Great. Now Steve Nison is Japanese candle sticks. This gives you primarily price action happening in the markets. If you are learning, go for the CMT. They have a ready made syllabus. With Steve Nison, you will need to combine western techniques. These are possible to be found in Martin Pring and Magee and Dehlinquist.
With respect to support and resistance, I would tend to go with what your friend and what Nison says. In fact, thats what most books say. And from experience, it works. But, I would suggest you try it on your own.
How to do it.
1. Get the data and software
2. Define the amount you are going to invest and the time frame you are going to invest for.
3. Select the time frame, based on your investment horizon.
4. Select the line chart. Observe how its trending. Select candle sticks and watch how the charts are moving.
5. Now, based on what you are seeing form a strategy. Test the strategy.
Now try combining a simple thing like an EMA or MACD with Candlesticks.
What you also need to understand is that, trending and trading markets have different strategies.
@Armstrong
Let me also, put forth this.
When babyquips says closing, he may say its for starting a position. So you do not enter a trade until a particular event results in actual overnight positions, which are stronger than intra day positions. When we use support and resistance, it can be to exit a position with a stop loss also. But, this is something you would need to study for the give scrip. Each scrip can work with different indicators and time frames.