The second strategy that a lot of high earning traders tend to use is the basis of support and
resistance levels. This is basically when the market tends to reach a certain price repeatedly but
fails to surpass it on most occasions. It can be derived by investigating past results and
determining where such events have occurred a number of times.
Once you have obtained a price that looks to be a good support and resistance level, we can say that
when the price hits that level in the future, it is a good signal that the price is probably going to
go down. Of course this is not a 100% accurate strategy but in the world of forex trading nothing is.
We just have to extract data that seems to follow a particular trend and trade based on that
information.
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