Support resistance and Elliott wave trading

This course will cover below mentioned topics

1. Support resistance

2. Trading stragtegies with Support resistance

3. Elliott wave

4. Differnent trading strategies with Elliott wave

5. Pivot points, Fibonacci

6.  Candleticks

7. VIX and use in trading

8. Option chain and its use in trading

9. Stock selection

10. Time frame for trader

11.  Trading Psychology  and qualities of good trader

12. Winning trade techinque

Support resistance:

Support and resistance levels are important points in time where the forces of supply and demand meet. These support and resistance levels are seen by technical analysts as crucial when determining market psychology and supply and demand. When these support or resistance levels are broken, the supply and demand forces that created these levels are assumed to have moved, in which case new levels of support and resistance will likely be established.

Support

Support is the level at which demand is strong enough to stop the stock from falling any further. In the image above you can see that each time the price reaches the support level, it has difficulty penetrating that level. The rationale is that as the price drops and approaches support, buyers (demand) become more inclined to buy and sellers (supply) become less willing to sell.

Resistance

Resistance is the level at which supply is strong enough to stop the stock from moving higher. In the image above you can see that each time the price reaches the resistance level, it has a hard time moving higher. The rationale is that as the price rises and approaches resistance, sellers (supply) become more inclined to sell and buyers (demand) become less willing to buy.

Elliot wave:

The Elliott Wave Theory in technical analysis describes price movements in the financial market. Developed by Ralph Nelson Elliott, it observes recurring fractal wave patterns identified in stock price movements and consumer behavior. Investors who profit from a market trend are described as riding a wave.

Elliott Waves Basics

According to this theory, a trending market moves in a 5-3 wave pattern. The “5” wave usually represents the trending phase, while the “3” phase is a reversal of the trend.

In short, once the main trend is complete, a reversal is expected.