The Ultimate Guide To Support And Resistance In Forex Trading


All right. We’re just getting started here. Okay. Just give it a second, let everything load
up and get ready to go. Okay. All right. We’re good. We are now live. Good morning, everybody. Good evening. Good afternoon. How’s everyone doing? Okay. Just turned on the chat for you guys. We are live on YouTube along with our website
on urbanforex.com so you guys will be able to see on both places. Okay. Right. Morning, Tony, Chad, Sinan, Forex Dude, Ike,
Ranch. Welcome. Welcome. So it looks like it’s getting filled up now,
people are starting to come in. We’ll give another minute and we will get
started. We’ll get started. Vijay Tapa is saying, “Your face is looking
black, Navin. Why?” I’m sorry, I have no control over the color
of my skin. No, I’m sitting in a dark room. I’m sitting in a dark room. Otherwise, it gets too bright. But welcome, guys. Welcome. Welcome. Welcome. All right. Today is a very important topic. We’re going to be going over support and resistance. So, before we begin, as always, we want to
get started. How many of you guys here are here for the
very first time? You guys are here brand new, you guys do not
know Urbanforex, you guys do not know me. Okay, completely new? All right. I think the audio, you guys are saying a little
bit louder. Let me see if I can turn it up a little bit
more. Let me see. Okay. I believe the audio should be a lot more louder
now. Yeah. Is that better? Sorry. Might be too loud. That should cover the audio issues. All right. Okay. So some of you guys are new. All right. And finally, how many of you guys have been
to these webinars before or know of Urbanforex or Navin Prithyani, me? And you guys are here. Okay. Saman, I see you’re brand new. Okay. The audio is good now. Fantastic. I’m glad to hear that. Glad to hear that. Okay. So for those of you guys who do not know me,
my name is Navin Prithyani. I am the senior trader at forexwatchers.com. I am your mentor at urbanforex.com and CEO
of Black Tower Investments in Hong Kong and CEO of Anticipate, Don’t Participate DMCC
in Dubai. So I have now relocated, I’m no longer in
Thailand, I am now living in Dubai. I’ve already caught up with a lot of you guys. It’s great to catch up with more of the guys
as you guys are coming in through this city or if you guys already live here. So it’s always nice to catch up. All right, guys. So a couple of things, couple of things. Today, we’re going to be talking about support
and resistance. Support and resistance is a very, very big
topic. And for the most part, it’s been used in all
different kinds of twists and turns and angles. So what we’re going to do today is we’re going
to start from the top take you all the way down until strategy. Basically what I’m trying to say is, I’m going
to take you from what is support and resistance as basic as that, and you’ll be surprised
how many people do not know this, and then take you all the way leading up to the strategy
part. On how can you support and resistance to the
best of your ability. This is going to be your complete guide. And within a couple of weeks, I’m also going
to email you out a guide that you can watch step by step with bite sized videos, so you
can train and learn along as well. Yeah. All good? Everyone with me so far? Shall we begin? Okay. Faithful Joe saying, “Hi, Navin. I’m new here.” Welcome. Welcome. Some of you guys saying you guys are MPA students. Great, great. Welcome on board. All right. So let’s get started. Let’s get started. Let’s get started. Okay. So first things first. First things first. What is support and resistance in your eyes? Let me open up a whiteboard as well. Let me open up a whiteboard so I can draw
for you guys and you guys will be able to see that. I’m going to move my screen a little bit lower. Here I am. I’m going to pull myself on the bottom left
hand side so I don’t take up your real estate on your screen. All right. I’m just going to draw a circle on my screen. Let me know if you guys can see it. Once that shows up, we shall begin. I see a lot of you guys have been to a lot
of my webinars before. Now, when it comes to support and resistance,
the basic questions that you need to be asking is not what is support and resistance? How can I use it? This is what everybody asks in the forex industry. You have to stop this nonsense. I came into this industry, how can I make
money? How can I do this? How? How? How? You need to stop the how, and get into the
why. Why do I need to do this? Why do I need to learn this? Why is this important to me? When you quit the how and you go into the
why, you will explore a lot better on what you need to do and how you need to do it. Otherwise, it is just a game and you’re waking
up and going to bed, waking up and going to bed. You’re basically in this routine that’s never
going to end. It’s never going to end. All right. So you guys see the circle now. Now support and resistance, a couple things. So I’m going to draw a dude. All right. That’s the dude right there. You know what, I’ll draw a dudess also. Give her a nice little skirt. So there’s a man and a woman here. She’s got nice hair and he’s got weird spiky
hair. All right, there we go. Now, anything above the current location of
someone is called resistance. What is above you is called resistance. Okay? I’ll just put RES as resistance. What is the below you is called support? Okay, I’ll just put SUP. For the sake of time and my spelling mistakes. Okay, so resistance is above you. Support is below you. Okay? Anything below you is support. Imagine you carrying a baby or carrying something,
you’re supporting it. That will help you remember it. That’s always below you. And resistance is like yeah, fight the power. So resistance. Okay? Now, let’s now get rid of all of this. And now let’s understand why do we have support
and resistance in the market and what is this thing? So let’s say the markets are moving. We’re going to go into the very basics. I need you to understand what is support and
resistance so you can become an expert at support and resistance by the end of this
webinar. So I’m going to take you through a journey
from the beginning of this webinar, as if you’re a complete newbie and you never heard
of support and resistance in your whole life until the end, where you’re going to be better
than the average individual who’s read support and resistance from a book in the library. Okay. So let’s take you from the beginning all the
way till the end. All right. Now, why does support and resistance happens
in the market? So in the market, there is a price rhythm. There’s a price moving. There’s always a price moving. That price is determined by people buying
and selling. So let’s say there is something you want to
buy. Let’s say it’s a phone. I just use a phone as an example because it’s
the easiest thing everyone can remember. I’m sorry, this is an ancient phone, it has
buttons. For some of you new kids, you’re probably
like, what is those circle things on that phone? I’m sorry, it’s a half a touchscreen. Okay? It’s a half a touchscreen. Just go with it. So it’s a phone that people want to sell. Some people are saying, hey, I’ll pay you
$10 for it. And some people are saying, hey, I’ll sell
it to you for $10. People are happy. That is a transaction happening in the market. Some people saying, I’ll pay you, some people
saying, I’ll sell it to you. That is the difference between buying and
selling in the market. Again, we’re taking you from the very basics
as if you did not know squat about support and resistance, okay? All right. Now, as the transactions are happening, sooner
or later, the guy says, you know what, I don’t want to buy it at $10 anymore. And the seller says, I don’t want to sell
it to you at $10 anymore. I’m going to sell it to you only if you’re
willing to give me $15. And the guy is like, no, I don’t want to give
you $15. I’m going to only offer you 10. So they’re in a fight right now. And then sooner or later, one of them has
to give in. And the guy says, fine, I’ll give you $12. Can you give it to me, at least, for $12? And the guy is like, no, dude. 15 only. Then he goes, fine. I’ll give you $14. Come on, man. Work with me here. Give it to me. I want it for $14. And the guy is like, no, I’m giving it to
you for only $15. Then what happens is that buyer says, you
know what, screw this. I don’t want to be treated like this. I’m walking away. And that buyer says, you know what, I’m not
going to offer you a single penny. And he just walks away. He leaves the store. He leaves the whole location and he says,
I’m never coming back. Now there’s no buyers and the price is at
$15. No one willing to buy it. The store owner who was selling this funky
little iPhone with no antenna and buttons on it, he has to sell the iPhone. So what he does to attract customers is he’s
going to say, fine, I’ll sell it for $10. No one? I’ll sell it for $12. Sorry, I’ll sell it for $9. Really? Nobody’s buying it. Okay, I’ll sell it for $2. Come on, somebody buy it. I’ll sell it for $1. Jesus Christ, someone just take it. Do you see what happened here? Just walk me through. I want all of you guys to try to participate
in the chat and just try to explain what just happened. And think about it in terms of your daily
life. Don’t think in terms of what this means in
forex. I want you to think what this means for you
when you go out shopping. What just happened? There was not enough demand, so the store
owner because he has a lot of supply, he has too many pieces, he needs to sell it at a
lower price. He needs to sell it at a lower price. What happens is people who are walking by
that store every day are looking at this, they’re like, somebody was buying it for $10,
then they were willing to take it up to 14. And then I’ve been seeing signs, I’ve been
walking down the street, down New York, walking on Saks Fifth Avenue and there’s this nice
shiny store, and they’re selling this funky iPhone. I’ve been seeing it every single day on the
store. $15 for sale, $15 for sale, $15 for sale. And then the next day I walk by, $10 for sale,
$10 for sale. $9 for sale, $9. $2 for sale, $2. $1 for sale. I remember all this. Wouldn’t you remember it? I just remember seeing $15 a week ago, and
it’s come down all the way to $1. Now, here’s where it gets interesting. Here’s where it gets interesting. I’m going to move this to the side. So that that dude who’s been walking down
the street on Saks Fifth Avenue in New York, who keeps seeing it on the window, he’s like,
very interesting. It was $15. Now it’s $1. Now, let’s name this guy Bob. Bob has a friend. Okay, Bob has a friend, Billy. Billy says, “Hey, man? Do you know where I can buy a cell phone that
looks really weird, has buttons on it and no antenna?” And Bob’s like, “Yeah, dude. Go down to Saks Fifth Avenue and there is
a phone right there.” And he says, “Thanks. That’s what I’m going to do.” He walks down Saks Fifth Avenue, and he sees
prices are at $8. He sees prices at $8. He’s still considering. He’s like, “I don’t know if I want to buy
it today.” He comes back tomorrow, he sees prices are
at $10. He comes back the next day, he sees prices
are at $13. Now he’s getting very, very anxious. He’s like, I need to buy this before it keeps
going higher. I have to buy this. Everyone seems to be raising the price higher
because there seems to be a lot of demand. I have to buy this quickly. So he calls up his friend Bob on the phone. And he says, “Listen, Bob, the price is at
$13. It’s nowhere near the $2 that you told me
or $1 that you told me. It’s at $13. It keeps going higher and higher every time. So what I’m going to do is I’m just going
to buy it.” And Bob says, “No, wait, wait. I remember from my memory when prices went
to $15, they collapsed down to $1. I remember it very, very well. Very, very well.” He says, “Really? Okay. In that case, I will not buy it. I will wait for that crash again.” I will wait for that crash again. So the buying stops because of the anticipation
of he crashed last time, he can crash again. Now, let’s take the story onto the charts. Okay, let’s take the story onto the charts. This is a simple story of how people do buying
and selling in a normal store. Don’t treat forex any differently. Let’s not take you into a forex environment
where it’s nice and charty. Nice and charty. Let me get rid of all of this. How do you select all? Clear page. All right. Here we go. So far so good, you guys all with me? All right. So on a chart, prices are starting from here. Let’s say the price is at 100. Prices start to rise. They’re competing, they’re competing, they’re
competing, they’re rising, they’re rising, they’re rising. Prices reach hundred and $150. At the price of $150 suddenly, prices drop
down. 90, 80, 60, 20. What this does is the stronger the collapse,
let me repeat that word, the stronger the collapse, the stronger the memory of this
price. The stronger the memory of that price is ingrained
into people’s minds. Which means next time prices come sloping
around to that area, Bob is like “Wait, stop buying it. Remember last time when prices got near this
area it collapsed?” So that’s why you don’t get prices always
exactly to that area. You get them thereabouts. This is why your support and resistance is
never going to be precise to the pip. It is going to be thereabouts. Because the people are like, no, no, stop
the buying. Don’t buy it anymore. Remember that price when it gets there, it
just crashes. So let’s wait for that discount again. Once the discount comes, we’ll buy it at that
time. It’s going to be a lot cheaper. Same thing happens on the flip side. When discounts are coming in, the people are
like, come on, come lower, come lower, come lower. And then they’re waiting for this price. What happens to that price? It turns earlier from that price, that price
of $10, let’s say. And it starts rising from there. It goes from $20 to 30 to 40 to 50. And the guy here is like, oh my goodness,
I can’t believe I missed it. I have no choice but to buy it at 40 now. In the future, when the market comes down
again, the same thing will happen from this price range thereabouts. They’re going to try to buy it again. So now I’m going to ask all of you guys this
one question. I’m going to ask all of you guys this one
question. How does this matter to me? A more important question, a more important
question to think about is, if prices are shocked from this area and then it crash and
they’re like, don’t buy it once you’re getting close to there. And then when it goes up, they’re like … Sorry,
don’t buy it once it gets close to there and don’t sell it once it gets close to here. Isn’t price always going to be in this ping
pong market? Don’t you guys agree? It’s always going to be stuck sideways then,
technically, because people are constantly bouncing from their memories left and right,
like, don’t do that. Don’t do this. Don’t do that. Don’t do this. So how do you get a market? How do you have a market that’s when you open
up your forex charts, everything looks like it’s running away one direction or they’re
running away the other direction and some days it’s not doing anything. How is that possible? Here’s what you need to always understand. One thing always matters in the market is
panic. Okay. It is true today in today’s world, the only
thing that grabs people’s attention, including gold fishes, is panic. The news uses it, articles use it these days,
the top 10 ways to get rid of your cold sores, herpes, whatever you want to call it. They’re always trying to scare you with all
kinds of stuff, right? The market works in the same way. We are pre-programmed to fear. We are pre-programmed to fear. So having that said, I’m going to ask you
guys this thing, when the market does this, how many guys are in the market like, oh my
god, today I’m going to make millions. I’m going to make so much money. Look at that beautiful design. I am going to be a billionaire. Nobody does anything. They’re quiet. They’re just sitting on, leaning back into
like, what should I wear tomorrow? Popcorn? What movie should I watch? Until this happens, and then the market starts
running away. Once the market starts running away, everyone’s
like ding, ding, ding, ding, ding, I need to do something. I have to do something. If I don’t do anything, I will not get a red
Ferrari for my dog. Right? I will not get a red Ferrari for my dog. So I have to now join the market and take
action. Doing that process, this becomes a memorable
moment. This becomes a memorable moment. A memorable moment. So you want to understand that how people
think is how you’re going to get an edge. Same thing. If the prices are … I want to ask you guys
this thing. If the prices are going up like this. I want to ask you guys a question. Is this memory that this price is so dangerous
and it will push price up? Or is the memory still hot about, look at
that big down move? Oh, my goodness, I need to sell this. Which side are you on? Which side is the mentality more attracted
to? The big panic like, oh my goodness, Home Alone
face or is it going to be on the slow and dragy movement up? Which catches your eye? The big one, right? The big one. The memory is still hot, very good. The memory is still hot with this one up here. So support and resistance works the exact
same way. The power of each support and resistance rely
on how strong the panic. So if you have a movement and then it goes
down, you can say, that is a good resistance. But once prices are just hovering around and
then they go up slowly, that is not a good support. Unfortunately, in today’s markets what is
being taught is as many times as a price is being touched and touched and touched and
touched, the better your support. Then there’s the other train of thought, the
more times it touches, the support is weakened. Leave all those thoughts behind. I want you to clearly understand what would
you do when you’re in that store looking at that nasty phone and thinking about how do
you personally react to buying and selling. It is the exact same thing in the markets. Do not change how the world brain works. The brain works the same way outside of forex
and inside a forex too. Everyone with me so far? Eddie you’re saying, “So size of candles matter.” It’s the panic movement. It’s not the size because this can be big
size candles also. But then it’s the size and how it runs away. It’s the maybe the quickness, the speed of
it can make a difference. Okay? Because if it’s slow, it won’t grab your attention. The news is not going to talk about it. But if it suddenly goes like this for one
day, and then the next hour, it drops like crazy, everyone’s going to talk about it. Every forum, every news channel, everything
is going to talk about it. Bob, Billy, Uncle Tina. That’s a weird name for an uncle, but uncle
Tina might talk about it as well. So they’re all going to discuss it. That is in the minds of people. Having that said, let’s take it a step further. So now you understand resistance is above
you, support is below you. So far, so good. Now, there’s a concept that is called support
becomes resistance. How many guys have heard that before? Or resistance becomes support. Yeah, so all of you guys have heard that at
one point or the other. And those of you guys who are new, you guys
are going to encounter that soon. I’m going to help you understand it right
now. So let me get rid of all of this thing. Let me boom and clear. There we go. All right. So there’s this concept of support equals
resistance or support becomes resistance. Once the price crashes down, boom, we say
that is your resistance area. That was your resistance area up there. All right. And some people are saying, this is our support
area. If this is our support area, then this can
in the future become resistance, basically. So the top part is support. Sorry, resistance. Top part is resistance, bottom part is support. Now that we’ve crashed through it very aggressively,
like, bam, we’ve gone through it very aggressively, this support can now become resistance. Because by the time prices come up here, it
is not because there’s a line in the sky that you need to be afraid of it. It is because Bob and Bill are saying, hey,
hey, hey, remember last time prices got around this area, they crashed. Remember. It is that memory that makes support become
resistance. So, a quiz question for all of you guys, every
single one of you guys. Can you ever use support and resistance to
the pip? To exactly that one pip. Saying, it has to come exactly here before
it turns. The answer is no, you cannot. Support and resistance will always be an idea
when the public will back off and saying I don’t want to buy it anymore. So you cannot time it to the pip like that. Does that make sense? So whenever you see a support and resistance
strategy that’s telling you, you know what, just draw a line like a sniper. And the moment it touches that line, you sell
your house, you sell your dog, you sell your grandma, you sell your grandpa, you sell everything. Don’t do that. Don’t do that. Because now you know better, now you know
better. It is not a strategy. It is simple logic you need to understand
of why it happens. We can work on the how in a bit. Why first? Everyone with me so far, understanding it? Okay. The light is so bright behind me. I feel like Jesus is coming through my windows
or something. Like God is stepping down. So let me get rid of all these lights here. Not lights. Let me get rid of the all these drawings and
we’ll go a little bit further. All right. Here we go. Now, quick question, true or false? Here’s a dude. That’s true. It is a dude. Bt the question is, is this support, true
or false? Is that support? Five seconds. Five, four, three, two, one, zero. And the answers that are coming in lagging,
false. Very good, very good, very good. That does not support anything above you is
called resistance, anything below you is called support. Now that you guys have a fair understanding
of support and resistance, I’m just going to flip the scenario one time to give you
in an uptrend in market. So the markets had been hovering around, they’re
doing this now. I’m going to change it up a little bit. They’re doing this. And then it goes, bam. Would you say we have broken resistance? Would you say we have broken le resistance? False. Can’t tell. Some people are saying not yet. This is where many people get stuck and trapped
in. When the market moves, if it’s not panicky
enough, if it’s not panicky enough, you need to understand maybe this resistance has not
been broken and most likely will not become support afterwards. It will not become support afterwards because
people’s trains of thoughts have not been triggered hard enough. People’s train of thought have not been triggered
hard enough. And then later it does this. How about now? Now, here’s the question I want to ask you
guys, because now all of you guys are going to say yes, which is correct. However, now here’s the main question I want
to ask you guys. Let’s go into the how a little bit. Let’s go into the how. How do I draw my resistance line? How do I draw my resistance line? Do I keep it the way where it already was? Do I drive up here? Do I drive from the area where the massive
movement began? How do I draw it? Everyone looking for the how answer can stay
lost. Can stay lost. Everyone who knows the why understands as
prices come lower in this area, we need to be prepared to get ready to trade. Because sooner or later, the buyers are going
to jump back in. They’re going to jump back in. So they’re thinking, get ready, prepare. Get ready, prepare. While the how people are thinking, I think
I have to buy it exactly here. No, I think I have to buy it exactly here. If I don’t know the how, I can never trade. Actually, I must know the how. Let me Google it and let me find 30 or 40
different mentors on support and resistance. One of them must have the golden key. Have you found the golden key yet? Have you found the golden key yet? I haven’t. You got to understand the why. If you understand the why, you become a little
bit better. So I’m going to share with you guys a little
bit something. You guys ready for this? I’m going to share a little bit something. I’m going to go here. I’m going to open up my recent trade I did
on pound/New Zealand. My recent trade I did netted me a total profit
of $20,000. So support and resistance. Now, resistance is above you and support is
below you. You always want to stay on top of that. So shall we do some more examples on support
and resistance? Get rid of that. How many guys here are like, wait, what just
happened? Why would you show me something that’s 20
grand worth, and then go back to support and resistance. Shock value. Do you guys agree? Is there a panic in the brain that’s like,
whoa, whoa, whoa. That’s how the memory gets triggered. That’s how the memory gets triggered. It’s like, oh my goodness, what happened to
that? Can we talk about that first? Right? This is exactly what I want to teach you about
support and resistance, is support and resistance only grabs attention if it’s shocking enough
that is not normal. That is not normal. You guys agree? Sorry. It was a weird example. But it was the only thing that came to my
mind to shock you right on the spot. All right. So now let’s take a look at this. Let’s take a look at this. All right. Saman, “Show your trade, too.” You want to show your trade, Saman? All right. So now let’s take a look at this. We have the markets ranging. Markets were ranging. They’re going up a little bit, they’re going
down a little bit. Whenever you have up a little bit like that,
many people will draw this as support and resistance being broken. Do not fall into that trap. That will have less value for you. Because what is the reason for you to learn
support and resistance? Is to do something about it. No point in learning support and resistance
when you cannot do anything about it. So these types of support and resistance,
you cannot do anything about it. So no point of drawing those are learning
those. So what are you actually looking for? You’re looking for a movement that is more
not normal. So if this is the normal movement up, normal
movement down, normal movement up again, and then bam, that’s not normal. That’s how you want to say, okay, hereabouts
is that used to be my resistance has now become my support. When prices were around this area, all the
buyers went to that cell phone store saying, hey, you know what, I’ll give you 10. The next guy said, I’ll give you $11, give
it to me. I’ll give you $12, give it to me. So the next time that store gives a discount
and the prices start going down, you bet the public is going to remember, hey, it’s not
going to go below $10. You know what? Start piling up, get ready to buy it. Some people will start buying it right now. Some people will start buying here. Some people will start buying it there. All of this activity will begin the buying
process. The buying. Let me buy it, let me buy it, let me buy it,
because I don’t know if prices are going to get down to that same discounted price again. Does that make sense? So now you understand what is support and
resistance. You understand how support can become resistance
and how resistance can become support, you understand that as well. And now you’re also understanding how to actually
draw them with the idea of why do they happen anyways, because then the how, the exact how
disappears. And that long quest of, I need that perfect
support and resistance strategy, disappears. It disappears. You are now free. You don’t have to sit there every night googling
for, I need that someone tell me exactly how to draw my support and resistance. It’s gone. You can now relax. You can now relax. Now you know why it happens, you will know
that there is no such thing as the exact line. All right. So now let’s take it a step further. Let’s take it a step further. Shall we go into a little bit of strategy? What can you do to make the most of this? What can you do to make the most of this? I’m going to open up that trade again, and
I’m going to show you … Tahir is saying, “How $20,000 is related to support and resistance.” All right. Now here we go. Let me go into back into that chart where
I closed that trade. This is pound/New Zealand, and I’m going to
open up that position for you and I’m going to show you. Here we go. Pound/New Zealand. This is the trade I was doing yesterday. And let me move it up here and that’s the
buy I took. I got out up here. All right. Now, a couple things are coming to your mind. Why did you do that buy? And why did you exit there? What was the reasoning behind it? So on and so forth. Now to do this buy, do you see any panicky
movement out of this thing? Is there anything that looks out of ordinary
except when it actually moves? But when it actually moved, I already got
in on it. there was another trade afterwards where thereabouts
when the prices came down, people got in again and then it shot up again. This is a shocking area, right? So thereabouts, people started getting in
again. You can see this momentum of people are starting
to get ready for the buys and they bought it again. But I got in a little bit earlier. What I personally use is correlation. Below this video, if you’re on urbanforex.com,
you’ll see the app that I use, FX Meter. Let me see if I can have the icon here. Open FX Meter. Okay. This is the app that I use. Let me restore it. This is the app that I use. It is now available on Android as well. It is also available on iOS. So if you don’t have it, you can refresh your
page. It is just below this video. You can click on it. If you’re on YouTube, you can email us or
you can head on over to urbanforex.com to find out more about it. Anyways, I use correlation to understand what
can I do to get in. So I’m going to open up the pound group. So what the pound group, what I’m doing here,
is I’m opening up everything related to the pound. Pound/USD, pound/CAD, pound/Swiss, pound/Ozzy,
pound/New Zealand. Pound/New Zealand is the one I traded. And then euro/pound. Notice that I grade that one out, because
pound is on the right hand side, it’s flipped upside down. All right. Yeah, I know. So that is the major announcement today is
FX Meter is now available on Android. Please if you do use it, give us a nice five
star ratings. We’ve worked very hard to finally release
it. It’s been a year since we released it. It is available now on your Google Play Store. Go get it. Wait, no, don’t get it now. Watch the webinar first. All right, here we go. So pound/USD at that time. Let me open up the 15 minutes. Here we are. So that movement yesterday, we had this movement
on pound/New Zealand, very similar area I got in on the buy side. Very, very similar area I got it in the buy
side. However, let’s take a look. There was no shock value in this area, both
in pound/USD and pound/New Zealand. But earlier we had a strong movement up. So I know that this is support. When prices came back down, they used support
again, they blasted up. But this was also my resistance. This was also my resistance because it kept
hitting the market hard and it came all the way down till here. I’m like, man, whenever prices get up there
again, make sure don’t buy it anymore. It just crashes back down. But what happened when it got here the next
time? He didn’t crash back down. Where’s that panic? Interesting. He there again. He didn’t crash back down. Where’s that panic? This got me interested in saying, if I can
get price low enough, I want to hit the buys. At that moment, I was looking at pound/New
Zealand because of correlation, everything in correlation on the FX Meter was telling
me, if you want to pick a pair, pick a pair that you want to go with, that has a lot of
power in it. So I chose pound/New Zealand at that moment. Where is it? There we go, pound/New Zealand at that moment. And I used that same timing of the shock value
to say, give me a price low enough and I will buy it. So this is a little technique for you. As long as you have a little bit of correlation
in the back of your mind of like, who’s strong today? Who’s weak today? You have that running for you. Then you’re looking for your support and resistance
areas of, where’s my panic? So once prices were shooting up here … Where
to go? Sorry. It’s over here. Once prices were shooting up, I wanted to
make sure I get out on time. Also, I don’t want to hold on to it forever. So I got on and got out at the price of 60
area. I believe that was … Yeah. 60 area more or less. Shows 64 here but by the time I hit the close,
I got out at 60. Okay. Thank you, Charita for sharing that link. There you go. There you go. It’s on Google Play. All right. So do you guys understand why and how I use
support and resistance knowledge? Supporting with all the other knowledge that
I have, that I teach on Urbanforex, I use all of that together to guide this trade. If you just use support and resistance, you’re
not going to be equipped hard enough to come into the market to make tons of money. But it’s a very good start. But the main point I wanted to tell all of
you guys today is, do not fall into the trap of, how exactly should I do something thing? The moment you get into how exactly should
I do something, there is no career for you in forex. I promise you. I really promise you. And I say this in the most humblest way for
your benefit. I promise you, if you look for something that
is so exact, it will not work. It will not work. Okay? All right. So we have a lot of courses on Urbanforex
that walk you through step by step on how you’re supposed to read price action. Notice on my chart, also, no indicators. I don’t use multiple indicators to guide me
on what is the market trying to tell me. I’m thinking constantly of, what is Billy
and what is Bob doing now? What is Billy, what is Bob doing now? How can I make use of that? How do I know what the larger player is doing? And what is my Billy and Bob doing? And then I have an edge over the market. Not, this is the market, let me paint it with
indicators. I will read the indicator and then I’ll make
a decision three or four steps back. You see how bad that is? How weak that is? Because the indicator, it’s only job is to
follow the market. So how can the indicator give me the answer
if it’s following the market? I might as well follow the market myself and
cut out the middleman. So it’s only job is to follow the market. If you really want to get your game up, then
you need to learn more about the markets. For those of you who do not have any idea
about how to use the markets, but you have some knowledge of trends, support and resistance,
trend lines and little bit like that, then I would recommend you go with the Urbanforex
Mastering Price Action Course. Below this video on your right hand side,
you’ll see the icon for Urby, it’s our friendly robot and my team is in there as well. They’ll assist you to pick up that course. It is available as a webinar exclusive for
less than $200. It is a seven week long course. I walk you week after week, step by step and
telling you what you need to look out for, how you need to do it, and keep you with an
open mind to make sure you’re looking at the markets in the right way, and you build your
career correctly. Because if you’re just hopping webinar to
webinar, looking for the exact how, you’ll find yourself in a webinar just like this. Once again, tomorrow, day after tomorrow,
a week down the line and you don’t want to do that. How many guys here are actually Urbanforex
students? Or actually have the Mastering Price Action
Course with you? If you can please share the feedback of, how
has it helped you to change the way you think? Because the market is bombarded with education
that only teaches indicators and all of this weird nonsense that It really doesn’t move
the needle. Even one inch, it doesn’t move the needle. You’ll just constantly hop from one technique
to the next and it will just destroy you. It’ll just destroy you. And you don’t want to do that. I used to be in that position and man, I lost
so much money. I lost so much money. It took me a long time to find out … To
be exact, I’ve been in this industry for over 13 years, but it’s taken me seven years of
blood, sweat, and a lot of debt, even, account balances in negative for me to actually come
to a conclusion of, wait a minute, I’m doing it all wrong. I’m doing it all wrong. There’s a reason why it’s called the 95/5. And I didn’t know that. I didn’t know that. When it clicked, then it all clicked further
and further and bigger and bigger. And now, you’re attending a webinar with one
of the biggest webinars we have on the internet when it comes to forex trading. So you guys have been part of that. So once again, so two major news. Android version is released for FX Meter. You can find that below this video. If you’re on YouTube, you can head on over
to Urbanforex. But if you’re on Urbanforex watching this
live webinar, you can refresh the page, it is just below the video, the buttons will
be there. For those of you who do not have the Mastering
Price Action Course, you have the course available at a 20% discount. You are able to pick it up today as a webinar
exclusive. Get your seven-week course for you where I
walk you step by step. You have access to my team as well. The course does not expire. It is not a residual thing. It’s a one-time payment only and it comes
with a money back guarantee. So you have nothing to lose, and use everything
that you’ve learned so far in this webinar to take you a step further. As always, guys, thank you all for coming
in. We do this webinar once every two weeks. I look forward to seeing you guys again in
two weeks time. We’re going to go deeper into more topics. We’re going to start you from the basics and
take you all the way to the top. Okay? More and more times, I’m noticing your basics
are all flawed. So we’re going to come back and rebuild the
basics for all of you guys from the ground up. We’re going to rebuild the basics better and
better and better. Okay? I’ll see you guys soon. I’ll see you in two weeks guys. Cheers. Bye for now.

29 thoughts on “The Ultimate Guide To Support And Resistance In Forex Trading”

  1. First sentence start with me 😊😊😊 Vijay Thapa…

    Absolute worth webinar…i m applying mpa knowy into India stock market..it works there ..but need to learn correlation in stock Market..

  2. In forex industry don't run here and there ,go to UF course because they give exact things and after that your phychology matters💓

  3. Great webinar today…I can say that out loud my time has never been wasted with Navin. We are looking out for a sister pair theory and how to look at them with chart. And not with app obviously. Because not everyone likes to use apps for everything

  4. What I find interesting in webinars, is that people just can't keep off their hands off the keyboard and listen/watch without typing bullshit. It's worse than a grade one class.

  5. Good webinar Navin couldn't attend it Live as i have to go to bed to work on my sleep routine PS happy that the FX metre is ready for Android

  6. Hi Navin, I have been following your videos for awhile and now I think I should be taking serious about taking some courses with you. Where can I find more detail about your courses that fit to my beginner level?

  7. Kudos for your perfection in decisively explaining “why” and “where” support and resistance levels are critical in determining the trade entry and exit levels.

  8. The Ever Best Webinar on Support & Resistance I've heard, it is too practical, psychological and technical!!!, Thank you so much my friend!

  9. Does the course have a complete webinars, that I can start watch all together, or do I have to wait 7 days for each one 7 weeks all together?

  10. This guy is a genius, yet another fantastic video. Already completed his MPA course which is worth it's weight in gold, hoping to make enough money trading to allow me to buy my next purchase which is the 4 course bundle. Navin's teaching methods are quite simply stunning, with lots of aha moments you wouldn't believe how easy to understand his trading methods are, well worth the money, don't hesitate to get on board the Urban Forex Family!

  11. Hi navin im a highskool student currently on grade 11. I have been following all your videos and have learn many helpful knowledge about the market and how it works. Working part time and collecting dollars for getting mpa course. I finally collected enough to buy the course. I did many research on forex market and want to study that after highschool graduation but I’m unable to find a legit course offering about stocks and forex on college and university. Trading is the only thing i want to do as my career. Can you please give me an idea on what courses should i take in college or university to learn more about this field.

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