Hi everyone, I know HOW to add a horizontal line in Metatrader 4 but I dont know WHERE to place the lines. Can anyone give me some advice on that? Thanks!
If you don’t know where to place it, how do you know you need one and that it will be useful?
I do not mean to be unhelpful, I’d answer this if I understood the question, really I would. But bear in mind, everything you put on a chart, every indicator you use, every forex news you read, has to answer a question, the answer to which you can’t get in a simpler way and which helps your strategy.
However, if you’re talking about support/resistance, this could help - Support & Resistance Basics
Best wishes. T.
Thanks for the reply. Let me try to clarify a bit more. On a 1 hr chart of EUR/USD I can see various different price points, Example, 1.17300, 117515 etc. I am starting to understand that these horizontal lines can be used to help you pick out price trends. My problem is that I do not know on which price points to place these horizontal lines, I hope this was a bit clearer. Thanks!
I think most traders use them to pick out levels of support and resistance, not trends.
I place them on swings-high and swings-low of the price.
Particularly on areas of repeated swings-high or swings-low.
And I don’t expect them to be accurate.
I imagine them as really thick, approximate lines.
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Better to think of them as Zones, or Ranges, or even Areas. You may get times where the prices line up perfectly, but other times “more or less”.
The Ever Leveled VIPER
I am very new to Forex but all of you have given me a clearer picture of this. Thanks for your time.
