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How to draw support and resistance zones (Part II) Tutorial?

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1. A Guide to Support and Resistance Trading.
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If you already have an XM account, please state your account ID so that our support team can provide you with the best service possible. Open an Account Here. Contact Us. There are various methods that you can use to find support and resistance levels. Peaks and troughs Support and resistance levels from a previous time frame Fibonacci levels Moving averages Trend lines. Learn Forex. Master Technical Analysis. Build A Winning Trading System. Trade With Excellence. Fundamental Analysis.

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Think of it as an area instead of a line since it is hard to pin the SR levels to a certain point.

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It is always moving, so it is easier to just see it as an area instead. The Support level is a price area where the downtrend is expected to stop because of the increase in demand or buying interest. When the price goes down low enough, there will be a demand spike, therefore preventing the prices from going any lower.

Think of the support level as a price floor. On the other hand, the resistance level refers to the price area where the uptrend is expected to stop because more traders start to sell the higher the trend goes. This creates an excess in supply or selling interest, preventing the prices from going any higher.

This is the price ceiling. One simple application for SR levels is to identify entry and exit points. The prices may bounce off the support or resistance level and head in the opposite direction, or it will break through that level until it hits a new support or resistance level.

Here, it is worth pointing out that the SR levels are not static. They move with the trend and price volatility. This is crucial to keep in mind as some traders base their forex trading strategy on the belief that the SR levels will remain unchanged. If they are not, they can close their position at a small loss. However, if they are right about the direction, the move could be substantial. Some traders prefer to eyeball the chart and mark the price points that the prices keep hitting consistently as the SR levels. But you do not have to do it. Some trading platform such as MT4 open a trading account here comes with auto support and resistance indicator to help you keep track of how the SR levels are moving with the trend of the market.

A fair number of traders make the mistake of treating the SR levels as a line, not areas. This is a problem. The prices may undershoot or overshoot the line, which results in either you missing the trade or your assumption of the SR is broken. This means that the prices drop close to your line, but not enough. What tends to happen next is that they bounce back up in the opposite direction and you missed the trade since you were waiting for them to reach the line.

When the price overshoots and the resistance level is broken, you might assume that the price action will continue to go up until it hits a new resistance level. So, you trade the breakout, but only to realize that it is not an actual breakout, just a single overshoot. For this reason, you should think of the SR levels as areas or zones, not lines.

If you are wondering why overshoot and undershoot happens, you have two groups of traders to thank. They are the traders with the fear of missing out and those who want the best possible price, who are generally referred to as FOMO and Cheapo respectively. The FOMO traders are the ones causing the undershoot in prices. They enter the trades the moment the price drops close to the support level.

The Cheapo traders are those who lie in wait so they could get the best possible price. As such, they often place orders at the low of the support level. With enough traders, the market will reverse at that location, which may result in a false breakout. With these two groups of traders at play and without the knowledge of who is in charge at any particular moment, it is best to look at the SR levels as areas on the chart, not lines. Here is a quick example. In such a case, 1. As you can see from the chart above, the resistance level is the price ceiling since prices never break through that point.

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That said, you should never assume a price point is the resistance level just because it has been tested a few times in a highly volatile market. In fact, some traders say that the more the resistance or support level is tested, the weaker they become. In other words, the more frequently the price keeps hitting a certain price point, the more likely it is to break through that level. On the flip side, the support level is the price floor that stops prices from going any lower.

As you can see, being able to effectively identify SR levels can help you identify crucial entry and exit points.