Support and Resistance lines are one of my favorite indicators because they work so well at informing you where price action is likely to find support and head back up or resistance and head back down. You could literally only place trades based off of this one indicator and, with proper money management, be a successful forex trader.
So here’s what they do: Support lines tell you where price is likely to reverse during a downtrend and head back up while Resistance lines tell you where an uptrend is likely to end and head back down. Sometimes these price reversals are short lived and eventually break through the support/resistance lines and this signals to you a potential
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