MALAYSIAN SNR FULL STRATEGY NO BS 2024

Summary

This video tutorial delves into the concepts of support and resistance areas in trading, offering insights on how to identify and utilize these zones for profit-taking and anticipating market movements. The presenter emphasizes the importance of recognizing high momentum trades and provides practical examples using SNR (Support and Resistance) indicators. Viewers are guided on setting stop losses and identifying entry points, with a focus on confirming breakouts on lower timeframes for safer trading decisions. The content is educational and not financial advice, highlighting the need for personal risk management.

Takeaways

• 😀 The video aims to educate viewers on how to use support and resistance areas in trading.
• 👍 The presenter encourages viewers to subscribe to not miss out on future videos.
• 📈 Support and resistance areas are identified as barriers or 'ceilings' and 'floors' where prices struggle to break through.
• 📊 Resistance areas are typically marked by an up candle followed by a down candle, and support areas by a down candle followed by an up candle.
• 🔍 Momentum is an important factor when identifying these areas, especially for high-momentum trades.
• 🚫 Not all visible areas on a chart should be used; it's crucial to know where and when to apply them.
• 🎯 The presenter uses specific examples, including Ethereum's price movements, to illustrate the concepts.
• 📝 A standard stop loss of 30 or 35 pips is suggested for risk management in the current market conditions.
• 🔄 The video discusses scaling down to lower time frames for confirmation of trades and entry points.
• 📉 The presenter anticipates a sell and explains how to identify potential entry and exit points using support and resistance areas.
• 💡 The video concludes with a reminder that the content is for educational purposes only and that trading is at the viewer's own risk.

Q & A

What is the main topic of the video?

The main topic of the video is explaining how to use support and resistance areas in trading, as well as how to determine take profit levels and anticipate market movements.

What does the acronym 'SNR' refer to in the context of the video?

In the video, 'SNR' refers to Support and Resistance, which are key concepts in technical analysis for identifying price levels where the asset's price tends to stop and reverse.

How is an area of resistance typically formed according to the video?

An area of resistance is typically formed by an up candle followed by a down candle, marking the first candle as the point of resistance regardless of any gap up in the following candle.

What is the importance of momentum when identifying support and resistance areas?

Momentum is important as it helps to confirm the strength of the support or resistance level. A strong momentum in the direction of the support or resistance indicates that the price is struggling to break through that level.

What does the video suggest for a standard stop loss in trading?

The video suggests a standard stop loss of 30 or 35 pips, especially when trading in areas that are forming an all-time high, due to the uncertainty of where the price might retrace or reverse.

Why is it recommended to look for confirmations on lower time frames?

Looking for confirmations on lower time frames is recommended to validate breakouts or reactions from support and resistance areas, especially when the higher time frame areas have been tapped.

What is the significance of the phrase 'your money, your own rules' in the context of the video?

The phrase 'your money, your own rules' emphasizes that any trading decisions made by the viewer are their own responsibility, and the information provided is for educational purposes only, not financial advice.

How does the video suggest traders should approach scaling into trades on lower time frames?

The video suggests that traders should scale into trades on lower time frames based on their comfort level and by using the breakouts or reactions from support and resistance areas as entry points, with a stop loss set accordingly.

What is the potential target for a sell trade as described in the video?

The potential target for a sell trade, as described in the video, is an area of support where the price is anticipated to find a bounce, using the previous highs and lows as reference points.

What does the video imply about the importance of not using every identified support and resistance area?

The video implies that it's crucial to discern which support and resistance areas are relevant for trading and not to use every single one identified on the chart, as some may not be significant or valid in the current market context.

How does the speaker use the example of Ethereum to illustrate the trading concepts discussed?

The speaker uses the example of Ethereum's price action to illustrate the concepts of support and resistance, showing how the price struggles at certain levels and how traders can use these levels to anticipate potential trades and set their stop losses.