Finding Support and Resistance:- Lecture 1.7:-
Support: Look for previous price lows where buying stopped declines. Connect these lows with lines.
Resistance: Look for previous price highs where selling stopped advances. Connect these highs with lines.
Key Points:
🔥 Swing Highs/Lows: Mark significant peaks and valleys.
🔥 Congestion Areas: Horizontal ranges can act as support/resistance.
🔥 Role Reversal: Broken support can become resistance, and vice versa.
🔥 Trendlines: Upward lines on lows (support), downward lines on highs (resistance).
🔥 Round Numbers: Psychological levels.
🔥 Indicators: Moving averages, Fibonacci, pivot points, etc., can help.
Remember: They are zones, stronger with more tests, and breakouts can signal new trends. Use higher timeframes for more significant levels.
