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Use a Tehnical Analysis Training Course to Learn Suport and Resistance Patterns

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The market can react to support or resistance in a lot of different ways ...

As you take your technical analysis training, here are a few patterns that may be seen when this shows up in the market.

One that we may refer to as touch and away as if the market is reaching, reaching, reaching for a certain level of support/resistance , and once it comes close, it suddenly reverses and goes in the opposite direction , like there suddenly was released some built up pressure . This is known as an exhaust. It is a formation where the resistance level holds . This is a pattern that seems it is trying to break on through , by "chewing" or "worrying" the support or resistance level like a dog might chew a bone , but it ends in failure , and does not break through , and instead the market turns suddenly and goes in the direction opposite.

Another way that support and resistance can give way is when the prices pop up through the level of resistance that is anticipated and then they get higher still. The gap, or as we call it, the "pop" can happen suddenly and may surprise a trader . With today's markets that are 24 -hour and the trading platforms that are electronic we see fewer gaps like this since trade occurs overnight and not a long time where no trading occurs. Nevertheless gaps are sometiems seen, and trading them is important knowledge. One thing to remember as you take technical analysis training course is that after it is broken, support can turn into resistance and resistance can turn into support. Usually the previous support and resistance will be tested by the new prie level and will then go on towards the pop .

Way number three that there is a breakdown of support and resistance is that prices simply slice through the anticipated barrier like a knife through a bowl of jelly , like there was no support or resistance even there .... and that's exactly what occurs . Price quickly scoots right on through . We see this occur when support or resistance is anticipated on a time frame but there is no backup from a time frame that is higher. If, for example, we see resistance on the daily but nothing exists on the weekly chart at that point - we should be on alert .

This information is an important part of technical analysis training course - when in reality, the phenomena you believe is there, really isn't. This is a particular situation where the lower time period technical analysis shows support , but it is non-existant in reality, or if it does exist in the real world it is weak and has little or no effect on the market . The trader who is astute will be alert to this situation because setting up in the area there won't be higher time period tools . The great thing when this happens is that it can be seen fast and we will be able to determine very soon that this is a negative pattern and that that there is no resistance/support in that area .

Author:
Peter Markham is a Forex and financial futures trader with 30 years practical experience in the markets. He received his education in Sydney and Los Angeles and has been a trading consultant worldwide. He has written widely on Technical Analysis Training Course. Among many possible technical analysis courses Peter recommends www.drummondgeometry.com for an original and productive trading approach.

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Contact Information
Ted Hearne
Ted Hearne Associates, Inc.
1-773-728-6996
Website
http://www.drummondgeometry.com


Email
info@drummondgeometry.com


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