Support & Resistance Lines

[Sue Schlaiffer]

For this exercise I chose the following two examples as they clearly show the untested support or resistance for these two markets:

EUR/JPY Daily Chart. The 13th May shows an untested level of support followed by untested resistance on 21st May.
EUR/GBP 15 minute chart. On 29th May the there is an untested level of support at 0.719 and untested resistance at 0.71825

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[Rich Fitton]

Hi Susan, good work on your levels, those are all areas to watch. I’ve just made a small amendment to your EURJPY – remember to use the high of the candlestick real-body when marking support. You’d want the level to be at the top of that high volume area rather than at the bottom of it.

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[David Coe]

https://www.mql5.com/en/charts/3515754/eurgbpsb-h1-gkfx-spread-trading

My chart if it worked from David Coe

 

 

[David Coe]

Hi..Ive now uploaded a screenshot from evernote I think !

By the way.. Hello everyone, Im not new to trading but Im newish to the Forex..

Good luck all

 

Dave

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[Rich Fitton]

Hi Dave, welcome! Great to have you with us 🙂

Major trend looks perfect, I’ve just re-routed your countertrend lines so they connect the lows of the price action.

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[Wayne Jones]

Here is my own go at support and resistance.

I have used the GBPUSD chart.  I have chosen my area of support as it was an area of resistance in the not to distant past. It also seems that it will get tested in the next day or two.

For resistance I have gone for the EURGBP chart.  I know it has been tested but I couldn’t find another one! Also there seems to be an area of support around the 27 of last month.

As for looking on the 15 min chart.  I am unsure what you are asking.  Are you asking if there has been a test on the daily S&R on the 15 min chart?

 

Wayne

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[Rich Fitton]

Hi Wayne, your levels look good 🙂

For the 15min S&R question it was just to see if you could find an example on that timeframe (15 min) from recent days using the same principles.

[John Thurlbeck]

Hi Rich and all,
Two charts ive marked up (hopefully correct!!) of the EURJPY Daily and 15min charts. Resistance area on 15 min chart got touched just as i was finishing off.

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[Wayne Jones]

Hi John,

As Rich has said on a few occasions for us to start commenting on each others work.  I thought I would have a look at yours.  For me on your second chart EURJPY daily, I would have put the resistance on the far right of the chart  above where you have the highest support level.  I’m no expert and may well be proven wrong when Rich has a look.

I hope you don’t mind me commenting!

If you want to comment on any of my stuff then you are more than welcome to!

 

Regards

 

Wayne

[Rich Fitton]

Hi John, great stuff. You picked nice levels there.

I’m attaching a screengrab of the bar I think Wayne picked up on. That long wick on the downside of the candle shows selling strength was absorbed and overcome by the buyers – it put it a swing low all on the one candlestick so not always as obvious as the clear low moves but it can certainly become support too. You’d extend your level off the real body high as normal (good spotting, Wayne).

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