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Support-and-resistance

How do you spot your support and resistance?I have seen a lot of traders designing their chart with so much lines even at the lowest time frame all in the name of support and resistance. It’s quite funny but really not so. For me I only look for key zones or I call it strong zones. When plotting my S&R, I k my look for those zones that pushes market high to about 50pips and above as support or deep as low as 50pips and above as resistance. And I find them at H4 or H1 TF In this case my I have a clean chart on M15 TF where I easily fine my entries. Dose this make sense to you? Tell me, How do you plot your own S&R?
FOREXCOM:XAUUSD
by dlegendtbk
1
Support And Resistance – The House! EICHERMOTOR.----------------------------------Support And Resistance – The House!---------------------------------- Support and Resistance explanation: Imagine that you are looking at a vertical cross-section of an "Old fashioned dolls house " which is shown in the schematic. Now you can see all the floors and ceilings in the house, and as you can see here we have a ground floor, first floor, second floor, and roof. The market then moves lower, having reversed, back to the floor, where it consolidates. The concept of Support and resistance is important for a number of reasons. --> First, as we have already seen, a breakout from a consolidation phase can be validated with volume , and if confirmed, provides excellent trading opportunities . The so-called breakout trade s. It is a WIN/WIN. You have the comfort of knowing that once the market has broken through a ceiling of price resistance, not only does this become a floor of price support, it has also become a barrier of price protection in the event of any short term re-test of this area. Any stop loss, for example, could then be placed in the lower regions of the price congestion. This is why breakout trading is so popular.
NSE:EICHERMOTEducation
by Trade-Technique
71