Bounce off

[Talita]

Hi Dennis,

I've been demo trading with Coltfx for a while now, with mixed results. I think it's due to the fact that I am still not a hundred percent sure about the bounce offs.

Say the candles has broken through an existing resistance level, when does it then become the new support level?

Thank you
Talita

[Dennis]

Hello Talita

Good to hear from you again

Say the candles has broken through an existing resistance level, when does it then become the new support level?


Price breaks through resistance and the next candle closes 5+ points away from the level. If price then falls to close 4 or less points above the level, the level is now offering support.

Hope this helps.

Oh Talita, I did receive your email last week and I'll reply today. sorry for the delay.

Dennis

[Talita]

Hi Dennis,

Thank you for the info, it will definitely help.

I did receive a reply from Julia and, fortunately that has been sorted out.

Talita