Are you tired of manually drawing support and resistance levels and Fibonacci retracements?

[TradeWizards]

Please discuss methods for drawing past support and resistance levels and Fibonacci if you have any ideas or methods.

 

[TradeWizards]

The validity of supports and resistances is directly related to the number of their collisions, and they should be checked carefully for the past periods, which is a difficult task.
These levels are not a specific line but an area in terms of market volatility.
Sometimes missing one of them can cause you to exit or enter a wrong trade.

 

[papaya_financial]

For support and resistance I usually start by marking the obvious swing highs and lows on the higher timeframes like daily or 4h since those levels tend to hold more weight. I also look for areas where price has reacted multiple times because those zones often act as strong barriers again. With Fibonacci, I anchor it from a clear swing low to swing high (or the reverse in a downtrend) and then focus on levels like 38.2, 50, and 61.8 which often line up with structure. On Valetax I use MT5 for this since it makes drawing and adjusting zones and fibs pretty straightforward, and sometimes I cross-check with Analysis IQ to see if fundamentals line up with the technical levels.

 

[ArnavDeshmukh]

One tip I always give in this case is that it is always better to look at the bigger picture. So if I am trading on 4 hour chart, I will also check the daily chart for finding the more valid support and resistance line.