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You know guys?, Sometimes the simplest most basic approaches/methods might
be the right path.
I don't see any university professors/engineers made the Gold. as well as
the supposedly
light headed ex-athletes do in the trading arenas.
Dennis Holverstott wrote:
> > What is R1 is that percent R?
> > What is S1 is that stochastic if so which one,K,D?
>
> Nono... they are the old "trader's pivots". R & S stand for resistance
> and support levels. I think our pal, Neal W., wrote a book about them. I
> don't use them and this is from memory but the logic is something
> like....
>
> [high, low, and close are yesterday's daily values]
> pivot = (high + low + close)/3
> or (high + low + 2*close)/4
> or (high + low + close + today's open)/4
> or..... pick your favorite
> R1 = pivot + (pivot - low)
> R2 = pivot + (high - low)
> S1 = pivot - (high - pivot)
> S2 = pivot - (high - low)
>
> There's an ELA somewhere on the omega site. I forget what it's called.
>
> --
> Dennis
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