Support and Resistance

<p>Support and Resistance As a trader, I can not emphasize enough about the importance of support and resistance. Support and resistance is the most popular technical analysis tool in the world of trading. Furthermore, the concept of support and resistance are the basis of many advanced trading strategies too. In fact, many of the advanced trading strategies taught in this book including Harmonic Pattern and Elliott Wave are also partly based on the concept of support and resistance. If you do not have good understanding over the support and resistance, it is recommended staying away from the day trading. Many educational materials do mention about support and resistance but in brief. Different textbooks only discuss them in several different angles and it is difficult to find some unified language talking over the support and resistance. Many book will suggest that support and resistance consists of three or more points touching the same line. On the other hand, some book might mention t</p>