For traders who want to be informed and can take advantage of the analysis of the markets, the TradingView Charts are power tools. An important skill for traders is the identification of key support and resistance levels that help to predict price moves and to enhance traders strategies. Most of these levels serve as barriers where the price flips or consolidates, which is invaluable information about setups.

AccessTradingView charts to select which asset you would like to carry out your analysis on. Analyze daily or weekly charts initially to identify major levels of support and resistance. This refers to regions where market prices have frequently altered their direction throughout historical market behavior. Mark these zones with horizontal lines at price levels that previously acted as turning points. It also aids in setting the broader context of the whole market.

Next, refine your analysis by switching to lower timeframes, such as the four-hour or one-hour charts. These charts allow you to also find more precise ‘support and resistance’ levels that might not be evident on higher time frames. These finer details are especially helpful for short term traders who want to get in on the action as soon as you can, trading off the small price movements.

Focus on candlestick patterns and price action around the levels you identify. At a support zone, look for bullish candlesticks or stalling momentum in a downtrend as you look for the price to approach a zone. On the contrary, at familiar resistance zone, it would either close bearish candlesticks or weak upward momentum, which would be a sign of end of bull run. These patterns can confirm your own analysis.

TradingView Charts can include tools that make identifying these levels a simpler task. Trendline tool will draw diagonal support and resistance like trendlines. These lines connect swing highs or swing lows multiple above them, giving us clues as to where the direction of the market is heading. Moreover, the Fibonacci retracement tool provides us with additional depth in analysis of potential levels based on mathematical ratios.

Volume analysis can also validate support and resistance levels. The volume profile or standard volume indicator is the amount of trading activity occurred at a particular price level that shows on the TradingView Charts. High volume areas tend to be where the market is interested, where important support or resistance zones coincide with areas of high volume.

Finally, observe in real-time how the price reacts when it approaches these levels. That’s because not every level is going to hold and you need to be flexible to realign analysis as more data becomes available.�

When you combine these techniques with the features on TradingView charts you can create a complete view of the market and improve your trading decisions.

With regular practice and use of these methods, you can become better at catching the key support and resistance levels. If you are a discretionary trader, then TradingView Charts can become something that helps you immensely over time by telling you what direction to take and at what time to take it, and therefore improving your trading performance.