trading quotex platform using support and resistance
hello everyone, the topic of discussion to get profit on quotex is with support and resistance, the significance of support and resistance levels is very large for traders who rely heavily on technical analysis. Support/resistance level lines help determine when the price fluctuates over a certain period of time.
Thanks to knowing these two levels, traders can easily identify potential trade entry points. In addition, he can predict trend reversals.
Support/resistance levels have one more advantage. The indicator can be used smoothly in conjunction with other indicators. Thus, the probability of a successful trade opening increases.
And last but not least, it is very easy to use it in trading. I will show you this in this guide.
Things to keep in mind when trading support and resistance levels
Support/resistance is said to be strong if your line connects more than two price points. And when the price finally breaks the support/resistance level, the emerging trend will usually be strong.
When you encounter strong support or resistance, so that the line touches many lows or highs, it may continue for a while within the boundaries. And therefore, price action trading is a solid technique in this phase.
We would say support/resistance is weak when price often breaks from drawn lines. Market predictions are thus low and consequently, price action trading would not be the best option here.
What happens after the price breaks the support/resistance level? Well, a new support/resistance has been created. Usually, the previous support level turns into resistance or resistance turns into support.
Using support and resistance during trading on Quotex
If you look at the chart above, you will definitely see that the support and resistance levels are quite strong. This is why the chances of breaking the price from these levels are low. The time to place a position is when the price touches the support/resistance line.
The level is strong so you can enter a long position (about 5 minutes.) Whenever we talk about the price reaching the support line, you enter a buy position. When the price meets resistance, you should enter a short position.
To summarize, the skill of recognizing and then drawing support and resistance lines is very important. Every trader should learn it. Especially as you can see, this is not a complicated task. On the other hand, the advantages of trading with support/resistance levels are tremendous.
Practice drawing support/resistance lines on a free Quotex practice account. Trade with them. See, what benefits it will get. Then, move to the actual Quotex account. Share your experience with us in the comments section.
Reviews on Support and Resistance
Let's start with the support level. It will show the lowest price performance on the chart over a certain period of time. If you take, for example, a 1 hour period, you will be able to distinguish the lowest level the price reached before its rebound. You need to connect at least two lows to get a proper support line.
Now, let's move on to the defense level. In contrast to the latter, it will show the highest price performance over a certain period of time. In the 1 hour period, you will see levels where the price reaches repeatedly until it rebounds again. As in the previous case, you must combine at least two of the highest.
Please note that the price points do not have to be exactly the same. Enough if it is in the same price range. In addition, sometimes the support/resistance line may not be horizontal. It is possible to draw support/resistance lines during an up or down trend and then, they will join with higher lows or lower highs. But don't focus on this now.
The easiest method to draw support/resistance lines in Quotex is through ready-made graphical tools. Look at the picture above.
First, you click on the graphical tools feature (1). Then, select “Horizontal Line”. The line will appear on your chart. Now you just need to place it in the right place. Connect at least two lows if you are drawing a support line, or two highs if you want a resistance line. Click it and it will stay there.
You can change the color and width of the line if you wish. To do that, first click the pen icon, then change the parameters.
Another way is to use trend lines. You select it the same way, meaning you click on the graphic tool feature and then select "Trendline". You choose the place where you want your line to start and then, you extend it horizontally until the point where you want your line to end. That's the difference between using a "horizontal line" and a "trend line". The first is not limited in either direction on the chart. The second is limited.
Thank you for reading the support and resistance tutorial for trading on the quotex platform.
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