I’m just trying to gauge support and resistance on the EUR/USD chart. This chart is from today. Could someone please tell me if I have the correct positions or is there no real right or wrong answer.
In my view these chart for support and resitance is already good, which look on pattern chart with using line to determine support and resistance area on best position, I am also like this way and making trading being simple with waiting price on these area, and will put stop loss on support or resistance area.
You might find it helpful to draw the lines in bigger time frames as well, just to help gauge their strength
These lines all look good to me. I would draw them thicker (as if with a paintbrush rather than a draftsman’s pencil) but the placing is fine.
Of course, you now have the option to develop the same principles in drawing non-horizontal lines, for example here the downward slope on top of the descending triangle for recent price movement, plus the much longer uptrend.
Don’t worry if only 2 out of every 3 traders agrees with your s/r etc. lines on a given chart. These lines are a guide to your trading tactics, not a DNA identification, so there is room for different interpretations of what each chart shows.
Go to extremes and not bodies
As a newcomer once I completely depend on support and resistance and got good result, according to me, if anyone has no good trading strategy or most accurate MM, he should follow support and resistance for making minimum profit. it works really.
Yes, you pointed out so smartly; but don’t forget to use the trend line if requires.