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Drawing Support and Resistance Lines

Drawing Support and Resistance Lines

Richard Krivo, Trading Instructor

Student’s Question:When drawing support and resistance lines should you draw them from wick to wick or body to body?Instructor’s Response:

As you draw the lines, you will find that in some instances the same line will cross through wicks, touch the top of other wicks as well as come in contact with the bodies of candles without going through them.The main rule is that the lines can pass through wicks but not through the bodies. When I draw lines I try to be certain that they come into contact with price action (wicks and bodies) at as many points as possible. So, I want the line to touch or pass through wicks and TOUCH the bodies of candles WITHOUT going through the body itself.Take a look at the historical Daily chart of the EURUSD below for some examples...

Drawing_Support_and_Resistance_Lines_body_24991d1235010861-post-day-chart-2-18-09.png, Drawing Support and Resistance Lines

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.