When Drawing Support and Resistance Lines the same principles apply to all available time frames. However, stick in Mind that Support and Resistance levels in higher Time Frames tend to be more important than Support and Resistance levels on Lower Time Frames such as 5mints, 10 mints & 15 mints etc. Always draw Support/Resistance line in Higher Time Frame as Professional Traders use this Time Frame to punch their orders. In small Time Frame You will get lots of Noise which will hurdle you identifying the original Level. Support and Resistance are the key Levels which is considered as the key levels for entry and exit Trade. SURYANSHI FINANCE TRADING ACADEMY Best Trading Institute in Balasore all facilities for trading. If you are drawing Support and Resistance Lines on Daily Candlestick Chart, try to Focus on the Body of the Candlestick Instead of the Wicks. Support and Resistance are different from Support and Resistance Level. Suryanshi finance, trading academy providing better knowledge about how to draw support and resistance line in technical chart.
At Support or Resistance Line Price give respect to it and in Level the Price Can Retrace or take Support at any S/R Lines inside the Zone (Level). Most of the Traders are confused with Support and Resistance Line and Support and Resistance Zone. But in both the cases the price reacts at those points. Support and Resistance lines are used for Entry and TP Target Profit. Rounded Levels are used or treated as Support and Resistance Level. SURYANSHI FINANCE TRADING ACADEMY is providing Stock Market Course for beginners in Balasore Support and Resistance course of its Kind in Odisha (Balasore) with hand holding support in Drawing these Levels. A Beginner should first know how to draw it and then Trade.
CLOSING PRICE OF CANDLE IS IMPORTANT
The Closing Price of a Candles Sticks’ Body tend to have a Higher Importance than the High and Low Price represented by the Wicks, as they show the price at which Market Participants “Close their Positions” and take Profits at the end of the day.
The closer the Price Reaches towards a Support and Resistance Levels the Higher the Chance of a Reversal. Support and Resistance on the Higher Time Frames tend to be more Important than Support and Resistance on smaller Time Frame.
For Example: If the price reaches a support Level at the 1 Hour Chart but the Daily Chart Shows the exact same price level could act as a Résistance there is a much higher chance that the price will respect the “DAILY” Resistance and Break through the 1 HOUR Level.
If you want to trade, then you must have the knowledge about the process because you will end up losing so much money in the market. You have to analyze the market by reading the graphs and charts. This is when a share market course in Kollkata will be beneficial for you.