How to place support and resistance
In today’s lesson I am going to show you how to place support and resistance. Support and resistance is used to accurately identify areas in which there are large groups of buyers, or sellers. Support and resistance areas are used by banks, and hedge funds to trade Forex. Trading the way banks trade, is one of the most efficient ways to trade.
To find out what support and resistance is and how to place it watch this video.
My support and resistance areas
Here is a link to my support and resistance cheat sheet. I regularly update these areas, so you can compare your support and resistance areas to mine.
The best way to use the cheat sheet is to place your areas first, and then compare them to mine.
My free price action strategy
Once you master support and resistance areas, you should turn your attention to advanced candlestick analysis. When you combine support and resistance with candlestick analysis, you will be able to trade awesome reversals. In my free advanced price action strategy, I show you how I trade reversals.
I also hold regular free webinars. In the webinars I cover my strategy in much more detail. You can check out my latest webinars here.
Below are a few quick links to some of my better webinars.
- Trading my price action strategy on past data
- How to place support and resistance areas
- My advanced price action strategy explained in three webinars
Any questions?
If you have any questions, please ask in the comment section below.
Jeremy T
Wow, a 20 minute video? Haven’t watched it yet, but I’m sure it will be helpful as always. Thanks, Nick
Nick
Hope you got around to watching it and you found it helpful.
wanelad
Thanks Nick good stuff as always
Nick
Thanks for watching and commenting man.
Cking
Hi Nick, once again, great stuff. I really appreciate your sharing and it helps newbies like me. Look forward to your lessions in the future. Thanks once again.
Nick
No problem man. Glad I can help!
PipRanger
Thanks Nick, It never hurts to go back and review the basics, and this was a good one on S&R. The cheat sheet is good also and the idea to practice placing lines then confirming them with the sheet.
Nick
Thanks PipRanger, glad you liked the video.
Sanjay
Always the best
Nick
Thanks man, I appreciate it!
Andrew
Hi Nick, quite interested on your entries once you get a bounce from a S&R zone, do you have a set idea as to when you’ll enter once you get a reversal from a S&R zone?
Nick
They are still valid.
However, it is always best to place/adjust the lines based on fresh data.
The more recent the data the more accurate the support and resistance.
This is why I mention ‘migration’ and how you need to adjust the areas.