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November 24th, 2004, 09:08 AM
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| How to determine future S/R levels when ther's no data? Hi, Just wondering which indicators some of you use to determine future support or resistance levels. So for example, the Euro is higher than it has ever been. USD/CHF is lowest it has ever been so what tools are you using to determine future s/r levels since you cannot visualize future resistance levels as there is no data to base it on? I've heard some people use the Gann Fann. |
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November 24th, 2004, 11:34 AM
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| Gann and Fibonacci are both good for this - they measure moves in percentages from a certain point. For Fibonacci, you can calculate any sequence, even over 100%, so long as it is based on the sequence of numbers. Obviously these are less reliable when there is nothing to base them off of, however. The more times a S/R level is tested, the more reliable it becomes.           |
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November 24th, 2004, 02:42 PM
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| With the Fib the default values are 38.2 50 61.8 78.6 I want to know values ABOVE the 38.2. (future retracement areas). How do you do that when you are already in a high? Lastly can I use any values or are there certain values I should be using? Thanks Last edited by Sesame; November 24th, 2004 at 04:38 PM. |
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November 24th, 2004, 04:35 PM
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| Sesame, It seems to me that you want to know what the Fib extensions, not the retracement, numbers are in order to see where the CHF might go. A quick search on the net for Fibs will return enough detailed explanations to give a math professor a hard-on. In trading, the numbers commonly used are 1.272, 1.618, 2.272, 2.618, 4.236, and 6.854. Most charts have Fib extensions and depending if it's a line, arc or time, the extensions will vary. Many of them will allow you to change the parameters of the tool if you want. Nat |
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November 29th, 2004, 08:06 AM
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| Quick note on the euro specifically - there are charts available for the synthetic euro (you can back-calculate this from data for all the european legacy currencies). Mine go back 30 years on my platform. A lot of the banks etc on their research are mentioning these levels (the 1.3090 and 1.3210 ones in eurusd were widely reported last week). GJ |
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