Forex Education.

[eagles]

ENGLISH
Forex Support and Resistance

Support and resistance is one of the most widely used concepts in forex trading. Strangely enough, everyone seems to have their own idea on how you should measure forex support and resistance.

Let�s take a look at the basics first.

Forex Support and Resistance Explained

Look at the diagram above. As you can see, this zigzag pattern is making its way up (bull market). When the forex market moves up and then pulls back, the highest point reached before it pulled back is now resistance.

As the market continues up again, the lowest point reached before it started back is now support. In this way, resistance and support are continually formed as the forex market oscillates over time. The reverse is true for the downtrend.

---------- Post added at 08:26 AM ---------- Previous post was at 08:24 AM ----------

Plotting Forex Support and Resistance

One thing to remember is that support and resistance levels are not exact numbers.

Often times you will see a support or resistance level that appears broken, but soon after find out that the market was just testing it. With candlestick charts, these “tests” of support and resistance are usually represented by the candlestick shadows.

---------- Post added at 08:29 AM ---------- Previous post was at 08:26 AM ----------

Notice how the shadows of the candles tested the 1.4700 support level. At those times it seemed like the market was “breaking” support. In hindsight we can see that the market was merely testing that level.

Read more: http://www.********.com/school/eleme...#ixzz3UzH854LE

[ramesh.maurya]

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[fxearner]

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