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In May of 2003, Graham wrote a formula for Support and Resistance
levels using RSI.
I added that to a formula using the support and resistance as part
of the buy and sell signals and tried to backtest it. Although the
backtest report showed many trades. I don't think that it refigured
the resistance and support each day. I use EOD stats. How can I use
this for support and resistance in my formula and backtest it?
What I would like to do is to use a drop of over 50% of the
difference between the resistance and support to be one of the buy
conditions. I use the variables ResBase and SupBase in the above
mentioned formula to determine if the price of the close is over 50%
of the difference. However, as I said, I don't think that the
results are accurate.
What is wrong?
Thanks,
Tom
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