Are there any universal support and resistance levels in the forex market? - page 4
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I think there is a misunderstanding here, horizontal lines are just a way of marking things up.
You could draw squares, triangles and so on.
No, what is meant is that the support level will be on an incline and maybe with a curvature in time.
It will be horizontal for a fairly short time.At the moment EURUSD has stopped at USDCHF: 28.12.2007 16:00, resistance support line.
So I wonder if the price has stopped at these levels or not?
No, what is meant is that the support level will be on an incline and maybe with a curvature in time.
It will be horizontal for quite a short time.I don't think the resistance is horizontal. The idea is if price continues to decline, will it stop atAUDNZD : 12.06.2007 00:00.
Let's dispense with the symbol calculation. Suppose there is a price level at which one symbol has been adjusted. Do you think this is not relevant for another symbol? Can you comment on why?
At the moment when one symbol, say EURUSD meets resistance, there will be effects on other symbols too. But it's the moment in time, not the price level.
Let's say there was a reversal on EURUSD=X and we decided very reasonably that it was a strong resistance, i.e. there was an iceberg and a lot of limiters. At the same time EURAUD also turned at Y
will there be any resistance on EURAUD at level Y ? rather no than yes - its behaviour at the time of setting the level depended on the strong EUR currency and not on its own volumes.
when EURAUD goes up to Y , EURUSD will be in a completely new position
The moment one symbol, say EURUSD, meets resistance, there will also be effects on other symbols. But it's at the point in time, not at the price level.
Let's say there was a reversal on EURUSD=X and we have very reasonably decided that it is a strong resistance, i.e. there is interest, an iceberg and a crowd of limiters. At the same time EURAUD also turned at Y
will there be any resistance on EURAUD at level Y ? rather no than yes - its behaviour at the time of setting the level depended on the strong EUR currency and not on its own volumes.
When the EURAUD goes up to Y , the Eurobucks will be in a completely new position
Exactly.
But I think what I am saying is being misinterpreted, in this case a specific price is being considered. The absence of a price level for another symbol has no effect on its movement. For example, EURUSD reaches some level, but at the same time EURAUD continues to move until it reaches another level. As mentioned before, in this case a specific resistance or support price is considered.
Right.
But I think what I am saying is being misinterpreted. In this case a specific price is being considered. The absence of a price level for another symbol has no effect on its movement. For example, EURUSD reaches some level, but at the same time EURAUD continues to move until it reaches another level. As mentioned, in this case a specific resistance or support price is considered.
It makes sense to compare instruments, but comparisons should start with the main one, i.e. the dollar index, so the picture will be clearer)
It is not at all clear why one should try to recognise a pair's level from the levels of other pairs. Levels can be read by the naked eye and are easily recognisable by simple indicators, no multicurrency indicators are needed for that.
Another thing is how to evaluate the further movement after reaching the level. Here the involvement of data on the behavior of other instruments - in fact - arbitrage, but in a moment.
I used this technique in 2008 when normal arbitrage was not available, but it was possible to get ahead of the dealer due to the speed of recognizing where we were going.
I called this trick "Technical Insider" - analogous to working on insider information without having its source. Simply, I know (understand) how they make decisions, but I react faster.
I could post something, but it's no longer relevant, it's a thing of the past.
Another thing is how to evaluate the further movement after reaching the level. Here the involvement of data on the behavior of other instruments - in fact - arbitrage, but in a moment.
I used this technique in 2008 when normal arbitrage was not available, but it was possible to get ahead of the dealer due to the speed of recognizing where we were going.
I called this trick "Technical Insider" - analogous to working on insider information without having its source. Simply, I know (understand) how they make decisions but react faster.
A level is a level because it is often impenetrable and unattainable.
Why is that?
Is there even one participant in this discussion who does not see that the price came to the level and stayed at it? This happens every day at this time.