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  1. #1
    Rookie Member xiaowei's Avatar

    Asking for 'Support - Resistance / Trend lines' confirmation !!!

    Hello!

    I am super new to charting and analysis, however Im trying to study as much as I can before jumping into demo/live trading. This is also my very first post, so please bear with my newbieness here. : )
    My question is whether my trend-support-resistance lines are correct or at least close to reality.

    Also huge thanks for the school section, really helpful!

  2. #2
    Rookie Member xiaowei's Avatar
    Click image for larger version. 

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  3. #3
    Veteran Member Ronnel's Avatar
    Quote Originally Posted by xiaowei View Post
    Hello!

    I am super new to charting and analysis, however Im trying to study as much as I can before jumping into demo/live trading. This is also my very first post, so please bear with my newbieness here. : )
    My question is whether my trend-support-resistance lines are correct or at least close to reality.

    Also huge thanks for the school section, really helpful!
    Hi Xiaowei!
    All I can say is that your calculation is fairly good.
    Keep up the good work!
    Duct Tape can't fix OTM

  4. #4
    Rookie Member xiaowei's Avatar
    Thank you, I feel somewhat relieved now.
    If you have any tips, or if you see any way I could improve my accuracy, please share that idea with me.

    Have a nice day!

  5. #5
    Moderator Kolyo's Avatar
    Welcome to CommuniTraders xiaowei! Where are you from?

    Placing a trendline is easy. At least the basic elements of charting are not difficult. Each trendline connects at least two major turning points inside a trend. It can be a support trend line or resistance trend line. Very often a support trend line become a resistance when broken. If there are more points that touch the trendline it is better confirmed and more secure to use it as a signal for turning point. That's it. Keep in mind that trend lines on lower timeframes are not very stable and can disappear in no time. On the other hand trend lines in daily nd weekly charts can sustain for many weeks or even months. Keep reading and you will improve fast
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  6. #6
    Rookie Member Ruth50's Avatar
    Hi xiaowei...
    I see from your screenshot that you are using/looking at IQOption.... I too have looked at this broker. I have done a few demo trades with them, but are unhappy about the 'countdown' they seem to have to starting the trade... beware of that. I am a newbie too.... but along with others on this site who are happy to pass on any experience they have, i would suggest you use a proper charting package to do your trend lines, support/resistance etc. For one... you can save them.... try tradingview or freestockcharts.... the 2nd only works in certain internet providers... ie Firefox.... Of course MetaTrader is considered top notch, but you have to download their software.... lots of help on BOTS though to help you. Good luck... you are in the right place to learn.Ruth

  7. #7
    Rookie Member xiaowei's Avatar
    Hi Kolyo!

    I am from Hungary, do not let my name confuse you, I tried to come up with a cool online nick but could'nt think of anything fancy.
    Thanks for the quick lesson, I am studying hard to hopefully be able to start trading confidently in copule months.

    Happy new year!

    Xiaowei

  8. #8
    Rookie Member xiaowei's Avatar
    Hi Ruth50!

    Are you talking about the delay/lag they have when you're trying to place a trade? I have noticed that too, but I tought it's normal.
    I am also using MT4 for some charting since alot of the strategies posted here using that platform. Thanks for the other tips too, ill give them a try next week.

    Happy new year!

    Xiaowei

  9. #9
    Legendry Member willyw's Avatar
    Hi xiaowei, welcome to BOTS. Just keep practising. I see from your charts and is correct.

  10. #10
    Legendry Member milos's Avatar
    Hello xiaowei!

    Wecloem to Communitraders. I saw you did the great job about support/resistance level.

    Happy New Year!

    Happy trading!

    Milos

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