An indicator draws Support and Resistance lines in your chart. Good tool for Price Action traders. Wipro support and resistance forex on M15 , M30 and H4. High Probability Trading Strategies Entry to Exit Tactics Robert C.
Our goal is Sharing knowledge to help forex traders to do well in the market. Everything here is for free and will be always for free. Send us your trading system to share it under your name. Share us any special Forex product you have. One of the most crucial skills in Forex Trading is the process of finding support and resistance levels. This is so because knowing the basics of support and resistance would improve upon any trading method. Therefore, recognizing key levels is crucial to the success of any trader.
The reason for this is that these are psychological levels showing the different attitudes of the market players. Also, the level could be broken and the price could make a rapid move. Support and resistance areas are the zones where the interests of the market players intersect. The weaker ones lose and end up in the mud puddle. In our case these are the bulls and the bears fighting for dominance in the market. Some of them believe that the Forex pair will go up and some of them believe that it will go down.
Therefore, we have a clash between buyers and sellers. The ones who prevail will push the Forex pair in their respective direction. What is the difference between a support and a resistance? The answer to this question is very simple. Supports are the levels which are beneath the current price, while resistances are the levels above. Furthermore, when price goes down through a support level and breaks it, this level becomes a new resistance and vice versa. The chart covers the time frame Sep.