Support/Resistance

[morbo]

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?

 

[foroom lluzers]

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

 

[morbo]

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?

 

[foroom lluzers]

Does volume play any role in this?

How far back do sup/res need to be considered?

volume is subjective , 3 to 6 months

 

[annajolie]

Gold 08/31

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

From TELETRADE

 

[min6485]

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

 

[tomorton]

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%.

 

[NVP]

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