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Support and Resistance is the most important concept in the field of trading. If you were giving the trading exam. You must have got the most questions from Support and Resistance. This concept is that important.
How to draw Support and Resistance on Quotex?
=> The first and foremost step is to log in to your Quotex account. In case you don’t have one click here.
=> Once you have signed up. You will land on the Quotex trading dashboard.
=> Thirdly, Click on the three dots in the bottom left-hand corner. and select you default chart as candlestick from the menu.
=>Now, click on the pencil from above the three dots and select the Horizontal line from the menu.
=> Now, You need to place the horizontal line below the two lows at same distance for the Support level.
=> Similarly, add one more horizontal line just like above and place them above the two high of candles for the resistance level.
=> For better results, you can change the colour of the Support and Resistance lines and darken them for brighter visibility.
How to trade with Support and Resistance on Quotex?
Traders use the Support and Resistance level to identify potential entry and exit points. These two points are the pre-assumed price level that stops the price to go up or down any further.
When the price or candle touches the support level it is most probably going to bounce back up and here we can place a buy trade as it signals an upcoming bullish trend.
Similarly, when the price or the candle touches the resistance level it is most probably going to bounce back down and here you can place a sell trade as it signals an upcoming bearish trend.
Support and Resistance using Trendline
You can also draw Support and Resistance lines using Trendline. Firstly, click the pencil icon again and select the Trend line from the menu.
Now, stretch the Trendline above the two highs for the resistance level and below the two lows for the support level.
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