These DON'T Count as Support or Resistance Levels 🚫
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- Опубліковано 10 жов 2024
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These don't count as support or resistance levels. I think many traders are making a critical mistake with this. I see many traders making this mistake when drawing support or resistance lines on their forex charts (or commodity or stock or whatever it may be). Many people are making the mistake that a swing high or swing low is a support or resistance. OK.
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Greetings from Singapore! The first chart is very usefull for fast EA scalping, the second chart is more to like day/ swing manual traders. 😉
Very good point which simply over looked by many people, including myself. Thank you for pointing this out.
This is 1) subjective and dependent on each trader's level of desired/required "clean" SR versus consensus SR, and 2) dependent on timeframe! As you say in your latter half of the video, depends on different situations, conditions. Good intro to the topic, to get newer traders thinking.
The second chart could be a zoomed in M5 chart of the H4 or D1 chart. What appears as a single HTF wick on D1 could actually be part of an all-day congested range high with 10-15 distinct touches on M5 (only one of which will be the actual daily high, but the others are all within 1-5 pips below).
Likewise, if you zoom out a D1 chart and draw zones of multiple close highs and lows, each strong major SR could itself be just a single wick high/low on weekly or monthly chart. There's a hierarchy of SR levels at EVERY timeframe, because price action is fractal.
At the tick level, EVERY M1 candle is 30 to 150 ticks, average 50 (on my broker) of price data, so EVERY SINGLE M1 candle may potentially have a right-hand example of SR. Every M5 candle is about 100 to 500 ticks, average 250, which means 20-50 ticks touching a major SR level there would only appear as 1-2 M1 candle wicks, or a single wick on any timeframe higher than M5. A higher timeframe trader might call it absolutely ridiculous if they saw one of my charts on their higher timeframe with all my SRs. But within 10-20 minutes, I've thrown away most of those small prior SRs. HTF SRs like a daily high or low, etc. will of course amtter for hours, if not days or more.
You just have to trade each SR in its own context.
Thanks for taking the words out of my mouth.
Excellent comparison and explanation but what you left out was how you view swing points on the chart on the left can be dependent on the chart timeframe. Other than that i definitely agree that the right chart is far more important from a support and resistance basis.
Good video, that trap is very easy to fall into, thanks for reminding us of it.
This is a important topic, however in your second chart there might be false breakouts... !
This literally just changed my life!
Another clear and helpful video. Thanks!
Finally a proper bit of advice and knowledge big thumbs up to you mate I like straight to the point and easy to understand and no BULLSHIT thank the Lord....
Amazing Explanation of support and resistance
I think of S/R as the more significant areas where swings take place and price trends between s/r levels usually forming pivots in the trend. Price trends to levels with pivots and then may or may not form a swing high or low which is usually a turn on a larger time frame
Really useful ,thank you mark!
Support and resistance lines are not a thing. Only zones. I still dont trade of them but i certainly am aware of them in my trading. Support and resistance zones are broken more often then not. When its the first touch depending on my candle setup I would trade of them but more often i dont take them into my tradingplan. I see them, and I'm allert and i'm carefull arround those zones but when i was still finding a decent strategy I couldnt find it based arround those zones. I did find a strategy based on the first touch of clear resistance and support zones but not in daytrading. That was a swingtrade strategie. First touch of those of those zones dont work in day trading. And i didnt want to switch to swingtrading since i cant sleep while holding overnight and lack the patience. Maybe in the future who knows.. .
I really appreciate your clear explanations and great, useful content. Thanks so much for your hard work and willingness to help us newbies!
A S/R area is more like an area of interest we're the price reversed and shot up agressive and thats the area were ppl remembered it bounced up which makes ppl interested in buying and take it all the way to resistance (which is the area were ppl remembered price reversed downwards and dropped agressive) and eventually future resistance will get taken out and become future support lvl that's how market plays out sometime also supply demand is an area of interest and remeberenc were price will react cause ppl remember that area were the buys shot up became aggressive or supply area were it was selling of like hotcakes and that's the area were ppl r interested in selling again cause they rememberd thos area but this information is to valuable so I don't wanna share any more information
Good stuff!
this was huge
This is like a 'me before and me after' example. :)
hello Mark. What do you think about stock brokers regulated by securities commission of the bahamas?
I wouldn't recommend. It is all good until you encounter a problem. Good luck getting your money back with such a 'regulated' broker if you ever encounter a problem.
Dont forget whole # helps with that..