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please resend. No chart attached
Lionel Issen
lissen@xxxxxxxxx
----- Original Message -----
From: <whardy@xxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Sent: Tuesday, May 30, 2000 7:23 PM
Subject: RE: Support and resistance
> Attached is a chart of today's S&P, I will just try to quickly cover a
couple of items from the
> book. The green line in RSI is a trendline drawn from the negative
divergence, it is pretty
> accurate in turning the RSI back up (you could solve for z in the RSI
formula to project the
> price level that would cause the RSI to turn here).
>
> Secondly, while in normal analysis the bearish divergence in RSI would
certainly put you on
> alert to watch for a price break to the downside, the two cyan lines at X
and Z in the price
> are sloped upwardly while the X and Z in RSI (this is a standard 14 day
period) slope
> downward, creating basically a channel of the bearish divergence on the
top. The channel is
> not necessary only that RSI "bottoms" show divergence (Note that I did not
draw the bottom
> cyan line exactly to Z in RSI, but tried to project a trend forward
earlier to see if it also would
> be of any significance.) Basically to get a price target take the
difference b/w the price points
> X and Z (these are not the price pivots the the prices at the RSI pivots,
on the 3 horizontal
> lines), and add it to Y. Or price projection = Y + (Z - X) In this case
today it was I believe
> roughly Price proj = 1406.5 + (1402.5 - 1396) or 1413. This price
was an attainable
> target that was surpassed, but there are several other price projections
that occur later in the
> day. I've found personally that it seems to work better in longer term
charts (daily and 30
> minute charts.)
>
> The other two lines are just a short and long simple moving average of RSI
to help me with
> entry exit signals. I think they are 8 and 55. Anyway, that is a little
of it in a nutshell, but I
> did do the trade today (In at 1408 and out at 1415 for $1750.00) ( I
should have waited for
> a trendline break MUCH later, but such is life.
>
> As I'm always on the lookout for more information to give me another arrow
in my quiver,
> may I ask what you currently are using for signals?
>
> Have a nice day!
>
> Bill Hardy
>
>
> > ** Original Subject: RE: Support and resistance
> > ** Original Sender: "Glen Wallace" <gcwallace@xxxxxxxx>
> > ** Original Date: Tue, 30 May 2000 16:38:17 -0500 (CDT)
>
> > ** Original Message follows...
>
> >
> > Thanks, Bill. Could you describe, in general terms, Constance Brown's
use
> > of RSI to project price? It sounds intriguing.
> >
> >
> > ----- Original Message -----From: whardy@xxxxxxx
> > To: metastock@xxxxxxxxxxxxx
> > Sent: Tuesday, May 30, 2000 9:52 AM
> > Subject: RE: Support and resistance
> >
> > Try Constance Brown's book, Technical Analysis for the Trading
Professional,
> > it does a lot with price projections (support and resistance). I just
> > finished reading it and have been trying to incorporate some of the RSI
work
> > (price projections) in my daily trading of the S&P. Of course
trendlines and
> > horizontal support lines in other time frames are always important for
me to
> > determine points of hesitation and trouble. Ms Brown also does a lot
of work
> > with Fibonacci support zones and cluster areas between multiple time
zones,
> > which I haven't tried yet, (she gives a lot of credit here to Joe
DeNapoli).
> >
> > Personally I still find yesterday's high and low points of strong
> > resistance/support, as well as the high and low for the first trading
push
> > (usually 30 min to 1 hour). Anyway I hope this helps.
> >
> > Bill Hardy
> >
> >
> > > ** Original Subject: RE: Support and resistance
> > > ** Original Sender: "Glen Wallace" <>gcwallace@xxxxxxxx>
> > > ** Original Date: Tue, 30 May 2000 10:27:25 -0500 (CDT)
> > > ** Original Message follows...
> > >
> > > Can any traders here recommend some sources of information or
techniques
> > > for determining intraday support and resistance levels in the S&P
futures?
>
>
> >** --------- End Original Message ----------- **
>
> >
>
>
>
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