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Support & Resistance

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Support & Resistance

Support & Resistance is one of the most used techniques in technical analysis based on a concept that's easy to understand but difficult to master. It identifies price levels where historically the price reacted either by reversing or at least by slowing down and prior price behavior at these levels can leave clues for future price behavior. There are many different ways to identify these levels and to apply them in trading. Support and Resistance levels can be identifiable turning points, areas of congestion or psychological levels (round numbers that traders attach significance to). The higher the timeframe, the more relevant the levels become.

Finding the most important ones can take many hours of practice. They exist due to an influx of buyers or sellers at key junctures. The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces or breakouts. Each of these trades will have their own rules for entry and exit. TradingView has a smart drawing tool that allows users to visually identify these levels on a chart.
traderstk traderstk USDJPY, 15, Long ,
USDJPY: USD/JPY Long
32 1 3
USDJPY, 15 Long
USD/JPY Long

Fallowing the trend Enter long @ 110.840 Stop loss @ 110.450 Take profit @ 111.600 Enter short @ 110.100

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO GBPJPY, D, Short ,
GBPJPY: GBPJPY Short on Breakout of Zone
34 0 1
GBPJPY, D Short
GBPJPY Short on Breakout of Zone

Looking to enter a short position on a clear breakout of zone. Yesterdays daily candle closed with a massive 76 pip top wick, markets tried to rally and failed so we expect the market to now drop down to the next Support zone.

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO EURGBP, 240, Short ,
EURGBP: EURGBP Second Sell Higher Entry
8 0 1
EURGBP, 240 Short
EURGBP Second Sell Higher Entry

We first sold this market on Monday however the EUR rallied and hit our SL. On the chart we previously posted we identified this sell order. We are now expecting some more downside. We will be actively managing this trade and looking to move SL to break even once we are around 30 pips in profit.

Roker1 Roker1 PRO EURGBP, 60, Short ,
EURGBP: EURGBP ready to reverse? My point of view
7 0 1
EURGBP, 60 Short
EURGBP ready to reverse? My point of view

Hey guys, in front of you you see an hourly chart on EURGBP. The daily outlook of this pair brought me to such lower timeframes: we have a daily resistance here that could push price lower and we're moving in an overbought condition on RSI. This gave me reasons to believe it could be a reversal when i saw the retest failed at the first touch of that previous ...

TalGoren TalGoren EURJPY, 240, Long ,
EURJPY: long after testing resistance
21 0 1
EURJPY, 240 Long
long after testing resistance

nice bullish candle testing resistance and a fib level looking to get just 1:1

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO XAUUSD, 240, Short ,
XAUUSD: XAUUSD Short
30 0 1
XAUUSD, 240 Short
XAUUSD Short

With the tensions regarding the US and North Korea quieting down and that the USD has started the week bullish we think that Gold could be a great short. We are looking to enter on the back of some 4hr bearish candle formations which close below the 4hr Support zone and therefore also breaking and closing below the two Trend Lines.

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO GBPAUD, 240, Long ,
GBPAUD: GBPAUD Long from Support Zone
33 0 1
GBPAUD, 240 Long
GBPAUD Long from Support Zone

Expecting the market to bounce from this support zone back up to the level of Resistance that has happened previously.

JamalWhyteFx JamalWhyteFx PRO GBPUSD, D, Long ,
GBPUSD: Gbp/Usd
67 1 1
GBPUSD, D Long
Gbp/Usd

Gbp/Usd pulled back slightly to support and consolidated there last week for a couple days, during this time the selling pressure had paused. Today we can see that price has moved lower to our trend line we can look for buying opportunities around 1.275 we may soon see price reverse and try to challenge previous highs. If price does break short we can look to ...

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO USDCHF, 240, Short ,
USDCHF: USDCHF Short
24 0 1
USDCHF, 240 Short
USDCHF Short

We missed the short entry on the retest of the 4hr Resistance level of 0.97643. We are now waiting for the market to break the 4hr Support zone around 0.96717 before entering. Expecting the market to run down to the previous weekly support area, to break it and make a new lower low.

DXY: DXY Weekly: US Dollar into a critical range.
34 0 2
DXY, W
DXY Weekly: US Dollar into a critical range.

The strength of the USDollar DXY is looked at from a Weekly perspective. It represents the strength of USD against 6 other currencies. 1. There is a broad band of possible fragile support. 2. The 200 EMA is some indication of probability for the north or resistance to moving far further south of it. However this is not a prediction. 3. Notably the RSI on this ...

Roker1 Roker1 PRO GBPNZD, 60, Short ,
GBPNZD: Gartley at market on GBPNZD!
137 0 6
GBPNZD, 60 Short
Gartley at market on GBPNZD!

Hey guys, this is a simple Gartley formation already completed on 1hr timeframe. Its D completion point lies on a daily structure level and that boost my confidence on the trade because i know this is an area of value also in higher timeframes. Being so, i'm taking a short with stops above highs and targets as displayed above. If you want to ask questions, feel ...

oleziba oleziba BTCUSD, D,
BTCUSD: Bitcoin LONG trade, waiting for retracement
149 2 2
BTCUSD, D
Bitcoin LONG trade, waiting for retracement

Long setup in Bitcoin once we have a 25% retracement

Roker1 Roker1 PRO EURNZD, 240, Short ,
EURNZD: Clues on EURNZD: short bias!
69 0 1
EURNZD, 240 Short
Clues on EURNZD: short bias!

Hey guys, here on EURNZD i'm ready to go short. Do you want to know why? Here's explained: first of all, i've outlined a key structure on the daily chart (yellow box), then i lowered my timeframe to 4hr chart and there i saw different clues pointing on the same reversal direction. We've a Gartley pattern completed and still valid, we've an AB=CD pattern just ...

MGTRADES MGTRADES GBPUSD, 240, Long ,
GBPUSD: GBPUSD Long
33 0 2
GBPUSD, 240 Long
GBPUSD Long

Price trading right above daily support, anticipating a up trend if 4hr candle closes above.

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO USDCAD, 240, Short ,
USDCAD: USDCAD Potential Short - Better Entry
68 0 3
USDCAD, 240 Short
USDCAD Potential Short - Better Entry

Our first order wasn't triggered when the markets re opened. We are now expecting the market to rally to re test the Trend Line before dropping to our TP Zone. Our overall Sentiment hasn't changed regarding this pair, however now we are able to enter at a much better price allowing us to achieve a high Profit ratio. We are looking for Bearish candle formations ...

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO EURGBP, 240, Short ,
EURGBP: EURGBP Short on Horizon
37 0 2
EURGBP, 240 Short
EURGBP Short on Horizon

We are expecting to short this market. The question remains where to enter. We are either expecting a rally to test the daily resistance level and the looking to short on the back of a Bearish candle formation around this area. Or The market is currently on a 4hr support area, if this breaks and closes below this level we are looking to short straight away back ...

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO GBPJPY, 240, Short ,
GBPJPY: GBPJPY Short.
77 0 3
GBPJPY, 240 Short
GBPJPY Short.

As per previous update on GBPJPY. Market has retested and tried to break the 4hr Zone and failed. Shooting Star Candle testing the top of the Zone, coupled with the 0.618 Fib Line looks like a clear sell. We have our order place below the Support Zone at 142.178, expecting the marker to drop to the next 4hr zone of support at 140.826

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO USDJPY, 240, Short ,
USDJPY: USDJPY - Short on Fib & Trendline
43 0 2
USDJPY, 240 Short
USDJPY - Short on Fib & Trendline

WE sold USDJPY last week with a perfect entry point and closed for 64.5 pips. The market found some support at the 4hr support zone and has rallied up. We expect a re test of the Trendline, which also falls upon the 0.68 Fib line before falling back to our TP Zone.

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