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Drawing Support and Resistance – Planning the Trading Week Ahead.

Todays Video Talks about how to Draw Support and Resistance on Your Forex Charts. Every Sunday, traders should draw support and resistance levels and plan the trading week ahead, it’s something I have done for years, and it works! This video will explain how to draw the levels correctly on the EURUSD currency pair. Enjoy the Tutorial.

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Video Synopsis – Drawing Support and Resistance – Planning the Trading Week

This video discusses how to draw support and resistance levels on your charts in order to plan for the upcoming trading week. Every Sunday afternoon I take the time to go through the charts and plot my key support and resistance levels, look for any relevant price action, turning points or swing points. The best thing you can do is plot your levels out on the daily chart before the week begins and every day after the markets close in New York.

The chart in this video is the EURUSD daily chart, one of the first things I do when drawing S & R levels is to mark the major turning or swing points in the market, these are the obvious “pointy” parts on the chart where the market made an obvious change of direction. I marked 6 key levels or swing points on the chart in this video, however that’s not enough, we also need to draw in horizontal lines to connect these key market swing points.

It is best to think of these support and resistance levels as “areas” instead of exact price levels, this allows you to have some leeway with your stop placement. I also draw in the “interim” levels on the chart after drawing in the major S&R levels, these “interim” levels are smaller or perhaps less significant support and resistance levels on the chart.

This video was meant to explain how to draw support and resistance on a forex chart and also how I go a little bit deeper to draw the less obvious “interim” or in-between levels in the market.

nialfuller

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008.
Checkout Nial’s Professional Forex Course here.

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32 Comments

  1. asad says:

    Very good attempt. it is very useful for new comer.

  2. rajesh vishwakarma says:

    good video Nial..making use of swing points to define S-R levels..Thanks a lot

  3. rajesh vishwakarma says:

    Thank you Nial..Its a difficult and confusing aspect of analysis which u have made very simple to follow & learn.

  4. Zdenka says:

    Hey Nial :)
    Greatly appreciated! Thank you!

  5. Samuel David Jackson says:

    ii am really happy for this new insight i’ve gotten from you….i am really taking my time to practice it,and i can see what you mean when you say price action trading strategy is a pure and accurate trading strategy…i am really happy to know you..thanks nail

  6. Leon says:

    Thank you nial i will practice so much.

  7. hiệp says:

    thank ! :D

  8. Fxstak stanley says:

    Hi Nial, though am new in the world of forex, your tutorials have so far encouraged me to venture further into trading safely. I will be taking keen interests in the market change and master one price action strategy and apply it. Thanks to you, you’ve opened my eyes further

  9. Chris AW says:

    Just a newbie, planning to start trading in the New Year.
    I am looking for a stratergy to give me an edge and I
    Think your method of Price Action makes good sense to me.
    I have been looking at Forex methods for about six months now.
    So I am going to read everything on your site first before I start.
    Keep up the good work.
    Also could you tell me what platform you are using.
    Thanks
    Chris AW

  10. jonathan jotex says:

    i started crying when i saw your support and resistance drawing and looking back in time to see how it works in confluence.Nial you are really the best guy dude.a big Thanks to you,GOD BLESS YOU

  11. Ellis Russell says:

    Don’t Pivot lines serve the same purpose as these Support and Resistance lines?

  12. suman chaudhary says:

    nail,

    you are great mentor and your post are perfect for every trader

  13. George says:

    Beautiful.

  14. martin says:

    This is the best thing video ever thanks a lot.

  15. daniel says:

    Hi Nial

    I was using so many indicators before this. Now i know that just by depending on price action we can make some good profit.

    Thanks again, you are great

  16. Roland says:

    Beautifully and simply explained. This will surely improve my trading experience. thanks.

  17. Amel says:

    hello

    i have been watching your videos on line ,and i noticed that you are really giving a sincere ,and valuable informations.

    i would like to say thank you ,i am planning to take your course for a $333.00 it’s a donation ,i am just waiting for my taxe refunds
    ,and to help you continue doing the good work.

    thinks are tight around here

  18. eric granatha says:

    good video, easy to understand explanations. I hope you continue sends an article or a video about forex actions setup so i can increase my understanding of it. thanks a lot

  19. eric granatha says:

    good video, easy to understand explanations. I hope you continue sends an article or a video about setup actions for further price increase my understanding of it. Thanks a lot

  20. evarist asika says:

    lovely video Nial,it reveals the other side(profits not losses)of forex trading,thumbs up.

  21. Mgp says:

    Thank you master !!

  22. RAI says:

    Thanx for guidance

  23. Sophie says:

    Great video- as usual

  24. iKeng says:

    Thank for the video.

    It is cool.

    :’D

  25. adewale awotayo says:

    Thanks for the video.

  26. Adrian says:

    Hi Nial
    Thanks for that vidio, I sometimes get myself tied up knowing where to draw these lines ie at the body, at the end of the wick etc. Probibly get to exact at times. This type of video helps a lot.

  27. James says:

    Great Nial,

    I start my trading plan doing exactly the same.
    I even go down to hourly, and even add 15 min for
    daytrade purposes. These are great “static” areas
    to combine with “dynamic” support/resistance such as
    moving averages. Proper price action at a proper static
    area combined with a dynamic area can be a nice lower
    risk higher probability setup.

    Thanks,

    I look forward to your updated course materials.

  28. Samos says:

    Nial. Thanks.

  29. Azeem says:

    Thanks for all the guidance, Nail.
    Your teaching is just great.

  30. Smi says:

    thanks…

    all your guidance is very much appreciated…

    I use ”fractals” which help a new trader like me to identify the swing highs/swing lows.. which tie up with your levels

    God Bless and wish you all the success

  31. jody says:

    thanks for the reminder of keeping it simple. it is easy to forget how the market reacts over and over again to those basics. I am looking forward to the new pages and videos n nial!

  32. rajan says:

    only one thing i can tell u nial….you rocks !

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