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Arlen N. Sloan wrote:
My problem is that I still having a hard time
recognizing support and resistance levels on a chart.
Arlen,
You've raised some interesting questions. I've got some very definite
ideas regarding support/resistence but the answers depend on how long
(time-wise) of a trade we might be talking about. For example, in my
own trading which consists of most trades only lasting for 1 or 2 days,
daily highs and lows would be very significant s/r zones. I do
sometimes use fibonacci values to help reduce risk and lock in profits.
What time frame do you trade in?
Regards,
Pete Hallock
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