Support Resistance - Indicator

Hello everyone :sunglasses:

I am a new trader and as I can read everywhere it is important to have solid Support & Resistance lines :telescope:

I wondered if some of you found a good indicators for this job and if you would like to share it. :runner:

Thanks :hamburger:

just add horizontal lines and set different colors for โ€˜supportโ€™ and โ€˜resistanceโ€™, thatโ€™s all I do

2 Likes

Actually, support and resistance area is the only place where price seems hard to break out, no exact area we can judge as support and resistance, but analyze this area is useful to create our plan trading, which this is very important to manage our capital on account, usually I am like using horizontal line or use crosshair to look area support and resistance based on pattern candle on certain timeframe, some another might use Fibonacci retracement

For better accuracy, you need to draw S/R levels manually! In this case, use the search option of this forum, I see there have so many useful threads on support and resistant.

Same here, horizontal line is the best tool in this case; besides sometimes I need to use fibo too.

Oke, thanks, will try to do it mysef :slight_smile:
I just hoped to find an indicator which could do this more accurately.
I often draw too many of those lines. By accident I include the minor zones.

Well, then draw fewer lines - you can only get better at trading by refining your strategy continuously and by learning from your mistakes.

Yes, it is very important to sharpen our knowledge. We canโ€™t stop learning. Learning is a continuous process. We have to continue it. There is no end of learning. The sad part is most people are unwilling to learn. They look for short cuts.

1 Like