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hi there, wanted 2 know is there exact support and resisdance levels for the major fx pairs and if so where can i find them, cause all i can find are daily support and resisdance levels but they change the hold time, thank you Enda

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Hello Enda,

There is no such thing as an "exact" and fit-for-all technical level of support or resistance, for several reasons.
One of them is that each broker have different price feeds, another one is the timezone of the broker's server which will often bring about ample differences in the daily pivot and S/R calculations.

Also, there are several formulas applied (Standard pivots, Fibonacci, Camarilla, etc) whose parameters differ.
There are few sites that offer pivot and S/R levels for other timeframes than the Daily, I personally check this one for hourly to monthly figures.

I will soon be publishing a more complete analysis of all the elements involved in finding out true supports and resistances, with chart analysis examples.

Although it might demand a little more work on your side, the best option would be to apply any of the given formulas to your particular broker's prices and on the timeframe you prefer. Depending on the trading platform that you are using, you can also find indicators that can calculate any pivot and S/R style based on a specific custom range.

Should you have further questions please let me know.
Enda;

That is a really good question and one that a lot of FOREX traders struggle with, the short answer is NO there are NO EXACTS as a trader, including when looking for levels of support and resistance. However you can find "levels" or "areas" of support and resistance... These levels are most easily located by using past performance, this will dictate future expectations, meaning if there is an area that held up previously as support or resistance it most likely will be recognized by traders as such and may hold in the future as price nears that particular area. The more often price tests a particular level and that level holds up as support or resistance it will become stronger and price less likely to break it. Also the larger time frame you use to "back test" or locate those previous areas of support or resistance the stronger the level may be.

if you have any questions please feel free to contact me any time.

regards Adam Horak
As i post on here a little more frequently i look to cover this topic a little more throughly, including using not only "horizontal S&R but also Linear S&R" how to use S&R to determine profit points or how to use them to adjust your stops and limits as well as complimentary indicators that allow you to use S&R to predict where a particular currencies price will be at in a given point in the future.


Adam Horak said:
"the larger time frame you use to "back test" or locate those previous areas of support or resistance the stronger the level may be."
Excellent advice, and for the new year. I've been told repeatedly to back test by a trader and now I know what happens while I'm looking at pivots and backtesting at the same time; strong S & R levels do not necessarily hold correctly when the price pivots between these.

Enda,

 

You can find an excellent website on support, resistance, and pivots at ForexPros.com under their Technical tab. Look to the left side of the screen and click on Pivot Points. You will find 5 minute pivots all the way up to 1 day pivots.

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