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Any online service that shows S/R lines?

  • #1
  • First Post: Oct 16, 2015 3:06am Oct 16, 2015 3:06am
Guys, long story short: I found a few sites out there that will tell you the support/resistance levels for various pairs. We all know that these are wide range areas and not lines, but... their (and my) results are very different sometimes. And this makes me question my own judgement ( I guess confidence is what I need most).
My questions are:
1. Do you think it is better to ignore these online advice and draw my own S/R? How do you do it?
2. If you're using some online site to advise about S/R lines, which one is it? (leave a link, please, I'd like to compare with my charts)
3. 3rd option = I suck and they're all right. What do you think of my S/R for UsdChf? Are they ok? (tell me if I'm wrong; I chose a random chart with 4 important levels... or at least this is what I see. I usually try to get closes to the round numbers, if they're close enough)
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Cheers.
Using the RobotFX EAs for a while https://www.robotfx.org/
  • #2
  • Oct 16, 2015 3:20am Oct 16, 2015 3:20am
Quoting wattaman
Guys, long story short: I found a few sites out there that will tell you the support/resistance levels for various pairs. We all know that these are wide range areas and not lines, but... their (and my) results are very different sometimes. And this makes me question my own judgement ( I guess confidence is what I need most). My questions are: 1. Do you think it is better to ignore these online advice and draw my own S/R? How do you do it? 2. If you're using some online site to advise about S/R lines, which one is it? (leave a link, please, I'd...
Draw your own levels.

The reason is that trend lines depend on OHLC of the bars of your choice. If another trader lives in a different time zone than you do. All of his calculations will be different.
If you are good at something, never do it for free--Joker
  • #3
  • Oct 16, 2015 11:50am Oct 16, 2015 11:50am
Quoting wattaman
1. Do you think it is better to ignore these online advice and draw my own S/R?

Yes, definitely. I wouldn't dream of letting anyone else do it. (Especially if they might use "calculations", "pivot points", "Camarilla equations", or even "kumo levels" to work them out. Those are all unnecessary guessing games on a pretty-much objective, factual subject.)

This isn't a difficult skill to learn, and is a really important and worthwhile one.


Quoting wattaman
How do you do it?

I start from higher timeframes than the one I'm trading from (as a rule of thumb I think it's worth doing this from the two adjacent commonly-used timeframes, so, for example, if trading from an H1 chart you might want to start from H4 and D1 charts - if trading from an M1 chart you might want to start from M5 and M15 charts. That's Marcel Link's view ("High-Probability Trading") and I think he's right.

I draw horizontal lines of touches and/or near touches.

I transfer them to the chart I'm actually trading from and add any new ones from that timeframe.

Occasionally I'll use two different colours in accordance with my subjective perception of the chances of their turning into future support/resistance (be aware that what you're drawing isn't future S/R: it's previous S/R, and those are two different things.)

The ones I think are most important are:-
(a) the most recent ones;
(b) the ones with the most touches/near-touches;
(c) the ones where support has become resistance and/or vice-versa.

I'm generally a little less interested in less recent and fewer-touch lines.

I always use bars, not candles, myself (but that's optional, of course!). If using candles, however, I would definitely err on the side of using the ends of the wicks and not the ends of their bodies. I think this is important: highs and lows are objective and factual, while opens and closes are arbitrary and interpretative.

I probably ought to admit that I seem sometimes to draw S/R resistance lines in slightly different places from other traders: I quite often scratch my head in puzzlement looking at charts in trading forums and the lines drawn on them, and think to myself that I wouldn't have drawn a line exactly there. So I can't, of course, maintain that it's a completely objective skill.
  • #4
  • Oct 16, 2015 8:59pm Oct 16, 2015 8:59pm
Quoting Xela
{quote} Yes, definitely. I wouldn't dream of letting anyone else do it. (Especially if they might use "calculations", "pivot points", "Camarilla equations", or even "kumo levels" to work them out. Those are all unnecessary guessing games on a pretty-much objective, factual subject.) This isn't a difficult skill to learn, and is a really important and worthwhile one. {quote} I start from higher timeframes than the one I'm trading from (as a rule of thumb I think it's worth doing this from the two adjacent commonly-used timeframes, so, for example,...
Thanks, Xela. I'm doing the exact myself (except that I'm using candles), just that I always get confused by the online analysts. You helped me restore my confidence. Cheers.
Using the RobotFX EAs for a while https://www.robotfx.org/
  • #5
  • Oct 16, 2015 10:02pm Oct 16, 2015 10:02pm
Quoting Xela
{quote} Yes, definitely. I wouldn't dream of letting anyone else do it. (Especially if they might use "calculations", "pivot points", "Camarilla equations", or even "kumo levels" to work them out. Those are all unnecessary guessing games on a pretty-much objective, factual subject.) This isn't a difficult skill to learn, and is a really important and worthwhile one. {quote} I start from higher timeframes than the one I'm trading from (as a rule of thumb I think it's worth doing this from the two adjacent commonly-used timeframes, so, for example,...
I disagree with you on some levels... what are time frames? what do you mean by that?

why are we drawing trend lines according to formation of candles..... I think price levels especially ending in 0 and 5 show evidence of clustering.
read about the market micro structure, and http://faculty.haas.berkeley.edu/lyo...clustering.pdf

Time frames do not exist. when the Eur/Usd hit 1.1380 no matter where you looked the bid/ask was the same ... the 5 minute, tick, monthly or daily showed the same price. Now if you are measuring time frames as a reasonable expectation of returns and volatility ... that is all we have, but that does not mean that the Eur/Usd is some how different at daily than at the 1 minute.
AVT INVENIAM VIAM AVT FACIAM
  • #6
  • Edited 6:05pm Oct 17, 2015 5:21am | Edited 6:05pm
Quoting the redlion
when the Eur/Usd hit 1.1380 no matter where you looked the bid/ask was the same ... the 5 minute, tick, monthly or daily showed the same price. Now if you are measuring time frames as a reasonable expectation of returns and volatility ... that is all we have, but that does not mean that the Eur/Usd is some how different at daily than at the 1 minute.

You say you disagree with me, but actually you're making exactly the same point as me (just in slightly stronger language). As I stressed, above, highs and lows are objective and factual, while opens and closes are arbitrary and interpretative.


Quoting the redlion
what are time frames? what do you mean by that?

The same as everyone else, and the same as Marcel Link does in his book on the subject: the units of time into which we choose to divide the ticks, to display them on a chart.

They're arbitrary and interpretative, as I keep saying. (You seem to prefer to word that as "they don't exist", instead, for reasons best known to yourself, but you're actually agreeing with me, if you only knew it!).


Quoting the redlion
when the Eur/Usd hit 1.1380 no matter where you looked the bid/ask was the same ... the 5 minute, tick, monthly or daily showed the same price.

Thanks for helping me to make my point. Highs and lows are objective and factual, while opens and closes are arbitrary and interpretative.

I say "arbitrary and interpretative", you say "don't exist". They exist because we make them exist, on our own charts. They exist for us, but they're not objective and factual in the way that prices and their highs and lows are. We're saying the same thing in different words.

I say "tom-AH-to", you say "tom-AY-to" - let's call the whole thing off.
  • #7
  • Last Post: Oct 19, 2015 5:50am Oct 19, 2015 5:50am
Quoting wattaman
Guys, long story short: I found a few sites out there that will tell you the support/resistance levels for various pairs. We all know that these are wide range areas and not lines, but... their (and my) results are very different sometimes. And this makes me question my own judgement ( I guess confidence is what I need most). My questions are: 1. Do you think it is better to ignore these online advice and draw my own S/R? How do you do it? 2. If you're using some online site to advise about S/R lines, which one is it? (leave a link, please, I'd...
my advise is to ignore these sites, drawing lines is about the most easy thing anyone could do,
and nothing you should spend money on, or even if it was free, I would not be sure to trust them,
I definitely would like to draw them my self, the key is to draw the most obvious lines,
those are the lines that most traders are likely to see clearly, therefore those level tend to be the most powerful.
avoid to draw lines that anyone hardly can see, as a rule a trendline must have atleast 3 touches to be valid,
and for horisontal lines there needs to be atleast 2 touches.
you are right about that the support and resistance lines we draw, are not exact and precise levels,
they can't be, because support and resistance are more like zones, therefore any online website couldn't possibly get it right either.
price can and will over shoot these levels without really breaking a resistance or support because they can be quite thick.
because these levels are zones, we should draw them from the highest high and lowest low,
that is from the wick on a candle. and that is how most analysts will draw them, we want to include "all" price action.
we might need to adjust them in the future, but thats perfectly fine. if a trendline get's pierced through but no brake,
do you adjust? only if you have 3 touches after you adjusted, otherwice it is perfectly fine.
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Bulls are stupid Animals!especially when Im short!
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