DislikedHas there been any discussion about how to draw the lines for horizontal support and resistance in this thread? I have experimented with drawing a line at every swing point (high and low) I see on the one hour, 4 hour, and Daily to see where they cluster. My lookback is a max of 240 bars.
This is obviously a lot of work and maybe overkill. This is the most intelligent and usefull discussion I've found in several years of visiting a myriad of Forex forums, so I'm hoping someone will give me some guidance on this.Ignored
At the end of most of their articles is the UBS suggetstions for support and resistance, as well as guidance for where they see the pairs going. I have already used this successfully just by looking at their suggestions and verifying them historically on my charts - seems to be good. The other thing I use are Pivot Points and Fib Retraces - I only trade the four majors and each of them stopped their moves today at a variety of points. 1 at a Pivot - 2 at new lines lines that I verified have historical significance and 1 at the 23.6 Fib. Hope this helps.