support and resistance

[FrancescoFleming]

if you take into accouny all the support and resistance levels you can fill your chart with lines. long term resistance levels, High low and close previous day, high low current day. pivot points, rounded numbers (eg 6000) fibonacci retracement levels, etc etc

which are the really important ones used by traders that really make the difference and that need to be plotted before the trading day starts or plotted as you are trading?

thx

[Brendan Egan]

if you take into accouny all the support and resistance levels you can fill your chart with lines. long term resistance levels, High low and close previous day, high low current day. pivot points, rounded numbers (eg 6000) fibonacci retracement levels, etc etc

which are the really important ones used by traders that really make the difference and that need to be plotted before the trading day starts or plotted as you are trading?

thx

Francisco,
First off which market are you trading, stocks, forex, futures? Secondly, the lines that are important will vary from one trader to another, but as you'll learn in the course, the most important lines to draw are the ones that the vast majority of other traders are drawing. There's several lessons in section 2 of the course which will explain this concept in more depth.

It's a very loaded question as there's no easy way to answer exactly where you should draw the lines, so I would suggest taking a look at the lessons in section 2 and 3 of the course which will give you a much better idea of what to look for when drawing support/resistance lines and focusing on critical levels in the market.

[FrancescoFleming]

Francisco,
First off which market are you trading, stocks, forex, futures? Secondly, the lines that are important will vary from one trader to another, but as you'll learn in the course, the most important lines to draw are the ones that the vast majority of other traders are drawing. There's several lessons in section 2 of the course which will explain this concept in more depth.

It's a very loaded question as there's no easy way to answer exactly where you should draw the lines, so I would suggest taking a look at the lessons in section 2 and 3 of the course which will give you a much better idea of what to look for when drawing support/resistance lines and focusing on critical levels in the market.

I know it is a difficult one. Just for info I'm trading dax futures using 1 and 5 minute charts. At the moment struggling to make money out of this. I will go through your lessons
thx

[Brendan Egan]

I know it is a difficult one. Just for info I'm trading dax futures using 1 and 5 minute charts. At the moment struggling to make money out of this. I will go through your lessons
thx

Okay-- in that case I would be looking at the 15 minute and daily charts to find the major areas of S/R and trading based on those. You will also be able to find some levels on the 5 minute chart however they won't be as important as the ones on the larger time frames. I usually don't recommend using the 1 minute chart for anything.

Your best bet will be to go through the lessons in the course and if you still have questions let me know and we can talk about this in more depth.