Plotting a trend line on a Forex chart gives very valuable information. In addition, it will also help to determine good entry and exit points, best positioning for profit taking and placing protective stops. So, shall drawing support and resistance lines forex learn how to draw trend line to make it our good friend in profitable forex trading?
That is why when the trend is going to change our trend line will be crossed, which therefore will give us a signal that the price can start moving in another direction. In the uptrend, Forex trend line is drawn through the lowest swing-points of the price move. Connecting at least two «lowest lows» will create a trend line. In the down trend, trend line is drawn through the highest swing-points of the price move. Connecting at least two «highest highs» will create a trend line. Keep in mind that same charts may show slightly different “highs” and “lows” if you try to compare different Forex brokers. Another sample of drawing trend lines: main and inner downtrend lines.
Forex trading is a high risk investment. All materials are published for educational purposes only. The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Todays Video Talks about how to Draw Support and Resistance on Your Forex Charts. Every Sunday, traders should draw support and resistance levels and plan the trading week ahead, it’s something I have done for years, and it works!
This video will explain how to draw the levels correctly on the EURUSD currency pair. This video discusses how to draw support and resistance levels on your charts in order to plan for the upcoming trading week. Every Sunday afternoon I take the time to go through the charts and plot my key support and resistance levels, look for any relevant price action, turning points or swing points. The best thing you can do is plot your levels out on the daily chart before the week begins and every day after the markets close in New York. I marked 6 key levels or swing points on the chart in this video, however that’s not enough, we also need to draw in horizontal lines to connect these key market swing points. Thank you nial i will practice so much.
Hi Nial, though am new in the world of forex, your tutorials have so far encouraged me to venture further into trading safely. I will be taking keen interests in the market change and master one price action strategy and apply it. Just a newbie, planning to start trading in the New Year. Think your method of Price Action makes good sense to me.
I have been looking at Forex methods for about six months now. So I am going to read everything on your site first before I start. Also could you tell me what platform you are using. Nial you are really the best guy dude. Don’t Pivot lines serve the same purpose as these Support and Resistance lines?
This is the best thing video ever thanks a lot. I was using so many indicators before this. Now i know that just by depending on price action we can make some good profit. This will surely improve my trading experience. I hope you continue sends an article or a video about forex actions setup so i can increase my understanding of it. I hope you continue sends an article or a video about setup actions for further price increase my understanding of it.
Thanks for that vidio, I sometimes get myself tied up knowing where to draw these lines ie at the body, at the end of the wick etc. Probibly get to exact at times. This type of video helps a lot. I start my trading plan doing exactly the same. I look forward to your updated course materials.
Thanks for all the guidance, Nail. I am looking forward to the new pages and videos n nial! Your email address will not be published. Notify me of follow-up comments by email.