I am newbie and can anyone tel me how to find support and resistance ??

johnsmithgt55

Trader
Oct 26, 2016
1
0
6
31
Hello everyone,
i am new to fx trading and i trade with demo account and i gain 20-30 pips per trade but i want to make more reliable pips because i put 5 trades minimum perday in gbp/usd,gbp/jpy,usd/cad,eur/usd,usd/jpy but gbp pair always i lost. so anyone give me how to trade safely and what is support and resistance and can anyone tell me easy way to understand. I am from non- English speaking country so sorry for my English
 

Alexfx79

Active Trader
Sep 22, 2016
376
20
39
43
Berlin
Hello, buddy!
You can read the educational information on this website how to do it before asking :) https://www.earnforex.com/forex-strategy/support-resistance-strategy/ - here you are.
I advise you to try finding these levels by yourself and then compare your results with analysis of more experienced traders.
I post such kind of analysis in my thread (not for all currencies, but for some majors and comdolls). I can tell you about support and resistance levels on a pair you want in private messages or in my thread.
I understand that forums are created for helping newbies, so I will be glad to help someone. Moreover, I use these levels in my everyday work.
Hope you will make it!
 
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Enivid

Administrator
Staff member
Nov 30, 2008
16,668
944
144
Odessa
www.earnforex.com
The most basic way for finding support and resistance levels is to find the price levels that have been tried and rejected by the pair one or more time. Consider the example GBP/USD Daily chart below. The immediate support level (yellow line) is formed by two price points. The next significant support level (golden line) is formed by the huge spike on October 6. The immediate resistance level (sea green line) is formed by three daily candles' highs. The next big resistance level (lime green line) is formed by multiple price levels and should be treated as a resistance zone vs. as a single level because it is formed by a whole trading range during several daily sessions.

GBPUSD-Support-Resistance.png

Hope this helps. Please let me know if you need more explanation.
 
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James Hallow

Newbie
Jan 31, 2017
13
1
1
37
The support and resistance levels concept is undoubtedly the most discussed topics of technical analysis and is often regarded as the subject, difficult for those who only want to learn. The pair levels where the trend of the instrument change is support if the level is lower than the current price levels. The level where the price level is higher than the current levels and the trend change is changed is known as resistance. The analysts usually use trend lines, round numbers, moving averages, indicators & other technical tools for defining support and resistance.