Please find attached the chart for 2days-1hour having the support line and the resistance line. If I would have decided to buy I would have bought when the market fell a little low, the third time and would have done a short trade and closed the position by attaining a marginal profit. Please correct me if I am wrong and give me more ideas about using the support and resistance lines. And do let me know whether I'm right in drawing lines.Power Course Instructor’s Response:
It is clear that you have the right idea about support and resistance lines. What we need to be sure of, however, is in what direction should we be taking the trade...long or short.
Take a look at charts below for a visual on using them to trade this pair.
We want to get the direction that we should take the trade from the Daily chart. On that chart we can see that the trend is down so we know we only want to take short positions since they will be the higher probability trade. Next we can drill down to a 4 hour chart (which I did) or a 1 hour chart to "fine tune" our entry in the direction of the trend. The second chart provides two options as to how to trade this pair.[ForexGen Live Account]
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