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Yes people are successful only trading support and resistance, you could use a little of what everyone says here to be mindful of. But as long as you apply the proper discipline and know when to get out when your trendline break is no longer giving that support turn resistance or vise versa. Meaning once that break fails and comes back into the trend you should be out. If you compromise by simply adding a stop by certain number of pips only, that just might be hit.

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Moderator
Moderator
1 year ago

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To answer your question, yes. However, it has it pros and cons just like trading with indicators, broken trendlines do not always stay broken and price slides through support and resistance and then does not follow through.

You need support and resistance from a higher time frame and trendline breaks from a lower one. www.fxdailytrades.com does a couple of market analysis videos a week on different pairs, great for learning how to trade support and resistance. These videos are great because they are discussing how to trade the upcoming market not looking at price action after the market moves.

Caution, the biggest losing strategy in the world: a breakout of a horizontal support or resistance level on a lower time frame chart, good for daily's but that is it.

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Harold
Harold
1 year ago

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Yes there are people who trade base on support, resistance and trend lines. Usually they use the higher time frames like H1 and above. They use the H4 and Daily to check for support or resistance and they combine it with patterns like Gartley to support their decision to trade. They usually use the H1 for entry. For this people they must have at least 3 good reasons to enter before they put in a trade.

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RPT
RPT
1 year ago

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I do like to trade with purely price action. It is easier, more simple and straight forward. In most time, more profitable too.

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Kingpin
Kingpin
1 year ago

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I have using the 15M TF. I think it is quite accurate using price action as the trend lines help in determining entry and exit points.
- they also help in pinpointing sharp turns as well break of S & R.
However there could be false breakouts, so you can opt to wait for a price pullback and then wait for it to break out again as be a good point for entry.

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fxpie
fxpie
1 year ago

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yes i do

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Dave
Dave
1 year ago