Longer-term Support and Resistance Trading: Setups and Rules

Expert: Rob Booker, Founder and Host at TraderRadio.net
Moderator: Maud Gilson, Conference Manager

Summary:
In this monthly webinar, Rob will show you how to plan trades that last (generally) between 1-3 days, and that do not require constant monitoring. While short-term trading can be profitable, many traders want to learn to trade in a more relaxed, patient manner, and this is where you can learn to do that. We'll cover:

1.  Specific rules for support and resistance trading
2.  Real trades that Rob is planning to take
3.  How to set stop losses and profit targets for longer term trades (even if you are trading an account with less than $5,000)

Webinar presented by Piptopia.com and FXstreet.com

Comments

[James Brice]

Would be more useful if charts could be less microscopic

[Gareth]

Hi, I find it quite disturbing when you say that you don't know if the market is going to go up or down? I am personally able to find targets very often with my technique, the difficulty is only following the target through before taking the profit! But if you would like to test me on this just send me a email.

Also, if you look at the weekly and daily charts you will find that the "Bias" on shorter term direction becomes much easier, but if you can't see the direction on the short term then you have not understood the daily and weekly chart to begin with!

A "Bias" is very important because if you have the direction right in your plan, then your trading strategy will become easier, reagrdless of what time frame you are trading. For example, if your "bias" from your plan is that the market is moving down, then you would be prepared to sell rallies, or look for the level to go short!

A successful trader must trade from a known plan and not an unknown plan. Trading decisions must be made from a position of strength and not a position of weakness!

By the way, your support and trendlines in this webinar are not long term as in the title, they are all short term? A long term s&r level will come into play for days, weeks and months, not hours!?

[Maud Gilson]

Hi James,

if you click on the "enlarge image" button at the right bottom of the video screen (next to the volume) you will see the recording full screen and the charts bigger!

Thanks!

Maud Gilson
FXstreet.com

[Rob Booker]

Gareth,

I appreciate your comments!

I am not surprised that you find it disturbing when I say that I don't know if the market is going to go up or down; and then you mention that you find it easy to find targets.

For me, I don't have problems finding targets or planning trades. I do have problems when I let my bias become so strong that I don't accept the reality that the market can do anything that it wants. Just because I have a bias doesn't mean that the market has to go one way or the other.

What I am doing in these webinars is not meant to show you that I know more than you, or anyone else. More than anything, I hope to communicate that traders, in my experience, do better when they manage their risk, don't become married or tied to one particular view of the market, and admit when they're wrong.

I suspect that you believe all these things to be true, as well -- and that perhaps you and I are talking about two different things.

Thanks again for your comment!

Rob

[Fuji]

When I trade with spot currency of (USD/JPY), I usually use a charting of US-2-years-bond-future (Most Important), Dow-future, S&P-future Nasdaq-future and CBOE Volatility Index.Those materials will help the traders to get pips from the market and bring you tremendous benefits as well.

-Fuji
P.S.-A human Life is a story told by God
Perhaps they are not stars, but rather opening In Heaven where the love of our lost ones pours through and shines down upon us to let us know they are happy.