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<font size=3>I'll take you up on that offer...i am trying to code
Kaufmann AMA and having a problem getting it to work..I will send you the
code if you need it to figure out....<br>
<br>
<br>
<br>
</font><br>
Jim....Atlanta, ga
</html>
</x-html>From ???@??? Wed May 31 07:10:45 2000
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To: metastock@xxxxxxxxxxxxx
Subject: RE: Support and resistance
Date: 30 May 2000 18:23:40 -0600
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Status:
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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