The harder for price to cross a certain level, the stronger it is and the profitability of our trades will increase. The most basic form of Support and Resistance is horizontal. Many traders watch those levels on every day basis and many orders are often accumulated around support or resistance areas.
It important to mention, support and resistance is NOT an exact price but rather a ZONE. Many novice traders treat the support and resistance as an exact price, which they are not. Trader must think of support and resistance as a ZONE or AREA.
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Price movement alternates between cyclical and trending phases. Unlike a moving average, Better Sine Wave measures both these cycles and trends. It plots cycle entry points when the market is in a trading range. Then when the market breaks into a trend move, the indicator signals early entry and holds a position right to the end of the trend.
And Are there some day trading rules that will help me to trade forex, commodities, stocks?
All you need to do is: set aside a few minutes of your day to tackle one of the following forex day trading strategies which I outline for you below.
Setup #6 on the chart
Weekly and daily stochastics are above 75 zone and the market has been in a substantial rally prior to that. A trader should be marking this zone as bearish and switching to intraday charts to seek a bearish reversal price pattern.
If you are looking to buy the market after the price made fresh high, you would be waiting for the price to retrace towards role reversal, Fibonacci Level or moving average. As you are pretty confident, the price is moving higher, you don’t know how far the price will pullback.
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What is it?
A candle forms a 8766 hammer 8767 when the real body of the candle sits at one end of the candle leaving a head and handle!
Again these candles tend to form at price reversals giving a strong signal for traders.
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