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Education

Support and Resistance just does not work

FX:AUDJPY   Australian Dollar / Japanese Yen
I heard support and resistance does not work. I decided to show just how wrong that is. This is an over simplification of S&R and I use a number of other indicators to create winning trades. However if all you did was follow the simple instructions you will see S&R certainly does work. In fact if you look at most of my charts I draw boxes where I see S&R. It is amazing how often price turns in these boxes. So if someone tells you support and resistance does not work I would suggest they just don't know how to use it properly. Okay it is not nearly that easy. Trading takes time and effort to learn. Look at this as another tool in the trading tool belt. Sometimes I use S&R, sometimes wave patterns, sometimes Fibonacci sometimes all of the above. I also keep an ear to the ground, did you know the UK was thinking about leaving the EU? Yes it is true. Maybe this is a week I will sit on the sidelines or take small positions in unrelated currencies.
My point is there are as many ideas of how to trade as there are traders. Many of them work! Find what works for you and your mind set.
If you want to know more about how I define support and resistance please feel free to ask. The operative word is free.
Remember what I give you may not be worth more than the cost, that is for you to decide. On the other hand if you pay a lot for something it does not necessarily mean you get value.
Educate yourself, create a trade plan, validate your trades with others traders ideas. Be responsible for your own decisions and trades.

Comment: A little more proof of support and resistance. Lets see if the LTF support will be the turning point. Watch for a reversal in the green zone.
snapshot
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