Afternoon trading June 1, page-230

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    PYC @RogerRamjet - Resistance and support is primarily defined by volume. The frequency of how many times a push is rejected serves as a secondary measure. We are looking for the points where sellers would be most content to offload and for the latter, buyers to reload and volume would be our best tool to identify that.

    Have a look at where the volume is in the chart for the upper TR (as shown in chart below). Followed by several attempts at resistance before the BO is met with supply so was forced to consolidate. I notice i placed by support line a pip too low so readjusted (you should see support better on the daily TF). It's not as clear on the Daily TF for resistence as it was first defined in the first daily candle, hence the small TF on this occasion provides a better insight to where all the "selling" occurred (i.e resistance)
    https://hotcopper.com.au/data/attachments/2195/2195730-9110e6197084878a269265dfad9678cf.jpg
    Hope this helps.
 
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