Support and Resistance Lines
Support and resistance are common lines used to spot possible trend reversals and are placed at the tip of candlesticks, trends, and channels in a chart. They impact your trading results a lot when used with a good strategy like the binary logic. SR may look hard to master at first but with consistent usage and coaching, it becomes easier to spot the lines. Most beginners tend to overwhelm their charts with the SR lines after learning and don’t have the basic rule of trending in the market. This is the wrong usage of this lines. Join the binary logic VIP members to learn more about Trending and important topics in the daily trading of the market.
It’s easy to see this lines and if you notice, the market touches them and reverses. If they happen to be broken, the market continues to move to the direction and bounces off them. It’s that simple!
Support and Resistance lines, however, should not be used alone. Fully relying on them can mislead you to false breakouts and trends. At the binary logic VIP group, support and resistance are used to offer us the best places to enter the trade and leave the market with profits. With our strategy, these lines are great in perfecting the setup to a more reliable one thus ensuring more wins than ever. Professional traders both in forex and binary options have had to watch out for these levels as they offer undeniable impact to your results. An example of a commonly used type of SR indicator is fibannocci levels.
Manual SR are the best but as a beginner, the fibanocci offer a handy help to beginners who are still very new to the forex market. SR should never be ignored and for much of the case, they should be the first to plot in your chart in order for them to provide you the overview of how the market has been moving