Monday, January 28, 2013
FX Trading with Support and Resistance Price Pivots
This is a post about all you aspiring day traders. I usually like to stick to the daily time frames for trading signal, but I also sometimes take trades on the lower time-frames just based on support and resistance zones. In my experience a strong zone is a price level that has been hit at least twice and held on both occasion. In the chart bellow I have marked two such areas that are very obvious. In this example I used 30 minute chart of the CL(Crude Oil Futures) contract. I also marked the entry and exit points of two trades I made to illustrate the buy and sell zones. This type of trading can be used as a forex strategy or on any other futures or equity market. 