How's your kinda support and resistance strategy.

[Lida93]

Hello bitcoiners, I just had this thought in mind, I don't know if it might sound wacko, only that some times wacko things could end up somehow wow.
Now what's this thought! Like can we/you share some inputs on how you deal or work with your support and resistance strategies in times of pressure when it comes to trading. And how it has really worked out for you so far.😎

Am sure someone else's strategy might make an addition to another's in their next trading.

[Oshosondy]

For support and resistance, Fibonacci retracement can help. For overbought and oversold market, you can read more about RSI and Bollinger Bands.

You can read more about RMA and EMA.

Know that indicators are of great help, but they can fail at times. While using indicators, you have to use low leverage in many cases which is very important. Know that trading is beyond using indicators, but if you know how to use indicator and coupled with experience, patience and low leverage, you will make profit than loss.

Low leverage for the purpose of 'if the market fails', there are possiblity that the market will still correct itself back to your direction and what you think will be loss will become profit.

Some traders says they use stop lose, I always think this is for high leverage traders.

Know that trading is highly risky, use the amount of money you can afford to lose to trade and use the amount lower than the amount you can afford to lose to train.

[Maus0728]

- The strength of that support and resistance varies depending on the timeframe.

I'm talking about how timeframe serves as a barometer to gauge a level's strength (SnR). This indicates that a daily level (1D) is stronger than an hourly level (12h, 1h), or that a level of 5m is weaker than a level of 30m or 45m. A weaker or stronger terms refers on how strong the reaction was when that level was hit.

- Second, the strength of SnR is determined by how frequently it was hit or by the first touch principle. This means that if the PA touches the level one time, it has to test that level again in order to break it.

Now, these are only some of the fundamental ideas I've used from lessons I acquired on YouTube and Reddit, but they still don't apply to trading in a strict way, so take it with a grain of salt.

[Eternad]

- The strength of that support and resistance varies depending on the timeframe.

I'm talking about how timeframe serves as a barometer to gauge a level's strength (SnR). This indicates that a daily level (1D) is stronger than an hourly level (12h, 1h), or that a level of 5m is weaker than a level of 30m or 45m. A weaker or stronger terms refers on how strong the reaction was when that level was hit.

- Second, the strength of SnR is determined by how frequently it was hit or by the first touch principle. This means that if the PA touches the level one time, it has to test that level again in order to break it.

Now, these are only some of the fundamental ideas I've used from lessons I acquired on YouTube and Reddit, but they still don't apply to trading in a strict way, so take it with a grain of salt.

This is right but usually longer time frame is always the one who considered as support and resistance because shorter time frame usually can break within the day and it’s only good for futures trading and not for general trading purposes. Typically daily time frame and longer is the best to use as reference for SnR and the rest was just as basis for futures trading or short term trade.

[jackg]

- Second, the strength of SnR is determined by how frequently it was hit or by the first touch principle. This means that if the PA touches the level one time, it has to test that level again in order to break it.

I think this is one of the most important things about trading support and resistance (if a something has acted as support or resistance multiple times, it's going to be a lot stronger).

Another important thing is to enter any trade as close to the support or resistance as you can (if you're out by a few minutes or an hour, you'll feel the loss a lot more if it goes the other way and will hamper your profits - it's fine for testing but not actual trading with significant amounts).

It's also important to acknowledge support and resistance won't always be respected by the market in times of higher volatility (don't keep trading it if it stops respecting them).

[bittraffic]

Few weeks ago BTC dip to 17k and then bounced to 21k. That 17k is the very support line to watch out because we may be going back to that line again when Mt GOX coins are distributed. I hate to be the bearer of the fud but its possible that many of the holders today will sell before that day come.

Support and Resistance are good to watch out because even the last 4 years support line will still apply as support and oftem times they also become the resistance and viceversa.

[Husires]

Before you start identifying support and resistance strategy, you must sticky the following ideas:

• It is impossible to predict Bitcoin price in the short term.
• Don't try to place buy/sell orders at support and resistance points but center them around it.
• In normal situation there are some psychological levels that are rarely broken when this happen we can guess a rapid changes.

Tracking historical patterns is better rather trying to analyze current data, so I advise you to track some historical data first.

currently, support and resistance are forming, but we can say price will swagging between 14.5 >> 1.75 >> 21.k >> 24.5 >> 28 >> 32.

[Bitcoin_Arena]

Support and resistance level usually guide me on where to enter my positions, where I could take profit and where I could place my stop loss

When I open a long position, I make sure my take profit is somewhere below a known resistance level and my stop loss is somewhere below a known support level and vice versa if I open a short position. All this is done with my risk reward ratio being taken into account.

[sheenshane]

Support and Resistance level are very important in all traders whether you're a short-term reader or a long term, it regards their timeline of positioning orders.  Even though you're in Binary options you can apply this support and resistance level if you're based on the underlying market.

However, this is only a tool in trading, in the end, you must have a stop-loss strategy to cut losses to avoid further loss.
Remember always that the market is unpredictable and it could be you can get a profit by simply guessing the price or opposite on it, it will wipe out easily your entire capital in trading.

[GreatArkansas]

Now what's this thought! Like can we/you share some inputs on how you deal or work with your support and resistance strategies in times of pressure when it comes to trading. And how it has really worked out for you so far.😎
(....)

For me, identifying supports and resistances in different time frames is good. Like the higher timeframe, the strong it is.
I want to identify what it looks like on a higher timeframe because it could affect the low timeframe analysis.
Supports and resistances strategy are most basics and common strategy which for me is very helpful especially if you combine it with other strategy, using it as your foundation is good.

[gunhell16]

Hello bitcoiners, I just had this thought in mind, I don't know if it might sound wacko, only that some times wacko things could end up somehow wow.
Now what's this thought! Like can we/you share some inputs on how you deal or work with your support and resistance strategies in times of pressure when it comes to trading. And how it has really worked out for you so far.😎

Am sure someone else's strategy might make an addition to another's in their next trading.

Based on my experienced in doing trade at the cryptocurrency, when I saw that there is a resistance movement happening in the graph,
the only way for us to earn in this matter is to wait and analyse the motion in the chart using the other tools that could help us to find out
when to buy and sell, in this situation we need to be patience and know the use of timing.

[Tellek Garing]

Hello bitcoiners, I just had this thought in mind, I don't know if it might sound wacko, only that some times wacko things could end up somehow wow.
Now what's this thought! Like can we/you share some inputs on how you deal or work with your support and resistance strategies in times of pressure when it comes to trading. And how it has really worked out for you so far.😎

Am sure someone else's strategy might make an addition to another's in their next trading.

Support and resistance levels is always area were demand and supply are at equilibrium and most times the whales and big investors always paid serious interest at this level and market do react explosively any time this level got broken. I do used envelop indicator to filter out the noise and reality at this level in other to make an informed decision as par were to follow. In pressures time it always better you see a clear market direction by waiting for a candlestick closing below lower ma of the envelop and vice versa.

[palle11]

Understanding support and resistance comes with experience. I think I can add what I observe about it to what other responses have said too.

1. It can be broken
2. I understand that if support is broken, it becomes the resistance level and vice versa.
3. It is stronger in longtime
4. If a trend is formed, support or resistance doesn't stand on the way.
5. It is better monitored with other indicators. Trading with just support and resistance will not give a good understanding of market direction. You can combine with RSI to indicate overbought and oversold.

[Franctoshi]

Now what's this thought! Like can we/you share some inputs on how you deal or work with your support and resistance strategies in times of pressure when it comes to trading. And how it has really worked out for you so far.😎

How I do treat Areas of Support/Resistance in the market, is when the market gets to an area of support/Resistance,  I first look at the reaction of the market in terms of if the market is getting rejected by looking out for candle wicks and break of structure i.e if the market will hold or break, Too I go from the higher time frame and down to the lower time to observe liquidity and break of structure either up or down then wait I for the recent order block to get retested and hold before taking a trade either ways.

[suzanne5223]

Yes, someone else strategy may be a great help to others.
I think the number one strategy in crypto trading is having knowledge about the market, knowing the risky involving, knowing your patience level, and good leverage.
Meanwhile, the best entry point is buying near support in an uptrend, and for resistance, patience is needed using the help of Fibonacci Retracement.

But what I personally do in this current market is arbitrage trading.

[hd49728]

Support and resistance are temporary prices for you. Support flip to resistance and resistance flips to support when trend changes.

In a sideway or accumulation phase, you can use scalping strategy to trade. Take profit at upper band of a price channel and wait for lower band of that price channel to buy back. If you begin at early of that channel, you can repeat your scalping about 4 times. 4 times are 4 buying at lower band and 4 selling at upper band.

When a price channel is broken, price will move up a lot or fall down a lot and you will have to wait a few hours or a few days to get a new price channel for scalping trade again.

[ChrisPop]

Marking support and resistance areas is an essential tool in a trader's arsenal. There are traders out there who make money only using horizontal support and resistances. Generally in trading simple works best. You don't need no sophisticated hocus pocus indicators. Whoever told you that is not a real trader, but a poser.

What you need is good risk management around those SR levels, a trading journal and of course discipline & emotional control.

[crwth]

With support and resistance, it would be great to carefully predict what happens when the price reaches a certain percentage. We all know that it's not static, that it's fixed. It's a continuous, dynamic change, and it would be tricky to have the same support and resistance from different traders. It's emotional and biased toward the trader.

For example.



You can see the resistance here. I have a bot that automatically computes possible support and resistance using the Simple Moving Average or SMA. The user will set the period. (depending on the number of candles you would use = Period). The bot, then, after buying, could trade at a specific price gain from your original position. It does it automatically.

Using this as a spot market strategy, you will buy at support and sell at resistance. With futures, you can short at resistances and long on supports. Either way, it's going to depend on how you are going to set it.

[TheUltraElite]

Like can we/you share some inputs on how you deal or work with your support and resistance strategies in times of pressure when it comes to trading. And how it has really worked out for you so far.

Support levels are those where buying is common and Resistance levels are those where selling is common. During a bear market the resistance level needs to be broken to see a bull market to start and in a bull market the support level if not sustained it will crash to a bear market. That is as much as you need to remember while trading.

In a quick-decision making situation, place buy orders at Support or lower than Support levels to anticipate a discounted price for buying when the drop happens and vice versa. But these are nothing new, most traders know this or have been doing this regularly without knowing it.

The difference is only in those who realize that a bear market is the time to buy and not panic sell and the bull market is the time to sell and not drool.

[adaseb]

Support and resistance is better than most other indicators out there. However you need to be in a strong trend for them to work.

Right now it’s a bad time to use the pivots are indicators because it’s choppy mostly and what happens is it ends up being a head fake. Basically a failed break out.

In trending markets they tend to work much better.