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How can you trade support and resistance?
Here's a simple support and resistance trading strategy you can use to take your trading to the next level...
It’s an easy and profitable strategy if you trade it correctly.
To become a successful trader, it's important that you understand these basic principles on how to trade support and resistance levels and zones...
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Supply and demand are the cause of these levels and though they are easy to spot, using this simple trading strategy or building your trading plan around these levels will give you the best trading strategy you can have.
You can use the techniques in this strategy to improve the edge in your current strategy or find a way to use that fits your trading style.
Remember that levels are not exact and a good way to look at them like zones.
When you set your stop loss, you will not place it just below to level but rather adjust the position size down and place a bigger stop loss.
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- You want to look for recent highs and lows.
- Draw horizontal lines at these levels.
- Levels above price will act as resistance and levels below price will act as support.
- Look to trade in the direction of the trend...
- When resistance levels break (uptrend, new highs are formed), you want to enter on the first test of support levels.
- When support levels break (downtrend, new lows are formed), you want to enter on the first test of resistance levels.
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