This Webinar Covers How You Should Be Using Support and Resistance
In this webinar on how you should be using Support and Resistance, you’ll find these subjects:
– Introduction to the importance of using Support and Resistance
– Did you do the Fast Track course? This is a great way to get started if you’re new to forex and a great way to cement your core knowledge of the basics if you are already somewhat experienced. Here’s the link to the Fast Track Course.
– The way we are using Support and Resistance is different. We look at an area that has either Support or Resistance and that has been broken through. This means that this price has a lot of significance. The price just keeps getting rejected there. People (large players) are interested in this price
– How do you draw the line exactly? If you want to be using Support and Resistance right you have to realize it’s not an exact line. It’s an area that you have to see and draw out
– How do you draw it on a big spike? Just imagine how this looks on a higher time frame. It looks just like a big tail or wick. This is also called a fake out
– “People jump in, they participate, they don’t anticipate.” These are the people that are going to lose their money in the retracement, becausse they think it will drop or rise forever. We (the profitable traders) want to see to where it will retrace and how we can take advantage of that
– How much will it retrace? It matters more HOW it retraces. We want to read the story of the retracement in as much detail as possible. This will tell us when it is ready to make that big move again
– If the price is in a sideways movement and the trend is broken, it can get go either up or down right? This is what we at Forex Watchers call the Money Spot. Because few people can read correctly where the market will go, many people will lose money from this spot. If you can read this correctly and get on your are trading with the big players. These are the big moves.