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Adam,
I have tried speed resistance lines, Fibonacci Fan lines as well as
Gann Fan lines. In my experience, I have found Gann Fan lines to be the
most effective among them all. If ranked in order of my preference, it
would be Gann Fan lines first, Fib Fan lines and then speed resistance
lines.
However, I would like to say that the speed lines do have their utility
if you draw them using significant (as per your decision)tops and
bottoms. I have thru regular practice somehow developed a sense to pick
up such tops and bottoms. So far, I have not been able to develop that
into a general method so that it becomes a rule based approach.
Some issues back, in Bloomberg magazine, I am told in an article on
Fibonacci it was stated that Tom Demark has developed a rule for
selecting tops and bottoms for retracement related studies--he uses
either two recent peaks and the trough in between or vice versa.
I have not tested that extensively as yet.
By the way, in the image I saw horizontal bands which looked like High
Probability Zones stuff in Fibonacci Trader. Have I identified it
rightly? If yes, congratulations for implementing a number of Fibonacci
Trader facilities in MetaStock.
Thanks.
Regards,
Rajat
--- VonHef <VonHef@xxxxxxxxxxxxx> wrote:
> I am just starting to explore the usage of "Speed
> Resistance Lines",
> do any of you use these on a regular basis? Has
> anyone determined
> them not useful? I have attached a chart below
> showing an example.
>
> Best wishes,
> Adam Hefner.
> VonHef@xxxxxxxxxxxxx
>
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