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Trading Support and Resistance Strategy: A guide for all South African forex traders
Abstract：Trading support and resistance levels are very important strategies employed in forex trading today. The idea of trading support and resistance levels rests on the fact that buyers often looked to buy from the lowest level under the different timeframes known as hourly, daily, weekly and monthly support. Similarly, Sellers hoped to sell from the highest level known as the resistance level. To this end, the different support and resistance levels offer special buying and selling opportunities for South African traders who pays attention to these levels.
By: Chime Amara
What is support？
Support refers to those lower price level that buyers find appealing to come into the market again. They are the important levels where the price of a given financial instrument usually reversed in the market after a deep fall.
What is resistance
A resistance in forex trading refers to those higher levels where traders often prevented the price from exceeding in the market. They are simply those price levels considered high at the moment by traders and they looked forth to sell off. To this end, the resistance levels could be seen as the point where the prices reversed after a long uptrend.
How do mark the support and resistance levels
Marking support and resistance levels is an important task every trader must pay attention to. Before marking a particular level as a support or resistance level, the market prices need to have reversed their movement more than three times at those levels. The higher the number of times the market reversed at those levels, the stronger they fit in to be called the support and resistance levels of such pairs.
Important points to note about support and resistance levels.
Trading support and resistance levels are very important strategies employed in forex trading today. The idea of trading support and resistance levels rests on the fact that buyers often looked to buy from the lowest level under the different timeframes known as hourly, daily, weekly and monthly support. Similarly, Sellers hoped to sell from the highest level known as the resistance levels. To this end, the different support and resistance levels offer special buying and selling opportunities for South African traders who pays attention to these levels. In sum, traders are to take note of the following points while trading support and resistance.
« Buy at the support levels
« Sell at the resistance levels
« The market needs to reverse at those levels more than three times before it could be called support or resistance
« Support or resistance could be hourly, daily, weekly, or monthly.
« Use Stop loss should the market break such levels and moves to create lower support or higher resistance.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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