Multi-Timeframe Support & Resistance
Support and Resistance is one of the most widely used technical analysis techniques. Support and Resistance can come in many forms, but the main concept is identifying key levels and areas of interest in price action.
Support is a price level where price fails to continue down in a downtrend. Alternately, Resistance is a price level where price fails to continue going up. As price hits the key level of support, demand for the asset keeps price above the support. After the second attempt of price failing to push down, the support level becomes valid. At a valid level of support, price will either do two things: bounce off the level and reverse or retrace, or break through the level and continue the downtrend.
Sonarlab MTT takes all the hard work out of identifying the correct levels of support and resistance and automatically marks them of your chart for you. Each level is labelled with a timeframe, meaning that level is a significant level on that timeframe. The higher the timeframe, the more significant the support or resistance. As you can see from the image below, there are multiple levels marked and labelled.
D = Daily | H4 = 4 Hour | H1 = 1 Hour | M30 = 30min | M15 = 15min
ATF = Active Timeframe (the timeframe you are currently viewing the chart on)
With liquid you have the option to choose which timeframes get shown on the chart
Support & Resistance on AUDJPY 1H
Support & Resistance on GBPUSD 1H