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7 Winning Strategies For Trading Forex: Real and actionable techniques for profiting from the currency markets by Grace Cheng

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7: Strategy 3 – Breakout Fading

Support and resistance levels, whether they are found amidst chart patterns, indicators or along trendlines, are an indication of where a predictable price response can be expected. A support level is where buying pressure overwhelms selling pressure enough to interrupt or reverse a downtrend. A sturdy support level is more likely to hold up even if prices slightly pierce through the support, and that presents traders with an excellent buying opportunity.

Conversely, a resistance level is where selling pressure is strong enough to overcome buying pressure such that an uptrend can be stopped temporarily or reversed. A strong resistance level is more likely to block further advance even if prices slightly pierce ...

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