price has touched the zone from the top and found support and then moved upwards and price has touched the zone from the bottom and found resistance and then moved downwards, I consider the zone a valid support/resistance area.
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The really good support/resistance areas have been around for years. These zones get better with age - The important thing to remember is that just because a support/resistance area is an old area, you should not ignore it.
This is to be used as a reference to create your own method, something that will fit to your trading personality.
use -auto support and resistance (barry) . it draws support and resistance lines automatically… give it a shot …
Hi Woody,
Using Support & Resistance alone is not as reliable as using them in confluence with other tools.
Here’s an excellent site to explain it all from market flow to price action.
Market Flow Summary � Invest FX
Yeah, i agreed with itsrijo, simply insert auto support and resistance (barry) on your chart and it will certainly assist you.
What charts are you using? i use IG-INDEX advanced charts and they dont have that function, would i still be able to download AUTO SUPPORT AND RESISTANCE and use it on the charts that i use.
sorry …i assumed you were using mt4…
I find support and resistance by manually placing horizontal lines at the swing points on a daily chart. Then I go to the 4hr chart and adjust for the recent price action and look for areas for short term S/R.
I dont have any idea whether IG-INDEX advanced chart can downlaod indicators.
I only used metatrader 4 which applicable to install indicators.
I hope that someone here can help woody24 about this matter.