Support and Resistance lines

[bilal1974]

Hi Guys!
A Newby here....just wondering if there's any charting package that has inbuilt functionality of drawing Support and Resistance lines? I have been trying to figure out the secret of drawing them but i guess haven't been much successful.
I would really appreciate if someone can explain me in easy to understand Non-Technical language. there is another thread where it has been explained but for some reason chart images cant be opened so i cant get much help without having to look at charts.

Thanks!
Forex Toddler

 

[fibonelli]

ProRealTime

 

[RedGreenBen]

Hi Guys!
A Newby here....just wondering if there's any charting package that has inbuilt functionality of drawing Support and Resistance lines? I have been trying to figure out the secret of drawing them but i guess haven't been much successful.

Do you want a package that lets you draw them (easy) or that draws them for you (not so easy!)?

Ben

 

[bilal1974]

Do you want a package that lets you draw them (easy) or that draws them for you (not so easy!)?

Ben

Both if possible please Ben...why would it be not so easy if it draws them for you tho? pardon my ignorance but i thought it would be easier if draws them for you!
Thanks!
Forex Toddler

 

[RedGreenBen]

Both if possible please Ben...why would it be not so easy if it draws them for you tho? pardon my ignorance but i thought it would be easier if draws them for you!
Thanks!
Forex Toddler

Draws them for you? That's like buying a dog that takes itself for walks!

You need to develop the skill (one of many) that means you can identify S/R levels. It's a lot easier than submitting a post to this forum so can't be beyond you. Post a chart with your interpretation and I am sure others will be happy to comment.

Like most things in life there are no 'right' answers, although quite a few wrong ones!

Ben

 

[bilal1974]

Draws them for you? That's like buying a dog that takes itself for walks!

You need to develop the skill (one of many) that means you can identify S/R levels. It's a lot easier than submitting a post to this forum so can't be beyond you. Post a chart with your interpretation and I am sure others will be happy to comment.

Like most things in life there are no 'right' answers, although quite a few wrong ones!

Ben

Thanks mate i shall be doing that i.e posting a chart for others to comment on.
can you tell me any good free charting package.I am using dailyfx charts but they dont give you many timescale options.
Thanks!
Forex Toddler

 

[RedGreenBen]

Thanks mate i shall be doing that i.e posting a chart for others to comment on.
can you tell me any good free charting package.I am using dailyfx charts but they dont give you many timescale options.
Thanks!
Forex Toddler

dailyfx gives you timescales from ticks to monthly so shouldn't be a problem, can also draw horizontal lines. Pick a couple of pairs, pick a couple of timescales (say hourly, 5 min), engage brain and away you go.

Ben

 

[Tenapenny]

As fibonelli says, try ProRealTime.com and sign up for the demo which gives you EOD data and you can practice all you like till you go live. There are also numerous video tutorials on the site to help you. This might help you as well Forex Training Online: Learn Foreign Exchange (FX) Currency Trading

Good luck!

 

[Atilla]

Both if possible please Ben...why would it be not so easy if it draws them for you tho? pardon my ignorance but i thought it would be easier if draws them for you!
Thanks!
Forex Toddler

1. Determine whether closing or highest prices will determine your S&R - trend line
2. Min three touches to a line implies a trend