I was asked in the Tradingview chat how I place support and resistance lines. So I made a video explaining how I do it.
If you are trading for a long time already, this may be obvious, but if you are just starting out it takes some practice.
Still there are some principles that can guide the placing of S&R lines.
First of all S & R lines are not lines, but areas or zones.
Secondly, recent data is always more important then less recent data.
And thirdly, you should only place lines at obvious swing points.
And when placing the lines on the candles, you can take the following order of importance into account:
Bounces of candle bodies (open and / or close prices) are more important then bounces of candle wicks (highs or lows of candles). And sometimes candles touch the line, but not exactly on the open, high, low or close of the candle. This is considered to be least important.
You can watch the video "How To Place Support and Resistance Lines on Your Chart" here.
If you are trading for a long time already, this may be obvious, but if you are just starting out it takes some practice.
Still there are some principles that can guide the placing of S&R lines.
First of all S & R lines are not lines, but areas or zones.
Secondly, recent data is always more important then less recent data.
And thirdly, you should only place lines at obvious swing points.
And when placing the lines on the candles, you can take the following order of importance into account:
- Body
- Wick
- Touch
Bounces of candle bodies (open and / or close prices) are more important then bounces of candle wicks (highs or lows of candles). And sometimes candles touch the line, but not exactly on the open, high, low or close of the candle. This is considered to be least important.
You can watch the video "How To Place Support and Resistance Lines on Your Chart" here.
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The video is here: www.youtube.com/watch?v=sQCpnR0G...