Why Are Support And Resistance So Important For Forex Traders?

[srifx]

Trading forex using support and resistance can be one of the most effective ways to successfully predict future price movements. Not only do areas of support and resistance show traders the sentiment of the market as a whole, with support and resistance either holding firm or being breached, but it also can show forex traders where not to enter a trade.

 

[jellyeb]

Good input mate, thanks. Do you use S/R by yourself? I still can't figure out best way to determine S/R levels on chart, besides big round numbers, maybe you can suggest me some method?
All responses are appreciated.

 

[Ary Barroso]

This is the best tool; eve I always use the S/R levels as my entry and exit points; by the way, I don’t count intraday support/resistant levels; my main time frame is D1.

 

[Dictorsto]

Jellyeb, it depends on time scale which you are using. Try first to determine long term support and resistance lines on a 1d chart, because market will always touch these lines. Then move to lower time frame and determine again S/L lines but keep long term lines visible on your chart

 

[Helloyees]

Support and resistance levels are very important for any trader, whether a newbie or an experienced trader. One can as well use to a trade. It is also important for determining entery and exit, especially if you are a new trader still fumbling and do not know where to begin

 

[Adam Jackson]

Technical indicators help traders a great deal. They can characterize the key levels, determine the future heading of the price, give intimations on the trend, and so forth. Be that as it may, they are great while trading is smooth. In the midst of high instability, they can undermine you. At the point when the market is stunned with an occasion and an incredible development occurs, no pointer can anticipate it or respond to such a stun right away. Accordingly, it's smarter to clear your chart from indicators.

 

[Ary Barroso]

Basically; buyers and sellers targeting the valid support and resistant levels as their entry and exit points; this is why, support and resistant levels are so much crucial!

 

[Ann]

Good input mate, thanks. Do you use S/R by yourself? I still can't figure out best way to determine S/R levels on chart, besides big round numbers, maybe you can suggest me some method?
All responses are appreciated.

Indicator "support and resistance"
https://www.earnforex.com/ru/metatrader-индикаторы/Support-and-Resistance/
It draws support and resistance levels based on Bill Williams' fractals. Very convenient to use.

 

[Oswald]

I am trading with help of SR lines. I have noted that these lines are regularly tested by market, so it is good starting point to create one trading strategy. These are more psychological lines than some sort of current actual value of a currency

 

[ForexTus]

They are areas where price has rejected from before and where traders will have stop losses their so thatll cause a movement away from that level

 

[Zeenat shein]

The more times Support or Resistance is tested, the weaker it becomes. Support occurs when falling prices stop, change direction, and begin to rise. Resistance is a price level where rising prices stop, change direction, and begin to fall.

 

[e_abrams]

One cannot set up Stop Loss and Take Profit appropriately without knowing where the support and resistance are. I.e., they cannot trade at all without knowing this.