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Only thing I would add to Ira's explanation is:
Average = (H+L+C)/3
Correct me if I am wrong
don ewers
----- Original Message -----
From: Ira Tunik <irat@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, April 23, 2002 8:49 AM
Subject: Re: [RT] S and R trading method for S&P
>
>
> Here is the bond number set up. The way it is set up here you can us it
for any
> range and close. I used it many years ago using the past days range and
close.
>
> The support and resistance lines on the chart are based upon yesterdays
range.
> Hope that this helps. Ira.
>
> 3R 3rd HighResistance=High+Range
> 2R 2nd HighResistance=Average+Range
> 1R 1st HighResistance=(2xAverage)-Low
> H Yesterday's High
> M Current Midpoint Line
> L Yesterday's Low
> 1S 1st LowSupport=(2xAverage)-High
>
> 2S 2nd LowSupport=Average-Range
> 3S 3rd LowSupport=(2xAverage)-High-Range
>
>
>
>
>
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>
>
>
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>
>
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