Major support is often a combination. A level retested twice or three times could be, plus a psychological level, plus all times high or low and so on, plus fibos or sum of fibos.
Sometimes is all about, sometimes only have two or three conditions. Sometimes it's because large orders are just set close to that levels.
There is no magic recipe to detect majors. We could guess by adding elements to make a level strong to break.
Minors are weak levels, generally simple fibos, pivots, prev highs/lows and so on.
if i was short at 0.9330
the first resistance is 0.9317
its better to take profit some pips before the resistance or
i must to wait the resistance breack ?
and about the pivot 0.9270 its a support or a resistance
Thanks a lot
Below the price is support, above price is resistance.
If the trend is strong as in your picture it's better to wait the breakout of support. Once the support is broken you could move your stop just few pips away from that level.
Remember once a support/resistance level is broken, usually the price goes back and retest the level before to continue with established trend.
Does anyone have an indicator that draws support/resistance lines, not the barry ones. For instance the indicator would be able to identify the following support lines in the chart. thank you.
For all the indicators I have, I would have to say no.
Try this thread https://www.mql5.com/en/forum/174929
I have this old.
I don't remember where the original post is. So reposting.
Detecting a fake break out!!!
I have a nice system setup for my trading (read my journal link), earning decent pips over time, but the system isn't gd enough to detect USD fake break out in last monday (19 May 08)....
Please refer to the circled candlestick..
Any indicators can help me detect that it is fake breakout and prevent from opening a long postion??
Detecting a fake break out
I use the USD/JPY as an Indicator for the GBP/JPY carry trade. On MT4,
I shift between 5 minutes and 1 hour charts. On a 5 minute chart, you should see a Yellow Reversal histogram stick. I use Lyn V-3.
If a 3 hour chart is good for you, I see you have no UPPER Tend line. This should indicate a break out or reversal.
Any MOMENTUM indicator should reveal price direction through strength or weakness. Don't read the lines or histogram, read the Math for strength or weakness.
Also, instead of Candlesticks, you may want to use Doji's, if you can read them better. (Inside Doji)
Maybe somebody can I.D. your broker chart and have an additional suggestion.
Hope this helps.
sorry for the chart..I was away from my home PC and use an example chart found on the net.
Please refer to my actual set-up chart below....I use 4H TF...and if AC is green and Stoch is above 50, it is abuy signal..so the "BUY" signal only come in once t long green bar is over...
What kinda indicator can help??
Thx in deed!!!