Over the past 8 years as a trader, the way I trade has heavily revolved around support and resistance. In this video I break down exactly how to spot it and also trade it profitably.
VIP Trade Group:
FREE Telegram:
Learn To Trade:
💎Instagram:
#forextradingeducation #forexforbeginner #trading
date 2025-01-14 21:00:13
views 967
author UCHxDMGoAMezA18dLPgSRPCw
source
Here’s a summary of the transcript:
Title: How to Trade Support and Resistance in 2023
In this video, the speaker, a 30-year-old Web 3 DeFi tech editor, explains the concept of support and resistance in trading. He defines support as a level where an asset’s price reaches, bounces off, and rises again, like a ball hitting a floor. Resistance, on the other hand, is where price reaches a level, bounces back, and rises no further, like a ball hitting a ceiling.
The speaker highlights that buyers and sellers are responsible for creating these levels, with buyers pushing price upwards and sellers pulling price down. Support occurs when buyers are willing to purchase an asset, preventing it from falling further, while resistance happens when sellers are attracted to a level, causing price to bounce back.
The speaker suggests using support and resistance levels to identify buying and selling opportunities. When price reaches a support level, it’s a good time to buy, as it’s likely to bounce back up. When price reaches a resistance level, it’s a good time to sell, as it’s likely to bounce back down. He advises traders to look for areas where price has bounced back multiple times, as these are likely to be significant levels.
The speaker also shares a chart example of a trade he took, where price bounced off a support level and then broke through a resistance level, illustrating how to trade support and resistance.
Overall, the video provides an introduction to support and resistance, their importance in trading, and how to identify and trade them in the markets.