GoldViewFX - How to draw support and resistance levels
Hey Everyone,
This is a repost for our newbies.
As promised alongside our analysis and reports we will also be posting basic educational posts to help newbies. Today we show you how to draw support and resistance levels the GoldViewFX way.
There are so many ways to draw and establish support and resistance levels. Typically this is an area where price stabilizes and fails to break providing support or resistance to price. Visually this can be represented by drawing a line to identify those areas. This can be drawn and identified in different ways. The 3 ways we draw support and resistance levels are as follows;
Firstly we identify where price is stabilized, this is likely to show a collection of candles side by side or by a candle or wick touch to a price and then a big retracement.
1 - We draw a line on the top or bottom of the candle body close of an area that price fails to break. Typically the highest or lowest wick from the collection of candles.
2 - We draw a line on the top or bottom of the candle body close of an area price fails to break. Typically the highest candle from the collection of candles.
3 - We identify the turning point of our moving average line (EMA5 IN OUR CASE). We then draw a line on the top or bottom of this turn (This is unique to us, so don't forget if you see it anywhere else).
Please don't forget to like, comment and follow to support us, we really appreciate it!
GoldViewFX
XAUUSD TOP AUTHOR
This is a repost for our newbies.
As promised alongside our analysis and reports we will also be posting basic educational posts to help newbies. Today we show you how to draw support and resistance levels the GoldViewFX way.
There are so many ways to draw and establish support and resistance levels. Typically this is an area where price stabilizes and fails to break providing support or resistance to price. Visually this can be represented by drawing a line to identify those areas. This can be drawn and identified in different ways. The 3 ways we draw support and resistance levels are as follows;
Firstly we identify where price is stabilized, this is likely to show a collection of candles side by side or by a candle or wick touch to a price and then a big retracement.
1 - We draw a line on the top or bottom of the candle body close of an area that price fails to break. Typically the highest or lowest wick from the collection of candles.
2 - We draw a line on the top or bottom of the candle body close of an area price fails to break. Typically the highest candle from the collection of candles.
3 - We identify the turning point of our moving average line (EMA5 IN OUR CASE). We then draw a line on the top or bottom of this turn (This is unique to us, so don't forget if you see it anywhere else).
Please don't forget to like, comment and follow to support us, we really appreciate it!
GoldViewFX
XAUUSD TOP AUTHOR
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