Resistance & Support Zones Strategy

[webtolight]

Hi Everyone,

I'm new to this forum. I've been trading for almost a year now. My strategy mostly incorporates resistance and support zones, mixed in occasionally with typical patterns, such as double tops, triangles, cup and handle, etc...

I've been working, for the last couple months, on the resistance and support zone strategy using the 1 minute time frame.

Here are a few screenshots of this strategy:

https://imgur.com/a/2iZfXgG

The blue line, what I like to call it, is the Median. It's the dead center of the zone. It almost works like a magnet on the price action.

I like to look at volume when price action enters these crucial areas in order to confirm my entries.

I feel like I'm missing something when it comes to confirmation and volume analysis.

Whether I should enter near the median or the upper border of the zone. Sometimes, price action breaches the upper zone and shortly thereafter, retraces almost all the way back down.

Maybe an indicator or two would help for confirmation because I simply just watch price action and don't really like using indicators.

Any tips and/or expertise would be much appreciated!

Thank you!

 

[BenTen]

@webtolight Welcome

Like you, I started out trading on the 1m timeframe. It was nice at first but didn’t last really long because I realized there’s simply too much noise on this specific timeframe. It’s harder to identify S/R levels for that reason. I would recommend checking out the 5m and 15m. You can find much better levels of support and resistance on there.

The bigger the timeframe the bigger the move

We do have some Support and Resistance indicators on here. You can use the search bar to look for them.

 

[webtolight]

Thanks!

I totally agree with you. I use the 5m & 15m to map out s/r zones.

I'm going to check out some of those indicators.

 

[kbtarl]

Is there some thinkscript that plot supply demand zones? Would that be something hard to write?

 

[BenTen]

@kbtarl This was asked and discussed multiple times. Please use the search bar. You should be able to find it.