Support/Ressistance

[gogga]

Hi there,
I want to know if there are any members out there that can give me some information on where i can get accurate support and ressistance levels(from a bank site perhaps)?

Thanks

[James]

Originally posted by gogga
Hi there,
I want to know if there are any members out there that can give me some information on where i can get accurate support and ressistance levels(from a bank site perhaps)?

Thanks

Not sure what you mean by accurate...there are many ways to calculate them and each has merits and demerits.

This is the best one there is in my opinion, apart from doing your own homework, that is.

http://www.mizuho-cb.co.uk/TresInter...X_-_Majors.htm

[Gamma_Jammer]

I use the following all the time...

S/Term:

Previous all day London/NY high and low (07:30 Ldn - 22:00 Ldn)
Previous Asia high and low (22:00 - 07:30 Ldn)

38.2, 50 and 61.8 Fibs of previous days range ldn/ny. (Only really if there's been a big move).

M/Term

24 Hour, 100 hour 200 hour SMA. Fibs as before.

L/Term

55,100,200 day SMA
same fibo points on ytd range
52 week high & Low

plus any other ad hoc ones that spring to mind (used to sometimes look at v major legacy currency ones like 3.00 usd/dem etc but not so much any more). In addition some that you cant really write rules for, you just have to spot them on a chart (trend support / resistance, sticky patch a few weeks ago, that sort of thing)

Only problem is keeping track of them all. I'm currently in the process of writing a bespoke excel based app that will take care of this for me in the pairs I look at (including rating them for strength, producing supp/res tree etc). Been meaning to do this for years and finally realised that I should just get on with it so started yesterday. Will report back when I'm done. Primarily for my own benefit (selfishly) but would be interested to see what people think. Maybe It would make good shareware or something.

GJ

[Gamma_Jammer]

And therefore I agree wholeheartedly with James re doing your own homework. I'm just trying to be like the kid that taped 25 pens together to do his lines at school :-)

[James]

Originally posted by Gamma_Jammer
I use the following all the time...

S/Term:

Previous all day London/NY high and low (07:30 Ldn - 22:00 Ldn)
Previous Asia high and low (22:00 - 07:30 Ldn)

38.2, 50 and 61.8 Fibs of previous days range ldn/ny. (Only really if there's been a big move).

M/Term

24 Hour, 100 hour 200 hour SMA. Fibs as before.

L/Term

55,100,200 day SMA
same fibo points on ytd range
52 week high & Low

GJ

I like your selection, and I look at many of the same ones myself, although I place less importance on the MA's and more on fibs and horizontals. I might add a few too: any obvious major trend lines, 100 period Bollinger Bands on any chart period, 78.6% Fibs, daily "spike lows/highs" and there was one other important one which has momentarily slipped my mind! Pay special attention to confluences. Any thoughts on these Gamma?

Oh...just recalled the missing thing: round numbers, half round numbers and the 80 and 20 levels.

All this makes for a huge number of things to remember, but it becomes second nature eventually....an excel tool could also help!

[socrates]

Gogga

From a personal point of view I look at the horizontal lines on the 4 hr chart. But that alone does not mean that support or resistance will hold.

I wait for it to manifest for a while before deciding if it will hold "this time".

A S/R is only as good as the players in the market at the time feel it is good

[rainstorm]

I feel you can't go past the daily pivot points and the support and resistance areas these generate. Free desktop calculators are available to download easily. I like pivot points because a lot of traders use them. And for S and R to work there must be a high degree of consensus about them.