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Found 5 results

  1. This is the indicator that I use on my chart. It is the only indicator I use on a price chart. As far as price is concerned, all I care about is Support and Resistance. I use this indicator on a one minute chart of the ES E-mini SP 500. It plots a Resistance line as soon as a Peak signal fires. When the second Peak signal fires, it plots a new Resistance line, and extends the old Resistance line in a different style. The same happens for Support lines. This indicator in in Easy Language code, programed in TradeStation. It is shown below, plus attached as an ELD file. //7-8-11 // Programed by tradescripter //hh=higher high, ll=lower low var: hh(False),ll(False),lh(False),hl(False); var: ClsDwn(False),ClsUp(False); var: Aftr929(False),Aftr932(False),Aftr939(False); var: BeforeCls(False); var: DayHrs(False),newDay(False),OKtoPlot(False); var: Peak1(False),Peak2(False),Peak3(False),Peak4(False),Peak5(False),Peak6(False); var: Bttm1(False),Bttm2(False),Bttm3(False),Bttm4(False),Bttm5(False),Bttm6(False); var: Peak(False),Bttm(False); var: PeakPrice(H),BttmPrice(L),PriorPeakPrice(H),PriorBttmPrice(L); var: NoPriorPk(False),NoPriorBttm(False); var: HL_Price(False),LH_Price(False); var: NewRzstnceExt(-1), OldRzstnceExt(-1), OldSupport(-1), OldExtSpprt(-1); var: OldRzstnceBegPrice(h), OldSprtBegPrice(L), OldHiExtBegPrice(H), OldBegPrice2(H); var: NewRzstnceBegTime(t), NewRzstnceExtBegTime(t), NewLowExtBegTime(t), NewSpprtBegTime(t); var: NewRzstnceBegDate(D), NewSpprtBegDate(D), NewRzstnceExtBegDate(D), NewLowExtBegDate(D); var: HierHigh(False), LowerHigh(False), HierLow(False), LowerLow(False); var: SteppedDwn(0); var: NewRzstnce(-1), OldRzstnce(-1), NewSpprt(-1); var: NewSupportExt(-1); hh=h>h[1]; ll=l<l[1]; lh=h<h[1]; hl=l>l[1]; ClsDwn=c<o; ClsUp=c>o; Aftr929=T>929; Aftr932=T>932; Aftr939=T>939; BeforeCls=T<1600; DayHrs=Aftr929 and BeforeCls; newDay=date <> date[1]; //OKtoPlot=DayHrs=True; Peak1=ClsUp[1] and ClsDwn; Peak2=lh[1] = False and ClsDwn; Peak3=lh[1] = False and lh; Peak4=ClsUp[1] and lh; Peak5=hh[1] and hh = False; Peak6=hh and ClsUp = False; Bttm1=ClsDwn[1] and ClsUp; Bttm2=hl[1] = False and ClsUp; Bttm3=hl[1] = False and hl; Bttm4=ClsDwn[1] and hl; Bttm5=ll[1] and ll = False; Bttm6=ll and ClsDwn = False; Peak=(Peak1 = True or Peak2 = True or Peak3 = True or Peak4 = True or Peak5 = True); Bttm=(Bttm1 = True or Bttm2 = True or Bttm3 = True or Bttm4 = True or Bttm5 = True); NoPriorPk=Peak[1] = false; NoPriorBttm=Bttm[1] = false; if Peak6 and NoPriorPk then Begin PeakPrice = H; End else If Peak and NoPriorPk then Begin PeakPrice = H[1]; End; if Bttm6 and NoPriorBttm then BttmPrice=L else If Bttm and NoPriorBttm then BttmPrice = L[1]; HierLow=BttmPrice>BttmPrice[1]; LowerHigh=PeakPrice<PeakPrice[1]; LowerLow=BttmPrice<BttmPrice[1]; HierHigh=PeakPrice>PeakPrice[1]; if LowerLow then SteppedDwn = 1 else if HierLow then SteppedDwn = 0; if PeakPrice <> PeakPrice[1] then PriorPeakPrice = PeakPrice[1]; if BttmPrice <> BttmPrice[1] then PriorBttmPrice = BttmPrice[1]; {-- Starts a new Resistance Line, then ends the old Resistance Trend line if a new peak signal fires ---} If Peak and NoPriorPk Then Begin OldRzstnce = NewRzstnce; If Peak6 and NoPriorPk then Begin NewRzstnce = tl_new(d[1], t[1], H, d, t, H); End Else Begin NewRzstnce = tl_new(d[1], t[1], H[1], d, t, H[1]); End; Value1 = TL_SetExtRight(NewRzstnce, True); Value2 = TL_SetSize(NewRzstnce, 2); Value3 = TL_SetColor(NewRzstnce, Blue); If OldRzstnce <> -1 Then Begin NewRzstnceBegDate = TL_GetBeginDate(NewRzstnce); NewRzstnceBegTime = TL_GetBeginTime(NewRzstnce); OldRzstnceBegPrice = TL_GetBeginVal(OldRzstnce); Value4 = TL_SetExtRight(OldRzstnce, False); //Stop extending the original line to the right. Value5 = TL_SetEnd(OldRzstnce, NewRzstnceBegDate, NewRzstnceBegTime, OldRzstnceBegPrice); End; End; {-- Starts a new trendline if a new bottom signal fires ---} If Bttm and NoPriorBttm Then Begin OldSupport = NewSpprt; If Bttm6 and NoPriorBttm then Begin NewSpprt = tl_new(d[1], t[1], L, d, t, L); End Else Begin NewSpprt = tl_new(d[1], t[1], L[1], d, t, L[1]); End; Value6 = TL_SetExtRight(NewSpprt, True); Value7 = TL_SetSize(NewSpprt, 2); Value8 = TL_SetColor(NewSpprt, magenta); If OldSupport <> -1 Then Begin NewSpprtBegDate = TL_GetBeginDate(NewSpprt); NewSpprtBegTime = TL_GetBeginTime(NewSpprt); OldSprtBegPrice = TL_GetBeginVal(OldSupport); Value9 = TL_SetExtRight(OldSupport, False); Value10 = TL_SetEnd(OldSupport, NewSpprtBegDate, NewSpprtBegTime, OldSprtBegPrice); End; End; {-- Extends the old Resistance trendline if a new peak signal fires ---} If Peak and NoPriorPk and H <= PeakPrice[1] Then Begin OldRzstnceExt = NewRzstnceExt; NewRzstnceExt = tl_new(d[1], t[1], OldRzstnceBegPrice, d, t, OldRzstnceBegPrice); Value11 = TL_SetExtRight(NewRzstnceExt, True); Value12 = TL_SetColor(NewRzstnceExt, Blue); Value13 = Tl_setstyle(NewRzstnceExt, Tool_Dotted); If OldRzstnceExt <> -1 Then Begin NewRzstnceExtBegDate = TL_GetBeginDate(NewRzstnceExt); NewRzstnceExtBegTime = TL_GetBeginTime(NewRzstnceExt); OldHiExtBegPrice = TL_GetBeginVal(OldRzstnceExt); Value14 = TL_SetExtRight(OldRzstnceExt, False); Value15 = TL_SetEnd(OldRzstnceExt, NewRzstnceExtBegDate, NewRzstnceExtBegTime, OldHiExtBegPrice); End; End; {-- Extends the old support line if a new bttm signal fires ---} If Bttm and NoPriorBttm and L >= BttmPrice[1] Then Begin OldExtSpprt = NewSupportExt; NewSupportExt = tl_new(d[1], t[1], OldSprtBegPrice, d, t, OldSprtBegPrice); Value16 = TL_SetExtRight(NewSupportExt, True); Value17 = TL_SetColor(NewSupportExt, Magenta); Value18 = Tl_setstyle(NewSupportExt, Tool_Dotted); If OldExtSpprt <> -1 Then Begin NewLowExtBegDate = TL_GetBeginDate(NewSupportExt); NewLowExtBegTime = TL_GetBeginTime(NewSupportExt); OldBegPrice2 = TL_GetBeginVal(OldExtSpprt); Value19 = TL_SetExtRight(OldExtSpprt, False); Value20 = TL_SetEnd(OldExtSpprt, NewLowExtBegDate, NewLowExtBegTime, OldBegPrice2); End; End; _PRICE_LEVELS_PRICE.ELD
  2. FTSE did manage a test of Oct/Nov highs at 5903/07. With the market no overbought on daily and shorter term charts we may be unable to move any higher at this stage. We have support at 5870/65 but below here look for 5848. If this level fails to hold a slide look for 5830 and a good chance of a low for today so we look to exit shorts and buy in to longs with a stop below 5810. If we manage to push through the Oct/Nov highs at 5903/07, then the Sept highs of 5933 could be the next stop. Dax did test October & November highs at 7440/49 where we suggested exiting any remaining longs and moving in to short positions up to the 2012 highs at 7476. We will be looking to stop out of shorts however and buy back in to longs on a break above 7500. We did fall back a little from here to first Fib support at 7406/02. If we hold on here today look for another go at 7445/49 and the chance of a high for the day again. It is worth attempting shorts again here and up to 2012 highs at 7476 with a stop & reverse in to longs above 7500. A move below 7500 however keeps prices under pressure for 7376, possibly 7355. Should be worth exiting shots here and buying in to longs down to the 7333/28 with a low expected if this support is tested. Stops needed below 7300. Eurostoxx reached 2592 but not quite as far as 2012 highs and the big double top at 2602/07. Clearly this is a very significant level and with the market overbought on daily and shorter term charts there is a strong chance of a high here for this 2 week recovery. We have to attempt shorts here with a stop above 2613. We then run in to the 61.8% retracement level of the losses from the highs in 2011 at 2638 and this therefore should be very tough resistance. Attempt shorts once again with a stop and reverse in to longs above 2650. Support at 2563/59 from some weekly highs with first short term Fib support at 2552 but below 2547 we could see 2527 next. We could expect a bounce from here if tested but we need stops on longs below 2519 for 2507. Dax.pdf eurostxx.pdf Ftse.pdf
  3. Using Pivot Points to make Better Trades Pivot Points have been used by floor traders at the major equities and futures exchanges for a long time. Traders found that the price tended to hover near the pivot level and trade in between the pivot and support and resistance levels generated by a simple calculation based on the previous day’s high low and close. One advantage of using Pivots is they are a predictive indicator as opposed to lagging. Predictive Vs Lagging Indicators The majority of technical indicators most traders use such as moving averages and RSI are lagging. Meaning they are telling us what has already happened, or at best, what is happening in real time. Few indicators are predictive; one type of predictive indicator is Pivot Point study. Pivot Points use old data to predict future price movement, and, since technical analysis is based on the idea that many people looking at the same thing will draw similar conclusions, we can use pivot points in a variety of ways to improve our trading. Pivots have been used by floor traders for many years, traders found that daily price action seemed to fluctuate more intensely around certain levels based on the previous day’s high, low and close. Traders also found that by using the pivot point and the previous day’s range, high and low, they could set support and resistance levels that price respected. There are several methods of calculation for these pivots we will explore the classic calculation method in this article in detail but we will also discuss the alternative methods. Classic Pivot Points To calculate the pivot point, take the previous day or session’s high(H), low(L) and close©, add them together and divide by 3 [(H+L+C/3 = Pivot Point (PP)] Now we can calculate the support and resistance levels based off of the pivot, Support 1 is (PP x 2)-H , Resistance 1 is (PP x 2) – L =, S2 is (PP-Range), S3 is(PP-Range) x 2 and S4 is (PP-Range) x 3. R2 is (PP+Range), R3 is (PP+Range x 2) and R4 is (PP+Range x 3). Range is High-Low. E-mini S&P500 Chart: For this example we will use the E-mini S&P 500 futures. The previous session high was 1124.25, the low was 1110.25 and the close was 1122.25 Using these values we can calculate the pivot point, which is 1118.92, Support1= 1113.57, Resistance1=1127.58, S2=1104.94, S3=1090.92 and S4=10796.92. R2=1132.92, R3=1146.92 and R4=1160.92. Looking at this chart, we see that when price fell, it fell exactly to the first level of support and bounced higher. We used the exchange hours to set our session and ignored the Globex/overnight session when calculcating our pivot points. The reason we did this is because much more volume is traded during the exchange session and the institutions that really move the price are trading during these hours. Most institutions do not trade the low liquidity overnight session unless there is a news event. So when the market opened the next day it immediately fell and found support exactly at S1. The difference between R1 and S1 was about 14 points, which is a pretty large range for this contract. In other words, it would take a major event to push the price to the next level of support or resistance (S2, R2). By using S1 as the buy entry and our pivot point as a take profit level we can use S2 as the Stop Loss level, the difference between S1 and the PP was 5.34 (5.25 rounded down, which is 21 ticks on this contract), so that was our profit potential on this setup. Conversely, we could have set a buy stop slightly higher than R1 and a sell stop right below S1, this would be more of a breakout strategy where we look for the price to move through either level with momentum and continue down to S2 or move higher to R2. Alternate Calculation Methods There are several methods to calculate pivot points, 2 alternate methods are Woodie’s and Fibonacci. For Woodie’s method instead of using the previous session’s closing price, we use the current session’s open price. The formula to calculate the pivot point is PP=(H+L+(Today’s Openx2)/4. Our Support and Resistance levels are calculated the same way as the classic method. Another method is Fibonacci, this method uses the Classic calculation to find the Pivot Point (H+L+C)/3 but uses the major fibonacci levels to calculate support and resistance levels. S1=PP-0.382 x (H-L), S2=PP-0.618 x (H-L) and S3=PP-1.0 x (H-L). R1=PP+0.382 x (H-L), R2=PP+0.618 x (H-L) and R3=PP+1.0 x (H-L) Here is a table using the same Open, High , Low and Close data to compare the different calculation methods: Combining Pivots with other tools. Pivot Points are a valuable tool for any trader, however, no single tool tells the whole story, we are looking for multiple indicators to align and confirm a move. Meaning, if the price is nearing R1, our RSI is above 90 and we have an important Fibonnacci level at or around the same price, that validates our prediction that we will encounter resistance more than relying on any 1 indicator. It is important to look at different indicators that tell a different story. For example if you are using a moving average crossover for entry confirmed by a MACD, you are basically looking at the same thing in two different ways, a MACD measures the difference between 2 moving averages so of course the signal will be confirmed! But if we mix the inidcators up by using a momentum indicator such as RSI or Stochastics, now we are looking at 2 different instruments that are giving a similar reading. Combine these indicators with support and resistance tools such as pivots and Fibonnacci, now you have 3 totally different indicators for confirmation, that means you have a much better chance of making a good trade. You may find yourself taking less trades, however this is about quality, not quanitity. In the end, trading is all about probablilty, and if you put the probability in your favor over and over again, you will increase your chances of coming out on top. Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors. Jesse Richards is a Series 3 registered Commodities Futures Broker and a Principal of Fast Trading Services LLC
  4. Hi all, This is my first post on the forum. This is in regards to my studying up on support & resistance and how I've been finding that some of the stocks I've been buying/following lately have had what I consider odd shifts. For instance, I have stocks in LRT.UN, which has had a significantly higher volume of bids than asks (in some cases 80 to 30), with a very small spread, yet the bulls catch the play. I am working hard to understand the concept of volume and what I find on the web only states that things should go the other way. How can I better anticipate what the brokers are fixing? Thank you.
  5. torero

    Busy Day Tomorrow

    Hi guys, Just checked the economic schedule for tomorrow. From what I see the rate is schedule to be released at 8:30am ET. Is it me or it's not the normal hour right? Looks like USD, CAD, EUR and GBP will all have their own news. This is probably the first time since started trading currencies I've seen so much news coincided at the same time. Was this intentional?
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