Trading resistance and support in your charts ❓ technical analysis trading for beginners
Today we are doing some trading basics when we talk about trading support and resistance in charts. I go into detail what exactly is support and resistance and how it can effect the trades that you made on your charts. Trading support and resistance can give you a clear view of possible moves that the market may make in the coming days, hours, or minutes.
This trading strategy for beginners may seem basic, but that is only because it is considered common trading knowledge that all traders should know. Trading support can give you a clear idea of exactly what has happened in the market, and the agreement between the buyers and sellers on the previous price, giving you insight into possible future agreements on price.
Day trading with this strategy can be extremely helpful when you can compare levels of support and resistance in the market with areas that may either bounce back from those levels or stop trending in their current direction. Trading resistance can end up being a hard ceiling to your trades, so you have to pay attention to when the market may be putting up resistance to where you are attempting to trade.
This example we use Japanese candlesticks to do our technical analysis as they allow us to easily identify patterns like these with their clear wicks and bodies.
On top of all of that the best part about this technical analysis trading strategy is the fact that you can use it to trade on any chart that you want. Whether you choose to trade stocks, trade forex, or trade futures you'll be able to use this simple idea of support and resistance trading.
Bruce Banks, www.envisionchart.com specializing in Futures and Forex
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I strive in this channel to deliver a mix of trading knowledge and practical, applicable, how to trade information related to stocks, futures and Forex markets whether you be a daytrader, stock trader, futures trader, or CFD trader.
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See all my other videos Here: https://www.youtube.com/user/EnvisionChart
The indicators and methods that I use?
Methods: Technical analysis combined with a cursory overview of the market and it’s behavior as a whole. This includes high low mapping, prior resistance/support, multi time frame analysis, technical, and market conditions from outside sources.
Indicators and platform: TAS Market Profile Tools, custom indicators, and NinjaTrader. On our site we offer both training and a TAS Tools Discount
TAS VEGA is one of the key indicators in the TAS Tools indicator suit. It gives you a clear red light green light indication on strength or weakness in the market. With the orange bars giving you even more insight into what market profile is telling you about the current market situation.
TAS Tools works on Bloomberg, NinjaTrader, Meta Trader 4, MT4, eSignal, Gain Capital, and TradeNavigator. It overlays directly on your chart to give you valuable Market Profile Information in an easy to read interface.
The TAS Tools suit includes TAS VEGA, TAS Boxes, TAS MarketMap, TAS Navigator, TAS Ratio, TAS Static PCL support and resistance indicator, and TAS dynamic PCL support and resistance Indicator.
All of these are based off of Market Map which has been a powerful trading tool used for decades to see information that isn't readily available on your trading screen.
These tools work on Forex markets, Futures Contracts, Stocks, and ETF's.
NinjaTrader offers charting and an easy to customize package, it has been my go to platform for years:
EnvisionChart Website: www.EnvisionChart.com
Trading with Tick and Range Charts For Short Term Profit: https://www.youtube.com/watch?v=u9oUT6Q21qY
TAS Tools Trading Tip Videos:
TAS Trading Tip VEGA ATR Settings:
TAS Tools: VEGA Indicator Orange Bars and Scaling Out -Quick tip-
TAS Tools using TAS VEGA and TAS Boxes For Breakout Trades
More information on TAS Market Profile Tools: