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I use the peak and trough function in metastock to show support and
resistant levels. It could also be used as a trailing stoploss method. Any
feedback on improving this function would be appreciated.
Best wishes for successful trading!
Anil Chugani
===============================================================
{Support and Resistant levels}
AVd:=If(CLOSE>Ref(Peak(1,H,1) ,-1),
{then}1,
{else}If(CLOSE<Ref(Trough(1,L,1),-1),
{then}-1,
{else}0));
ANv:=ValueWhen(1,AVd<>0,AVd);
SuRe:=If(ANv=-1,
{then}Peak(1,H,1),
{else}Trough(1,L,1));
SuRe;
===============================================================
At 13:36 03-05-99 -0500, you wrote:
> Mark,
>Thanks for the reply. Actually you are dealing with the exact scenario I am
>asking
>about. I have been analyzing the "Gann-Swing" method that has been posted to
>the list.......there are many things I like about it, but one thing I don't
>like is that
>Krausz only defines two trend directions (up or down), when in reality the
>market
>often moves sideways. Since this is a trend following method, you really
>shouldn't
>trade (with this method) in a "Trading Range" market. So I have been going
>over ways
>to define (logically) what a "Trading Range" is and just as important.....
>to define
>when the market has broken out of this "Range". That is where I first came
>with
>the idea of adding/subtracting ATR to the previous high/low of the trading
>range
>as to not signal a false breakout of the range. I suppose a 2 day rule could
>just
>as easily be implemented (into this mechanical method).......but I have also
>seen
>large moves happen in two days. Perhaps a combination of both?
>
> Best wishes,
> Adam Hefner.
>VonHef@xxxxxxxxxxxxx
>
>---------------------------------------
>----- Original Message -----
>From: Valhalla <scheier@xxxxxxxxx>
>To: <metastock@xxxxxxxxxxxxx>
>Sent: Monday, May 03, 1999 7:20 AM
>Subject: Re: Support or Resistance Penatration question
>
>
>> Murphy is talking about support and resistance zones as determined often
>by
>> former lows and highs, so the following technique may not apply here, but
>some
>> traders when refering to fibonacci resistance penetration require the
>close of
>> two business days beyond the point, not an intraday penetration of any
>amount.
>> With this technique, any two closes beyond the point, regardless even if
>it's a
>> tick, counts towards penetration.
>>
>> Elliott wavers, on the other hand, refer to % penetration when the fourth
>wave
>> penetrates the top of the 1st wave. With this, intraday penetration
>counts but
>> the % before an alternative wave picture is forecast can vary up to about
>> 10%--or more.
>>
>> But neither of these examples probably apply to what you're trying to
>> accomplish.
>>
>> Mark Scheier
>>
>> VonHef wrote:
>>
>> > I have been reviewing my old John Murphy book "Technical Analysis Of
>> > Futures Market".....
>> > and he was teaching about using a 3 to 5 percent penetration of support
>or
>> > resistance values
>> > before they are confirmed to have broken. Do any of you make such
>> > calculations? I am
>> > considering using a multiple of the "Average True Range" and then
>> > adding/subtracting
>> > this value to the S/R value. For example: if resistance was at 1300 and
>I am
>> > using half of
>> > ATR of 20......then my confirmation would be at 1310. I like the Idea of
>> > using ATR to help
>> > compensate for volatility. What do you guys think? How do you Traders do
>it?
>> >
>> > Best wishes,
>> > Adam Hefner.
>> > VonHef@xxxxxxxxxxxxx
>> >
>> > ---------------------------------------
>>
>
>
>
>
>
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