Locating Resistance and Support Levels > Basic Education
Chart: EURJPY
Timeframe: 4H & Above
Method: Line
If uncomfortable with ability to chart with Fibonacci, you may find using the Line Chart easier in identifying the Resistance and Support Levels.
From the closing price, simply locate the lowest low's and the highest peaks and draw a line straight across from the bottom of the low and the top of the peaks.
Always best to have multiple low's and peaks to draw from as this will help in a more accurate result.
From there, you can easily see the price of the Resistance and Support levels.
In addition, it can also provide a clear picture as well if any break or breach of a particular level was a true break/breach or was just a re-test by Bulls/Bears.
Forex trading involves HIGH RISK.
Before entering a trade, carefully consider your objectives, financial resources and level of experience.
Chart: EURJPY
Timeframe: 4H & Above
Method: Line
If uncomfortable with ability to chart with Fibonacci, you may find using the Line Chart easier in identifying the Resistance and Support Levels.
From the closing price, simply locate the lowest low's and the highest peaks and draw a line straight across from the bottom of the low and the top of the peaks.
Always best to have multiple low's and peaks to draw from as this will help in a more accurate result.
From there, you can easily see the price of the Resistance and Support levels.
In addition, it can also provide a clear picture as well if any break or breach of a particular level was a true break/breach or was just a re-test by Bulls/Bears.
Forex trading involves HIGH RISK.
Before entering a trade, carefully consider your objectives, financial resources and level of experience.