Precourse
Module 1 – How to Track Price Action on Ichimoku Charts
Module 2 – Finding Support and Resistance
Module 3 – Reading the Charts
Postcourse

Introduction to Finding Support and Resistance

Module 2 – Finding Support and Resistance

In this module, you’ll learn that using multiple time frames can be helpful for understanding charts. Viewing a weekly chart lets you know more about the long-term environment of the daily chart.

And while the Ichimoku Kinkō Hyō is a technical analysis system unto itself, other technical analysis elements work well with Ichimoku. We’ll go over two of them, the 200-period simple moving average and Fibonacci Retracements. Both can help to reinforce the support and resistance zones created by Ichimoku.

Notice that the word “zones” is used. Support and resistance are rarely a single price point. You’ll learn it’s helpful to always think of lines of support and resistance as zones, with a buffer both above and below the line.

The Ichimoku Cloud is a natural zone of support or resistance and we’ll build on that to show how flat lines in the system highlight additional zone pressure on the charts.

Module Objectives

After taking this module you’ll be able to:
  • user longer time frame charts for clues on your current time frame
  • know the advantages of using a 200-period simple moving average
  • apply Fibonacci Retracements to charts
  • identify support and resistance zones on charts