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Traders,
Here's an approach that might have some
merit. I've tested it on four other issues and the results are
similiar. Maybe, someone will supply the AB code.
Many years ago, these support/resistance lines were
part of a very solid approach that I developed for the Oat's market (I know,
"trading Oats is like watching paint dry"). The brackets are modified from
the work of Robert Krausz and the code was written by Adam Hefner.
The MS code is:
{Multiple Time Frames "Weekly Support
& Resistance" 4/23/99}
<FONT face=Arial color=#ff0000
size=2>Dw:=If(DayOfWeek()<=Ref(DayOfWeek(),-1),1,0);Wt:=If(Dw=1,
{then}(Ref(HighestSince(1,Dw=1,H),-1)+
Ref(LowestSince(1,Dw=1,L),-1)
+
Ref(C,-1))/3,
{else}0);Wh:=If(Dw=1,
{then}Ref(HighestSince(1,Dw=1,H),-1),
{else}0);Wl:=If(Dw=1,
{then}Ref(LowestSince(1,Dw=1,L),-1),
{else}0);Wr:=ValueWhen(1,Wh>0,Wh)-ValueWhen(1,Wl>0,Wl);DwP:=ValueWhen(1,Wt>0,Wt);
RR2:=DwP+(Wr*.618);
<FONT face=Arial color=#ff0000
size=2>SR2:=DwP-(Wr*.618);SR2;
RR2;
The rules are rather simple:
1. Enter a long trade, on the
opening, if the opening price is below the lower bracket.
2. Enter a short trade, on the
opening, if the opening is above the upper bracket.
3. Close any open positions on the close of
the day you opened it.
4. If you take a loss, STOP trading for
the balance of the week and allow the support and resistance bands to
"reset".
Notice, I have "light blue and light orange"
arrows, with x's over and under, the "no-trades". These
"non-trades" are illustrated to show that you do not take any signals, for
the remainder of the week, after a losing trade has occurred.
Take care,
Steve
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