How to Draw Lines of Support and Resistance
In this lesson we will talk about how to identify and draw lines of support and resistance.
Lateral lines of support and resistance can be drawn using any interval of time (5 min chart, 10 min chart, hourly, daily, weekly and monthly). The time frame to choose depends on whether you are a day trader, a swing trader or an investor. Generally, daily charts, and at times weekly or monthly charts, are most useful when looking at support and resistance.
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Learn more from the full courseGuide to Stock Trading with Candlestick & Technical Analysis
Learn stock trading in the stock market using candlestick and technical analysis for swing trading, stocks and forex
04:38:43 of on-demand video • Updated December 2020
- Master chart reading, Japanese candlesticks and technical patterns
- Build a solid candlestick and technical analysis foundation for trading stocks, forex, options, etfs, cryptos
- Learn to use multiple time frames for accurately and effectively time your entry and exit strategy
- Learn to draw lines of support and resistance to locate entry and exit areas
- Understand the effects that emotions have when trading, and how the can emotions can positively or negatively affect your trading plan
- Understand the driving force of the market
- Learn the basics of market strategies (bullish, bearish and sideways)
- Identify and trade bullish candlestick patterns
- Identify and trade bearish candlestick patterns
- Manage trades correctly using support and resistance levels
- Understand correct risk and reward ratio, position size, stop losses and targets
- How to trade with Moving Averages
- How to trade with Stochastics and RSI using overbought and oversold conditions