How to draw support resistance lines on naked chart with Trading box Technical analysis

Support and Resistance level is key to find price reversals on forex chart when trader is doing naked chart analysis. The strongest support resistance level is when it is overlaid with supply demand level. This trading tool is also support and resistance indicator tool for making your technical analysis much faster and clearer on naked chart.

he concepts of trading level support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis. Part of analyzing chart patterns, these terms are used by traders to refer to price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction.

At first, the explanation and idea behind identifying these levels seem easy, but as you'll find out, support and resistance can come in various forms, and the concept is more difficult to master than it first appears.

KEY TAKEAWAYS

• Technical analysts use support and resistance levels to identify price points on a chart where the probabilities favor a pause or reversal of a prevailing trend. 

• Support occurs where a downtrend is expected to pause due to a concentration of demand.

• Resistance occurs where an uptrend is expected to pause temporarily, due to a concentration of supply. 

• Market psychology plays a major role as traders and investors remember the past and react to changing conditions to anticipate future market movement.

• Support and resistance areas can be identified on charts using trendlines and moving averages.

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Draw your supply demand zone with rectangle and support resistance with trendline. For professional supply demand trading MT4 price alert and MT4 MT5 mobile alert in one tool. Metatrader 4 trading forex Metatrader 5 trading forex