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Casual Articles - Support & Resistance - The Correct Way To Use It For Huge Profits
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Always use the weekly chart before switching to the daily when looking at support and resistance level.
Trading valid resistance and support
You have two scenarios
1. It holds and you can make a trade thinking support or resistance will ho
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Here we are going to show you how to use support and resistance in two ways to make huge gains.
Validity of support and resistance
The way to trade support and resistance is to first only use valid support and resistance.
Many traders see a double top or bottom and consider this valid – its not.
You need to look at the price history.
See if this level has been tested in the past and twice is the minimum you are looking for.
As a general rule the more times it’s been tested the better and the bigger the gaps between the tests the more valid it is.
Support and resistance should have been tested several times over weeks or months for it to be valid.
Note:
You can’t use support and resistance in daily or hourly time frames it’s meaningless.
No one really looks at these levels as valid except of course day traders and day traders don’t make money - period.
Volatility in a day is random and this means using support and resistance is pointless.
Line up weekly and daily resistance
Its good if you can see daily and weekly resistance points line up.
Always use the weekly chart before switching to the daily when looking at support and resistance level.
Trading valid resistance and support
You have two scenarios
1. It holds and you can make a trade thinking support or resistance will hol
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Many traders see a double top or bottom and consider this valid – its not.
You need to look at the price history.
See if this level has been tested in the past and twice is the minimum you are looking for.
As a general rule the more times it’s been tested the better and the bigger the gaps between the tests the more valid it is.
Support and resistance should have been tested several times over weeks or months for it to be valid.
Note:
You can’t use support and resistance in daily or hourly time frames it’s meaningless.
No one really looks at these levels as valid except of course day traders and day traders don’t make money - period.
Volatility in a day is random and this means using support and resistance is pointless.
Line up weekly and daily resistance
Its good if you can see daily and weekly resistance points line up.
Always use the weekly chart before switching to the daily when looking at support and resistance level.
Trading valid resistance and support
You have two scenarios
1. It holds and you can make a trade thinking support or resistance will ho
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Support and resistance should have been tested several times over weeks or months for it to be valid.
Note:
You can’t use support and resistance in daily or hourly time frames it’s meaningless.
No one really looks at these levels as valid except of course day traders and day traders don’t make money - period.
Volatility in a day is random and this means using support and resistance is pointless.
Line up weekly and daily resistance
Its good if you can see daily and weekly resistance points line up.
Always use the weekly chart before switching to the daily when looking at support and resistance level.
Trading valid resistance and support
You have two scenarios
1. It holds and you can make a trade thinking support or resistance will ho
When it comes to phone sales, difficult customers are part of life. Sometimes they can be turned around, sometimes they cannot. But, there is a higher probability of selling to them if you can relate to them, and figure out where they're coming from, without being intimidated or frustrated. Here are some ways I try to dispel their venom, all the while building ground
No one really looks at these levels as valid except of course day traders and day traders don’t make money - period.
Volatility in a day is random and this means using support and resistance is pointless.
Line up weekly and daily resistance
Its good if you can see daily and weekly resistance points line up.
Always use the weekly chart before switching to the daily when looking at support and resistance level.
Trading valid resistance and support
You have two scenarios
1. It holds and you can make a trade thinking support or resistance will ho
If you take away poker, dating, and naked ladies, custom merchandising is the big success story of the Internet. The ultimate combination of e-commerce and affiliate marketing, millions of websites around the world turn to online merchandising companies - both to market their URL and to extract some cash from loyal visitors.The key to the success of the indust
Always use the weekly chart before switching to the daily when looking at support and resistance level.
Trading valid resistance and support
You have two scenarios
1. It holds and you can make a trade thinking support or resistance will hold
Or
2. You can trade a break of resistance.
In either scenario timing your entry is crucial.
If you think resistance or support will hold WAIT for price momentum to weaken into resistance and act on confirmation
You can so this by using the stochastic momentum indicator (we have written frequently on this and it’s the best indicator to time any trade and if you are not farmiliar with it learn about it now) watch for the stochastic lines to turn down and cross with bearish divergence and go short.
On the other hand.
If prices go through and break support or resistance only trade if stochastic lines cross and turn up with bullish divergence.
This confirms the breakout is strong and likely to continue. By WAITING for the stochastic to confirm price momentum either price strength or weakness and have confirmation that the odds are on your side.
Stops are obvious on both trades as you simply use the level that has broken or held and tuck your stop in behind it.
IMOPORTANT!
Validity is critical when trading in this way look for several tests over various time spans and if possible line up identical levels on the weekly and the daily chart.
There is
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