✊ Support and Resistance: support and resistance trading, support and re...

  





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Indicators:
EMA 3 (blue)
EMA 20 (yellow)
EMA 50 (orange)
EMA 100 (red)
EMA 200 (purple)

Bollinger Band Period 20 Deviation 2 (green)
Bollinger Band Period 20 Deviation 1 (white)


Beating the averages—that is every investor’s
ultimate goal. Technical analysis is a science
that anticipates short-term price changes by
using recent patterns, trends, reversals, and ranges.
This fascinating topic has as its foundation in the
concept of support and resistance, the borders of a
trading range in which trading action occurs.

As the cornerstone of virtually all-technical approaches to
price study, support and resistance is perhaps the
most important concept you can master in developing
your own analytical program. Since it is
impossible to consistently and accurately identify
the duration of any price trend, we have to depend
on support and resistance patterns to look for signals
of either change or continuation in price. The
support and resistance levels represent a concentration
of buying and selling activity. When that
concentration begins to evolve, signals develop.

Market technicians regularly monitor or chart price
and volume, and in this process they have developed
several specific methods used to analyze and
forecast likely price trends and patterns. SR (as we
refer to support and resistance throughout this
book) has often been equated with the economic
forces of supply and demand. However, this is not
entirely accurate.

Support and Resistance Simplified offers a thorough
overview of how understanding SR functions
is an important aid to today’s trader. Information is
presented in building block fashion, beginning with
the basics and introducing in each subsequent
chapter the elements of SR that you need in order
to master this useful analytical tool.

This is where support and resistance play a key
role. In studying a chart of recent price movements,
we are likely to see a trading range. This is
the area of prices that can be clearly identified;
recent trading activity is taking place within that
range. At the bottom of the trading range is the
price (or price trend) known as support. The support
price level is an important signal point for
identifying likely emerging new trends. This price is
where the trend is likely to halt and possibly reverse
a down trend—thus the name, “support,” which
means price support in the current perception of
buyers.