Support and resistance

So I went to place my support and resistance on this NZD/CHF chart but it looks so messy to place support and resistance so just wondering if I should leave any chart where I can’t make out where to put my s/r levels thanks

Yes, it looks difficult. I don’t see striking s/r price levels on D1 either. There are symmetrical wedge boundary lines above and below the current range but the range itself has wide oscillations and even though this pattern might have set up from 26/08, we still might be only half-way to the apex. Whether these pattern boundaries will be s/r and whether that suits your strategy are two further questions.

But my view might be coloured by my categorisation of both of these two currencies as weak, with CHF somewhat the weaker. So why not seek a more opposed pair, like AUD/NZD or AUD/CHF? GBP would be a good base on paper but Election/Brexit newsflow makes TA for these pairs unreliable.

Also, why not substitute JPY for CHF as the counter?

These are my only levels on that pair, everything in between is noise to me. Now, one could go down to lower TF as the 4H and find more levels for sure. Also when things get messy i go with the latest 4-6 weeks only and mark the major swing on those.

Depending on your strategy you can have as many S/R lines as you want, if they help. But like Abozahra mentioned, if you’re trading longer time frames then a lot of those are just noise, so in that case you would focus on a daily/monthly chart for your levels.

I think your grid is adding to the clutter as well. You can change the colour of the grid so that it is still there but barely noticeable.

Here’s my weekly chart:

Ok thanks I’ll change the grid now I never actually thought about that tbh but now I do it actually does make things harder to see :ok_hand:t3:

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What technical approach do you use? Remember that we have to work with support and resistance areas instead of hard lines, because markets are government not by rules but the probability and areas works same as confidence intervals in statistics.

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