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S & R Cracked

  • #21
  • May 12, 2007 6:16pm May 12, 2007 6:16pm
Truthfully I think S/R work about perfect with trend lines, they give a great idea of where a future bounce will likely occur. At least for me, it's hard to tell where the next bounce will occur without S/R.

But then my philosophy on trading is not to discount any major indicator. There are plenty of people using them for entry/exit and they will likely have some affect on price.
  • #22
  • May 12, 2007 6:19pm May 12, 2007 6:19pm
Quoting dunningduke
Hi Bemac,

I trade off SR levels... I don't want to hijack your thread. Would you mind me posting my charts?
Hi DD,
Float yer boat.

in other words; go ahead and post what you want.
  • #23
  • May 12, 2007 7:06pm May 12, 2007 7:06pm
Quoting JoshDance
Actually I and several others here at FF have found that trendlines act very nicely as future S/R lines, and while the future can never be predicted, price often finds S or R at projected trendlines.
I know... I was just taking the reasoning to the next logical step.
  • #24
  • May 12, 2007 7:56pm May 12, 2007 7:56pm
http://img150.imageshack.us/img150/7...5351qq4.th.jpg

Round numbers and trendlines. Not always perfect, but what is?
  • #25
  • May 12, 2007 8:30pm May 12, 2007 8:30pm
this thread is great!

i stopped using indicators a while ago,

trendlines, SR levels and price action is golden. Ill admit though i do use MA's sometimes just to look for confluence
  • #26
  • May 12, 2007 8:40pm May 12, 2007 8:40pm
Pardon me if I'm wrong, but isn't your SR levels the previous day's high and low?
  • #27
  • May 12, 2007 9:33pm May 12, 2007 9:33pm
Thank you for the permission dude!
a lot of people here do not give S/R the credit that's due to them...
S&R levels represent areas of buy and sell...the heavy S&R though are most important as they represent handles of heavy bids and offers. They illustrate the waterloos of bulls and bears, where the real fights happen...oftentimes showing you where people are fighting for their positions, establishing barriers to protect their derivative trading, etc.
TL on the other hand tell one where a break of a s/r level is most likely to happen.
There are multiple types of S/R... the heavy handles and the lighter intraday ones. usually a breach of a s or r happens in the direction of the trend and tells one that the odds of the next level being reached are high. Finally, S&R levels are not precise points, the handles do not stop at a precise point due to the fluid nature of the markets...
One has to use p/A, indicators, etc. to confirm that a price has been rejected from a S or a R or has decisively penetrated it and is moving to the next point.
It is the best way to trade a ranging market.
  • #28
  • May 12, 2007 9:45pm May 12, 2007 9:45pm
I am sorry I am having a hard time post my .tiff pics here...it's telling me that the format is not wel' come.

I will find a way tomorrow.
  • #29
  • May 12, 2007 9:46pm May 12, 2007 9:46pm
Quoting JodyOng
Pardon me if I'm wrong, but isn't your SR levels the previous day's high and low?
Hey Jody: Open Forum here & therefore your opinions are appreciated. No Pardon Me's required.

Correct. Two of four of the HEAVY lines are yesterday's High & Low. Your comment indicates that you are actually absorbing what I posted.

However, there are at least an additional 6 lines to be assimilated.

The Blue is Yesterday's High
The Red is Yesterday's Low
The Dotted Burgandy is Yesterday' High Low Trendline.
The Dotted Grey is a Reflection of same.

The rest are based in Square Roots of the historical data.

Kind of a Gann thingy
  • #30
  • May 12, 2007 9:47pm May 12, 2007 9:47pm
Agreed on the value of SR. One of my mentors ONLY uses SR. No squiggly colorful lines, just simple SR on past relevant H/L and/or O/C and trendlines. . . the only other thing he uses is an engulfing candle formation for entry confirmation. He does quite well and trades for a living.

: ) Thom
  • #31
  • May 12, 2007 9:53pm May 12, 2007 9:53pm
Quoting dunningduke
I am sorry I am having a hard time post my .tiff pics here...it's telling me that the format is not wel' come.

I will find a way tomorrow.
Save as PNG format & try that.
  • #32
  • May 12, 2007 9:54pm May 12, 2007 9:54pm
Thanks Bemac, but it's only allowing me to save it as tiff.

can anyone post the pics for me if I emailed them to him/her... if you may be able to assist, please shoot me a private message!
  • #33
  • May 12, 2007 10:07pm May 12, 2007 10:07pm
Windows:
Reduce chart to ~ 25% of screen. ie 4 charts on screen.
Activate the chart you wish to Paint. In other words, make sure the chart you want to copy is the one that has it's Title Bar highlighted

Keystrokes:
Alt + Print Screen
Open MS Paint
Make sure the Blank Canvas is quite small
Ctrl + V
Check Image Attributes {under 'Image' on the Menu Bar} to ensure size fits FF
If Not, Stretch/Skew {under 'Image' on the Menu Bar} to the percentage that will
Save As Png
  • #34
  • May 12, 2007 10:20pm May 12, 2007 10:20pm
Bermac, I understand the previous day's H/L, and the trendline and reflection. However, how is the H/L different than a daily pivot point system? I see how price finds some S/R on the trendline and projection, but beyond the first few bars, do you use these lines?
  • #35
  • May 12, 2007 10:46pm May 12, 2007 10:46pm
Quoting JoshDance
Bermac, I understand the previous day's H/L, and the trendline and reflection. However, how is the H/L different than a daily pivot point system? I see how price finds some S/R on the trendline and projection, but beyond the first few bars, do you use these lines?
That's why they dissappear when the Price moves too far away for them to be critical.

But, I use them All Day. Is it different from a Daily Pivot system? Not if I stop there. This objective is an attempt to discern at what time of which day the Market decided "Enough is Enough."
  • #36
  • May 13, 2007 12:16am May 13, 2007 12:16am
Quoting Bemac
That's why they dissappear when the Price moves too far away for them to be critical.

But, I use them All Day. Is it different from a Daily Pivot system? Not if I stop there. This objective is an attempt to discern at what time of which day the Market decided "Enough is Enough."
I'm not sure I understand--so when do your lines tell you when the market says enough is enough?
  • #37
  • May 13, 2007 12:57am May 13, 2007 12:57am
Add me to your "count"

1. Been trading live 4 months
2. Slightly "in the black" on original investment
3. 2 months lurker, just officially joined mid-April '07


As a newbie, I've looked at more "systems" than I can remember. I've found my preference is to keep things a simple and clean as possible, and for me that has boiled down (so far) to support and reistance, over-bought and over-sold, and fibonacci lines. They have all worked to one degree or another for me in my limited experience, but I'm obviously still learing the ropes.

Hoping this thread will shed further light on my "education".
  • #38
  • May 13, 2007 1:33am May 13, 2007 1:33am
Quoting Bemac
Hey Jody: Open Forum here & therefore your opinions are appreciated. No Pardon Me's required.

Correct. Two of four of the HEAVY lines are yesterday's High & Low. Your comment indicates that you are actually absorbing what I posted.

However, there are at least an additional 6 lines to be assimilated.

The Blue is Yesterday's High
The Red is Yesterday's Low
The Dotted Burgandy is Yesterday' High Low Trendline.
The Dotted Grey is a Reflection of same.

The rest are based in Square Roots of the historical data.

Kind of a Gann thingy
I've just recently added the daily highs and lows to how I trade and I'd really like to know how you go about doing it.

For trendlines, they're very subjective and I use only longer term trendlines to determine the trend. I'm a fundie and I basically think about macro issues and place my trades accordingly. The only TA I use are daily high lows, to provide indication of movement strength, support and resistance levels to show where prices have been rejected before to place my exits in case they happen again, as well as the overall trendline.

What do you think?
  • #39
  • May 13, 2007 5:05am May 13, 2007 5:05am
good stuff scott! your system here represents the dow theory in action - which is what trend lines are all about. (and what most trend traders do without realising it).

Quoting smjones
This is very near my idea of S&R and ops in trading

The first chart is a Weekly view. only when all the trend lines agree can trades be taken. In this case only longs, because GU is positive

The second chart is a close up of some recent trades made. Only long. because all trend lines must agree...

Right now neither long not short, until price action improves. There are mixed signals

Edit, here is a Daily view and shows when trading stopped just a day ago.
  • #40
  • May 13, 2007 5:09am May 13, 2007 5:09am
The problem with trendlines is that they are indeed subjective: some people draw Gann-like trendlines, some others link only the last two swings, some others use the week's low/high as the focal point, etc.

S/Rs on previous swing High/Lows (or previous day's high/low) are universal to everyone.

Anyway, Bemac, what do you use the reflections for?
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