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Drawing Support and Resistance Lines

Drawing Support and Resistance Lines

2009-11-05 22:40:00
Richard Krivo, Trading Instructor
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Instructor's Response:


Good work...

The chart you posted shows valid support and resistance lines.

When we discuss support and resistance, think of a room with a floor and a ceiling.

The FLOOR is SUPPORT and the CEILING is RESISTANCE. A large ball bouncing between the FLOOR and the CEILING represents PRICE.

When PRICE (BALL) hits the FLOOR (SUPPORT) it bounces UP. When PRICE (BALL) hit the CEILING (RESISTANCE) it bounces DOWN.

When the PRICE (BALL) breaks through the CEILING(RESISTANCE); the old CEILING (RESISTANCE) becomes the new FLOOR.

 

chart 11 05 09

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