More Winning Secrets Here
I noticed that there are a number of websites and chat rooms charging a few hundred dollars for monthly subscription to their services on trading support and resistance levels.
I also keep track of where I think the support and resistance levels are likely to be found. Why not share a few of my selected support and resistance levels for free. It might spark some insights for people to develop their own support and resistance strategies.
A word of caution, I don't recommend that you blindly use my support and resistance levels as trigger prices to buy and sell. You should consider using them in conjunction with your own strategies. If your own strategies converge with my support and resistance levels, this gives you more confidence that the levels will more likely to hold. Take a little piece here and add it to your other trading insights to form a bigger picture of what is going on.
I like to trade the levels the first time price approaches them. I won't like the trade if price returns to the levels the second or third time. Imagine hitting something solid the first time, it will probably hold. However, if you continue hitting it, eventually it will weaken and give way. Suppose you are chopping down a tree. On the first chop, the tree still stands. As you continue chopping, the tree will break and fall. Traders who had bought or sold the levels on first the probe might not be willing to defend that level again the second time around. Some of them might have set their stop losses to scratch their trades instead of defending it.
Support and Resistance Levels on CME Currency Futures
Dec 2011 contracts
This is not the complete list of my support and resistance levels. It is only the nearest 3 levels as they develop.
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