How can I use them perfectly & get benefited from those levels?
Support & Resistance levels work well with high probability, only when the confluence of different types of support & resistance level happen.
Try to take a shot when several levels are merging nearby.
S&R works, but not perfectly It really depends on how you construct the S&R region.
Most people end up anchoring a single price point as S&R, this according to me is not correct. It best to accommodate some margin of safety, and call the entire region as the support or resistance region.
For example - I right now believe 7,743 as a resistance for Nifty, but I’d accommodate margin of safety and consider a region of 7740 to 7750 as a resistance zone.
So I’d suggest you use calibration techniques such as these to improve the efficiency of S&R, and other technical indicators.
Adding to this watch candle stick type forming near the support resistance region. if belt hold type candles are forming in those regions support resistance levels are going to break and viceversa.
Support and resistance work to an extent. It is perfectly based on one’s interpretation and may go haywire sometimes. Afterall trading relies mostly on probablity and hence S&R has to be given importance.
Yes, it works, it gives you the idea that your level is this and it will go at this point so you will be prepare for this and between this when you reach on good positions so you can sell it.
This will help you.
Pivot points and its support/resistance are reliable.have seen especially stock futures.
how to calculate support and resistance levels ?
You can either plot it on a chart (which is what i do) or you can use a pivot calculator.
Can you elucidate more on pivot calculator?
Sure, maybe I will include it in Varsity.