|
As a relatively new trader, I understand that one of the most important, if not THE most important tenet for sucessful trading is to BUY AT SUPPORT AND SELL AT RESISTANCE.
My problem to date centers around properly identifying SIGNIFICANT support and resistance levels. I trade on intraday charts, using the 4hr chart for trend direction, and the 1hr chart for entries. Some experts recommend, for instance, that during a trending period, you should focus on Fibonacci retracements/extensions for S/R; others say to use pivot points, and still others say to trendlines to identify S/R.
Which of the aforementioned should a trader use to identify support/resistance, or is there some other method?
|
