What’s powerful about support?

When I first started off trading, I had my doubts about whether the concept of support (and resistance) was actually for real.

The chartS below are some fine examples that demonstrate the power of the concept. Support means that which resists falling through the floor. It’s just like a floor actually. Floors do break on occasion depending on the integrity of their structure and the amount of pressure put on them. So too it happens in trading situations.

Resistance is the ceiling, that prevents you from jumping into outer space! Support levels can become resistance levels depending on which side price approaches it from.Screen Shot ATHN 07-08-15 at 08.42 PM

The following chart shows a broader range of support, as this is and 8 hour chart and a very volatile pair.


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