Thread: Simple strategy for Beginners

Support and Resistance (S&R) Trading

Support and resistance levels can signal where the price is headed, letting position traders know whether to open or close a position.
A support level is a price level that, historically, does not fall below. These “historical” support levels can hold for years.
A resistance level is a price level that, historically, tends not to be able to break. These “historical” resistance levels can also hold for years.
If position traders expect a long term resistance hold, they can close out their positions before unrealized profits stars melting away.
They may also enter long positions at historical support levels if they expect a long term trend to hold and continue upward at this point.
This strategy requires that traders to analyze chart patterns. When analyzing the chart, position traders consider three factors when trying to identify support and resistance levels.

1. The historic price is the most reliable source when identifying support and resistance. During periods of significant up or down in a market, recurring support and resistance levels are easy to spot.
2. Previous support and resistance levels can indicate future levels. It is not unusual for a resistance level to become a future support level once it has been broken.
3. Technical indicators like moving averages and Fibonacci retracement provide dynamic support and resistance levels that move as the price moves.

coutesy of FreshForex and babypips

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