Support and Resistance – Video Tutorial

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SUPPORT AND RESISTANCE

Support and Resistance levels are defined by manually drawing the horizontal lines on the Forex charts. S/R levels act as support and resistance for the price. Defining the S/R levels is a very helpful analysis technique and can serve as a strategy base or confirmation signal for many Forex or binary options trading strategies. Learn how to correctly draw support and resistance levels.

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Support and Resistance Explained

Recognizing and plotting the historical support and resistance levels on to the technical analysis charts is one of the basics each technical analysis trader should be familiar with. Manually drawn horizontal lines on openings and closures of trading candlesticks preceding the larger market reversals can help us determine possible future support and resistance levels. Generally accepted understanding is that a valid support or resistance level is defined once the price bounces of specified level for two times. On all future touches of this level we can expect the price to resist a breakout and we can trade a reversal pattern. After a certain period of bounces the price will form a breakout.

How to Trade Binary Options with Support and Resistance Levels

Breakout can be understood as the price breaking trough a historical support or resistance level and usually also out of a certain trading range. If a breakout happens, which eventually will happen, it will often form a distinctive pattern in form of breakout candle followed by retracement candle and later followed by another breakout candle, closing above the previous high or below the previous low, that serves as the breakout confirmation. Many trading strategies and systems can be developed upon this basic and simple understanding of support and resistance levels – either for trading the reversals or breakout patterns.

For more precise trade entries it is advised to combine RSI indicator with other support and resistance indicators, such as manually drawn horizontal support and resistance lines, trend lines or Fibonacci indicator. Understanding price action and candlestick patterns in the RSI overbought and oversold zones can give us strong signals for trading short pullbacks or longer reversal trade entries.

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How to Take Advantage of Support and Resistance Strategies

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SFT Fractal Support and Resistance

The support and resistance levels are among the main components of the entire technical analysis.

They are used both by professional traders and by beginners.

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Prices usually move within the price channels. The upper boundary of such a channel is called resistance, and the lower one is support.

This indicator plots fractal support and resistance lines at the highest and lowest local price values (fractals).

Distinctive features

  • Does not redraw.
  • Clear and understandable signals.
  • It is possible to send signals via Email, Push notifications or on-screen alerts.
  • Audio confirmation of a signal separately for support levels and resistance levels.
  • Works on all timeframes and symbols.
  • Suitable for manual trading and development of Expert Advisors.

For more accurate entries and additional confirmation of signals, it can be used in conjunction with other indicators.

Indicator parameters

  • BarCount – the number of candles (bars) for the indicator to calculate its values.
  • UseAlerts – enable/disable alerts (signals) about the appearance of new levels. True – signals are enabled. False – signals are disabled
  • SoundAlerts – use audio confirmation of signals.
  • EmailAlert – send Email notifications, configuration instructions are available here.
  • SendPushAlert – send Push notifications about signals, configuration instructions are available here.
  • SoundResistance – sound played when a new resistance level appears.
  • SoundSupport – sound played when a new support level appears.

In places of accumulation of levels, the support / resistance areas are stronger

At new and single levels, the support / resistance areas are weaker

Trading can be performed using two methods:

Other trading options are also possible, you can develop the most convenient tactics for you in the process of trading.

Additional information and a more detailed overview of trading methods can be seen here:

We wish you a stable and profitable trading. Thank you for using our software!

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