Support/Resistance

This is a discussion on Support/Resistance within the Technical Analysis forums, part of the Methods category; these are 2 different section of the same hourly chart 2 parts are 6 months apart http://tinyurl.com/yc6yqbx7 http://tinyurl.com/yd4ll5eh (scale of ...

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Old Aug 7, 2017, 4:31am   #1
 
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Support/Resistance

these are 2 different section of the same hourly chart
2 parts are 6 months apart

http://tinyurl.com/yc6yqbx7

http://tinyurl.com/yd4ll5eh
(scale of price modified for viewing)

Will you guys consider line A to be major support?
or simply a short term support for price correction?
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Old Aug 7, 2017, 6:49am   #2
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Quote:
Originally Posted by morbo View Post
these are 2 different section of the same hourly chart
2 parts are 6 months apart

http://tinyurl.com/yc6yqbx7

http://tinyurl.com/yd4ll5eh
(scale of price modified for viewing)

Will you guys consider line A to be major support?
or simply a short term support for price correction?
Major supports daily candles lows are very close , usually in different weeks
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Old Aug 7, 2017, 6:53am   #3
 
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morbo started this thread
Quote:
Originally Posted by foroom lluzers View Post
Major supports daily candles lows are very close , usually in different weeks
Does volume play any role in this?

How far back do sup/res need to be considered?
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Old Aug 7, 2017, 7:14am   #4
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Originally Posted by morbo View Post
Does volume play any role in this?

How far back do sup/res need to be considered?
volume is subjective , 3 to 6 months
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Old Aug 31, 2017, 7:46am   #5
 
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Gold 08/31

Resistance: 1308 - 1318 - 1324
Support : 1296 - 1292 - 1288

From TELETRADE
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Old Apr 26, 2018, 10:41pm   #6
Joined Sep 2010
If I am trading off of the 1 hour time frame should I draw support resistance levels for the 1 hour time frame?
Or better yet the time frame I am trading off of should I draw support resistance levels for that time frame?
Thank You
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Old Apr 27, 2018, 11:12am   #7
Joined Feb 2002
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Originally Posted by min6485 View Post
If I am trading off of the 1 hour time frame should I draw support resistance levels for the 1 hour time frame?
Or better yet the time frame I am trading off of should I draw support resistance levels for that time frame?
Thank You

You should draw s/r off the time-frame you are working in but there is good argument that s/r in daily, weekly and monthly t/f's are more significant to price behaviour. Probably even more so when you get confluence across multiple time-frames.

Just to add another factor, many people give special added potential to s/r levels that coincide with trend-lines, significant MA's and large round numbers.

Of course, nothing of this says you can depend on any s/r level 100%.
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Old Apr 30, 2018, 8:48am   #8
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Support and resistance is very important in markets .......but like others are saying it’s still only part of the puzzle ......

The key to trading is identifying market characteristics and dynamics that are the most powerful .....and then mixing them to generate the best entry signals

N
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