Support & Resistance Frustrations... | Currency Futures


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Support & Resistance Frustrations...

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Seattle
 
 
Posts: 1 since Apr 2015
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Support & Resistance Frustrations...

I hope members can bring clarity to my frustrations. I am a new trader, and I'm drawn to trading off Support and Resistance strategies. I've watched what feels like a bazillion YouTube videos on the subject, and to no surprise, some just make more confusion, rather than knowledge. I realize there's no cut-and-dry answers on these questions, but I feel stuck on these points:

- How many ticks constitute a Support & Resistance phenomena? I've watched some videos where, as soon as they get 5 ticks trading in a tight band, they declare that a S/R zone, and then base future trades upon that zone.

- How far back historically? I see some traders, when they identify a S/R, they look back historically for previous action in that zone. Well, if you go back far enough, you can find support for just about anything. What's the use of going back for historic data, when you're actually just guilty of confirmation bias?

- Time break downs? I see how traders start examining month/day/week, and then break it down into smaller segments when they find something interesting. Others just seem to dive into 1 minute / 3 minute / 5 minute charts, and identify S/R zones right from there. I'm confused on what time break down should be used.

Thanks

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