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Lots of ways of identifying S&R, however prior pivot highs and lows are the most
obvious starting point. If you can draw a trendline across a pair of pivot highs
or lows and that line has been touched +- a couple of more times, it's
important, and if it's been touched a many times, it's major. I recommend
starting with chart in monthly compression and drawing in the critical
trendlines, then move to weekly and do the same, finally do it in daily.
Earl Adamy
-----Original Message-----
From: Arlen N. Sloan <ansloan@xxxxxxxx>
To: Real Traders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Friday, April 03, 1998 9:17 PM
Subject: Futr:Support/Resistance
>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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