Weekly support resistance

Is my horizontal support resistance line correct ?

WEEKLY chart:


nicely drawn

what are we looking at?

cheers

Dear Godzilla,

why not keep one (longer) thread running rather than posting all of these similar-sounding ones?

301 Moved Permanently ;

301 Moved Permanently ;

301 Moved Permanently ;

301 Moved Permanently .

It may be worthwhile nourishing a thread in the longer term, maybe to give you a chance not

to disperse member answers to you over so many little threads all over the forums…

Also, you could keep posting new charts for feedback, without having to start a new thread each time…

Just a thought…

On another note, I get that you do not want people to be biased by revealing the currency pair of each

chart posted, but sometimes it really does not make for an engaging thread if you deny us that information:

charts without a currency context can become meaningless…just coloured graphics without any supporting history.

Cheers.

If you’re using MT4 or MT5 trading platforms, you can look in the code base section of the terminal at bottom of screen.
Drag and Drop ZZ_Orlova indicator, it shows support and resistance so you can compare what you’ve drawn to the indciator support and resistance point

Unfortunately , my charts are not currency pairs. because Forex trading is illegal in our country. we can not trade Forex.

These are sometimes commodity charts and sometimes stocks from our stock exchange…and you really dont want to know the name of local stocks. However , I still believe idea is same … support and resistance is universal across all markets and charts…right ?

i believe you have the best wishes of all forum members to pull out enough cash form the market that it allows you to move to a place with laws that make more sense.

i’m with you on this; that’s what the “like” is about in previous post

cheers

cannot be located :frowning:
(why?)

any direct links?

found this instead (very cooool too!)

cheers

Thank you, Godzilla…

Regarding the universality of support and resistance within charts, this may be so on a purely technical level, but there are strong arguments against this: look at what happens when there are rumours of a bank hiking its interest rates, or proposing quantitative easing in the future… Fundamentals drive the market with much more force than purely technical levels, so that is when we must go into the history of an instrument (a forex pair, a stock, etc.) and look at which market
forces are driving it up or down (or keeping it flat)…

Cheers.

Yes your link is the same principle. I tried to post the link yesterday anyhow, here it is Free download of the ‘ZigZag of Orlov’ indicator for MetaTrader 4 in the MQL5 Code Base take a look.

Well if you are long term trader and trading on weekly charts this looks like is trading around first support level.

thank you, appreciated

new weekend toy