10-15-2007, 05:37 PM
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Sophomore
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Join Date: Jan 2007
Posts: 38
Thanks: 0
Thanked 1 Time in 1 Post
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Quote:
Originally Posted by scorpion
Support and resistance lines are the best so far to identify new trend and its direction. When price breaks out through the lines, it is likely that a new trend is born. You can draw S/R lines manually, and you can even have ones drawn automatically by Super S/R indicator (download from Indicators forum).
There're many ways to profitable exits. One is to exit after x hours/mins. Another is a take profit order of x pips. Ideally you'd want to exit right when the price is reversing. Look for a new trend that could go against your position and close it right away.
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Your thought are very good
I also agree with you that support and resistance levels has certain power. And their false or true brakouts can show any trend. Also I liked about exits
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