However, this technique has certain failings. Gale support resistance forex of the more common has to do with the occurrence of what is called “false breakouts”.
Quite often the market will just exceed the resistance or support lines and return, fooling a large percentage of traders along the way. This statement may seem strange, considering how pervasive the thought that these lines are all important indicators of market direction. But these lines as static and the markets are anything but static. So if these lines are not the true support and resistance lines, what is? To help clarify this definition, lets look at some examples.
Pivot, Support and Resistance Levels: the best trading tools? What are the Best Support and Resistance Systems? Is there a reliable Support and Resistance Indicator ? What is your best one ? What I am searching for is something that can recognize support and resistance zones that are very close to the ones made by expert traders. I am ready to develop such an indicator if it is not available, or improve an existing one if any. D work, and all findings will be shared here.