Now, click on the chart and select candles from the menu.
That’s it the basic setup is over!!!!
Lastly, click on Graphical tools and select Horizontal line from the menu.
Click on the colours and select your colour for better visibility. Here for illustration, I am going to use yellow.
Now, what you need to do is find a bearish high and bullish high at the same distance for Resistance level.
Similarly, you need to find the bearish low and bullish low for support level.
How to Trade with Support and Resistance?
Trading with Support and Resistance is dann very easy. let’s check some examples.
Given above is a 30 mins chart and lot’s of action has appeared between Support and Resistance level.
At the point, no (1) and (2) The candle has tried to break the support level but however. are unable to do so as the support line act as supporting partners for the Buyers and bounced the price back up.
At point, no (3), the candle touches the resistance level and resistance level act as a supporting partner for sellers and bounced the price back down.
Similarly, at point no (5), the candle touches the support level and the support level act as a supporting partner for buyers and bounced the price back up.
Similarly, at point, no (6), the candle touches the resistance level and resistance level act as a supporting partner for sellers and bounced the price back down.
So, this is the end o this article. I hope you have found this article helpful.
This article was all about How to Trade with Support and Resistance?, How to draw Support and Resistance level?, What is Support?, What is Resistance?