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Hi Arlen
S&R are different things to different people.
Some use lines, Gann lines, trendlines, DGLs etc.
Others use Fibos or Gann retracements.
As good as any are the S&R points found by just
looking at a chart. In the attached GIF, I have
have drawn in two lines which I consider S&R. I
have used closes. highs and opens to determine the
level.
* a and b: used B's close which was close to a's
high and near the closes and opens near c.
* used d's close which cuts through lows, highs,
closes and opens.
regards
ray
R Barros
101/25 Market Street
Sydney NSW 2000
Australia
Voice: 612 92673470
Fax: 612 92673478
E-Mail: ramon@xxxxxxxxx
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> From: Arlen N. Sloan <ansloan@xxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Futr:Support/Resistance
> Date: Saturday, April 04, 1998 1:17 PM
>
> Greetings RT's, I realize this question is real basic to all of you,
> but am I kinda new at trading. I've been studying for about a year and
> have made 7 trades. My problem is that I still having a hard time
> recognizing support and resistance levels on a chart. I study mostly
> the grains. Do I use the whole life of the contract chart to develop
> these points? Is there different values of resistance and support
> (weak, strong, etc.)? Is there hard and fast rules in identifying
> these points? I use Fib retracement points so I can recognize that, but
> other then that I'm lost. Thanks much people,
>
> Arlen in Minn.
----------
> From: Arlen N. Sloan <ansloan@xxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Futr:Support/Resistance
> Date: Saturday, April 04, 1998 1:17 PM
>
> Greetings RT's, I realize this question is real basic to all of you,
> but am I kinda new at trading. I've been studying for about a year and
> have made 7 trades. My problem is that I still having a hard time
> recognizing support and resistance levels on a chart. I study mostly
> the grains. Do I use the whole life of the contract chart to develope
> these points? Is there different values of resistance and support
> (weak, strong, etc.)? Is there hard and fast rules in identifying
> these points? I use Fib retracement points so I can recognize that, but
> other then that I'm lost. Thanks much people,
>
> Arlen in Minn.
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