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Thread: Question on S/R

  1. #1
    Rookie Member cedrane310's Avatar

    Question on S/R !!!

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    Good day,

    I'm practicing on plotting S/R lines. I always end up having a lot of lines so I think I'm doing something wrong. Do you guys think those are the most relevant S/R levels?

  2. #2
    Legendry Member Michael Hodges's Avatar
    support and resistance are very subjective, there are lots of ways to draw them.....as for your question, what is the chart, what is the time frame? longer term charts have more important s/r levels. the key is how YOUR lines interplay wth price action and other indicators.

  3. #3
    Rookie Member cedrane310's Avatar
    The chart is a daily GBPUSD chart

  4. #4
    Legendry Member Okane's Avatar
    If you are not good at drawing S/R lines, download Fipopiv_v2 and insert it in your charts.
    It will automatically draw S/R lines, but they are only good for M1 up to H4. Then keep practicing so you can draw
    your own S/R lines as well. Choose to draw them at areas where price has "acted" around many times and look
    back in the charts to find out how important that level has been during the month, weeks, years or so.

  5. #5
    Rookie Member cedrane310's Avatar
    Thank you for the tips Okane. I just had the idea of using the strategy tester for my practice plotting. I think I would learn faster there than plotting live and waiting for how price would react to a level.

  6. #6
    Senior Member grindtime's Avatar
    Quote Originally Posted by cedrane310 View Post
    Thank you for the tips Okane. I just had the idea of using the strategy tester for my practice plotting. I think I would learn faster there than plotting live and waiting for how price would react to a level.
    When you draw in support & resistance lines your drawing lines based on previous price/candles not really using current price or candle to draw them. So it really doesn't matter what charts you use to practice drawing S&R lines

    Check out this article as it may be helpful

    http://www.learntotradethemarket.com...istance-levels

    As Okane said they are indicators which will do this for you like the one he mentioned. It makes things easy and will help you get a feel of S&R and where to draw the lines.

  7. #7
    Legendry Member Michael Hodges's Avatar
    I think it matters a great deal which charts you use, a support on a chart of weekly or daily prices is way more powerful than one drawn on a chart of hourly prices. Any signal from the hourly chart could easily be negated if it is too close to a longer term support or resistance. These lines represent areas of buying and selling, levels where traders are either losers or winners, and have a great deal of affect on the market. An area of long term losers is more bearish than an area of short term losers.

  8. #8
    Senior Member grindtime's Avatar
    I was referring to the chart software not the time frames. He made a comment about using the strategy tester to practice instead of a live chart. What I meant is it really doesnt matter if the chart is live or not. Should have been more clear. And really the time frames dont really matter if your just practicing drawing S&R lines. It makes a big difference when your using them for actual trades of course

  9. #9
    Active Member RichardD's Avatar
    Quote Originally Posted by cedrane310 View Post
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    Good day,

    I'm practicing on plotting S/R lines. I always end up having a lot of lines so I think I'm doing something wrong. Do you guys think those are the most relevant S/R levels?
    Anyway there are these so called Price Pivot Zones; they are basically dynamic support and resistance levels. What you drawed are kinda like them.

    Anyways, as the above guys suggested, there is no such a thing as the most relevant S/R levels because it's very subjective -> just like recognizing the trend.

  10. #10
    Veteran Member Ammeo's Avatar
    Quote Originally Posted by cedrane310 View Post
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ID:	2130

    Good day,

    I'm practicing on plotting S/R lines. I always end up having a lot of lines so I think I'm doing something wrong. Do you guys think those are the most relevant S/R levels?
    Well, i draw them much easily i think. What i just do is make diagonal or tilted lines making wedges or triangles most of the time. Making exact horizontal lines is kinda much confusing and difficult.

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