Trading Support & Resistance Levels In FX by Solomon Chuama
The forex markets typically move in a zigzag fashion, and that makes entry and exit decisions challenging. Here we look at a few tried and true methods to identify strong support & resistance levels in the forex markets.
Technical analysis or chart analysis is the study of historical price movement to determine where price will go. As you look at the chart you identify trends and patterns that will give you trading opportunities. At the beginning of each trading week, most forex traders first identify the market’s direction, marking these key levels, and initiating trades to buy or sell at these key levels of support & resistance. In this article, I’ll discuss the concept of support & resistance, which forms the basis of forex technical analysis, and I’ll look at how to use these levels to trade ...