AI
Hello duffgain,
I'll use FPS.TO as an example, support is easy to find and is your best friend if it can hold. You see how the share price goes to 9.50, you can see on this chart that its been doing this many times in the last few months, that would be your support line, just print this out and draw a straight line, if 9.50 doesn't hold, then 9.00 would be your secondary support line. Now resistance is like the same, you see how the share price goes to the 10.00 range and then is brought down, that would be your resistance point. The key is to remember that once support is breached and can't hold it becomes your new resistance point. So if 9.50 can't hold it becomes resistance for FPS. There'll be multi support and resistance levels so its important to keep track of them all. The way I trade is buying the breakout. Has worked before with nice returns, now I have to sharpen my selling strategy, lol! Now that is what makes or breaks any trader.
If I can recommend one book that I found indispensible it would be Stan Weinstein's "Secrets For Profiting in Bull and Bear Markets" the title is cliche but his ideas work time and again. Hope this was helpful and hope to see more of you here. The more here the better off we all are!
http://www.amazon.ca/exec/obidos/ASIN/1556236832/qid=1131549932/sr=8-2/ref=sr_8_xs_ap_i2_xgl14/701-2....
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I'll use FPS.TO as an example, support is easy to find and is your best friend if it can hold. You see how the share price goes to 9.50, you can see on this chart that its been doing this many times in the last few months, that would be your support line, just print this out and draw a straight line, if 9.50 doesn't hold, then 9.00 would be your secondary support line. Now resistance is like the same, you see how the share price goes to the 10.00 range and then is brought down, that would be your resistance point. The key is to remember that once support is breached and can't hold it becomes your new resistance point. So if 9.50 can't hold it becomes resistance for FPS. There'll be multi support and resistance levels so its important to keep track of them all. The way I trade is buying the breakout. Has worked before with nice returns, now I have to sharpen my selling strategy, lol! Now that is what makes or breaks any trader.
If I can recommend one book that I found indispensible it would be Stan Weinstein's "Secrets For Profiting in Bull and Bear Markets" the title is cliche but his ideas work time and again. Hope this was helpful and hope to see more of you here. The more here the better off we all are!
http://www.amazon.ca/exec/obidos/ASIN/1556236832/qid=1131549932/sr=8-2/ref=sr_8_xs_ap_i2_xgl14/701-2....
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