learningfx Posted May 23, 2009 Report Posted May 23, 2009 Hi Currently, I using the pivot point for my R&S(support & resistance). Is there any better way or method to accurate draw my R&S line on my hourly, 4hour and daily chart ? I just want to perfect my skill in one of the factors that give higher probability to my winning rate. Thank you. Quote
unikin Posted May 23, 2009 Report Posted May 23, 2009 Re: How to accurately draw support & resistance line ??? Hi Currently, I using the pivot point for my R&S(support & resistance). Is there any better way or method to accurate draw my R&S line on my hourly, 4hour and daily chart ? I just want to perfect my skill in one of the factors that give higher probability to my winning rate. Thank you. --- read the rules. you have just broken one. mod --- Quote
adrian1974 Posted June 10, 2009 Report Posted June 10, 2009 Re: How to accurately draw support & resistance line ??? Hi.. Actually there are several type of Support Resistance. Static and Dynamic. Static an be drawn with straight Horizontal by examine the whole price in Multi Time Frame. And the Dynamic can be drawn by using Pivot, Fibonacci, or Indicators (ex: Bollinger Bands, Moving Average, or even Specific Moving Support Resistance custom Indicator) Which one is the better one? All is good and depend on your trading strategy. It also good to combine them. Shorter time frame for short term trading should use the dynamic SR. I will explain more in static SR which I always used in my trading. In my experience, Static SR usually happend from the past price level and will repeat in the future. For example: http://i624.photobucket.com/albums/tt329/adriansusianto/h1.gif Bold Lines are Major/Strong SR Lines, which bigger probability that price will retrace or breakout those lines. Thin lines are minor SR Lines, which it still on the test to be the strong SR Lines. How did I draw those lines? Use all your Time Frames, Monthly, Weekly, Daily, H4, and H1 1. look at your Monthly Chart, find the point where price were bounced. Draw the lines at the rounded price (ex: 1.3500, 1.4100) 2. Change to Weekly Chart, do the same thing with step 1, but also do the fine tune the lines you have drwn from step 1 3. Change to Daily Chart. Examine all lines you have drawn and test them with past data. The valid lines should be the valid for all price movement in the past until current. 4. Change to H4. do the same thing with above steps, but now fine tune to something like 1.3250, 1.4120. Add more lines if you think the price were bounce off. 5. Change to H1, do the same thing like step 4. 6. You have your static SR lines. For suppose in the present time you find a new lines, mark them with thin line and test those lines by examine each price movements everyday until you are satisfied and sure enough that the lines is a good SR Lines. You will find that the lines you have drawn is also agreed by Fibonacci 38.2, 50, and 68.1. The more lines agreed by Fibonacci, the stronger the SR Lines. Yes, I am live trading with my SR lines. But I treat them to be my "the guardian" lines. In my EURUSD above you will find that 1.4000, 1.3300 are very strong SR Lines. I got many profits from those lines. At the moment, EURUSD are still playing around 1.4000. By this special double or triple 0, you can also apply Kathy Lien's OO strategy. Hope these can answer your questions. PS: Bro dvd, since now we can write in English almost in every room, I think this topic should be removed elsewhere related to trading system, not in English topic anymore. Because most of us are now writing English. :D Quote
adrian1974 Posted June 11, 2009 Report Posted June 11, 2009 Re: How to accurately draw support & resistance line ??? FYI, you can see further detail on drawing EURUSD SR example from our great Gyverd at this link below: http://www.indo-investasi.com/viewtopic.php?f=8&t=230 Quote
andrewte Posted July 13, 2009 Report Posted July 13, 2009 Re: How to accurately draw support & resistance line ??? I just use the simpe "last swing highs and last swing lows" to determine. It's not exactly science though. The secret is, how many times it touches such highs and lows. :-) Quote
munalkarki Posted July 13, 2009 Report Posted July 13, 2009 Re: How to accurately draw support & resistance line ??? Dear Adrian, i like the way you have described of SR to define by using different time frame, can you tell me the book name where Kathy Lien's OO strategy has been mention. Quote
tigris Posted July 13, 2009 Report Posted July 13, 2009 Re: How to accurately draw support & resistance line ??? Thanks Adrian for a clear explanation of static S&R. Where can learn more about the dynamic S&R. Thanks Quote
thomy Posted July 13, 2009 Report Posted July 13, 2009 Re: How to accurately draw support & resistance line ??? very helpfull, thank you! Quote
adrian1974 Posted July 22, 2009 Report Posted July 22, 2009 Re: How to accurately draw support & resistance line ??? Thanks Adrian for a clear explanation of static S&R. Where can learn more about the dynamic S&R. Thanks Hi Tigris, Dynamic S&R can be identified using: - Price Action from Candlestic Chart : rever to Steve Nison Books about Candlestick - Pivot Point Calculation - Fibonacci Retracement - Indicator: Moving Average (EMA 10), and several Custom Indi (Forgot the name, coz I don't use them) Thx.. Quote
abailey Posted July 22, 2009 Report Posted July 22, 2009 Re: How to accurately draw support & resistance line ??? I have found good success with Fibonacci retracements combined with daily pivots. Also if you use bollingbands combined with the fibonacci numbers many times a turning point will coincide when the two meet. Hope this helps. good luck Quote
egi1610 Posted July 24, 2009 Report Posted July 24, 2009 How to draw trendlines I have been looking for advice on how to draw properly trendlines. What is 'normally' taken? High/Low or Close? How 'sharp' would you normally draw the line, what delat would you allow it to brake and reverse to still count the line as 'valid'? Hey as usual any advice is appreciated! EGI1610 Quote
keifer Posted July 25, 2009 Report Posted July 25, 2009 Re: How to draw trendlines read Thomas DeMark - The New Science Of Technical Analysis chapter 1 http://rapidshare.com/files/270797282/Demark_-_The_New_Science_of_Technical_Analysis.rar not an easy read but worth it. Summary: identify swing points. Swing High = A bar preceded and succeeded by lower highs. Swing Low = A bar preceded and succeeded by higher lows. To draw a downwards trendline, find the latest swing high on 15m or 1H chart. Draw line backwards from this to the swing high before it (has to be higher can't go sideways or downwards). reverse for and uprend. When a new swing high is made then update your dynamic trendline. Angle is important. Too steep then it's not as reliable. Quote
RFX Posted July 26, 2009 Report Posted July 26, 2009 Re: How to draw trendlines Trendline works on all time frame from1 min to 1 day. each has it's own pip move. 1min to 4min will give 20 to 40 pip. where as h1 trendline will give 80 pip atlest. Quote
egi1610 Posted July 26, 2009 Report Posted July 26, 2009 Re: How to draw trendlines wow the link Keifer provided was really usefull. Thanks a lot for the reco, indeed not easy material but very usefull! EGI1610 Quote
abuamira Posted July 28, 2009 Report Posted July 28, 2009 Re: How to draw trendlines I have been looking for advice on how to draw properly trendlines. What is 'normally' taken? High/Low or Close? How 'sharp' would you normally draw the line, what delat would you allow it to brake and reverse to still count the line as 'valid'? Hey as usual any advice is appreciated! EGI1610 Here are two ebooks that explain how to draw trendlines and trendfans, very simply and easily. you should be able to draw them after reading. http://[email protected]/file/115734332/4faecae3/Trend_and_Trendlines.html regards Quote
paladin Posted July 28, 2009 Report Posted July 28, 2009 Re: How to accurately draw support & resistance line ??? Connect the dots, highs to highs and low lto lows, look at other chartists and see hwo they do it Quote
ibdafx Posted August 8, 2009 Report Posted August 8, 2009 Re: How to draw trendlines I have been looking for advice on how to draw properly trendlines. What is 'normally' taken? High/Low or Close? How 'sharp' would you normally draw the line, what delat would you allow it to brake and reverse to still count the line as 'valid'? Hey as usual any advice is appreciated! EGI1610 hello egi1610 try to use this indicator, maybe it can help u Quote
egi1610 Posted August 8, 2009 Report Posted August 8, 2009 Re: How to draw trendlines Hi Ibdafx, I am not able to download the indicator. COuld you either share via fileplatform and post the link here or send me a PM so I can give you my private email adi? many thks EGI1610 Quote
ceromping Posted August 9, 2009 Report Posted August 9, 2009 Re: How to draw trendlines you can try the video .... [youtube:e8tczv25][/youtube:e8tczv25] Quote
kepala Posted August 10, 2009 Report Posted August 10, 2009 Re: How to draw trendlines This is the first material on that time I have...very tought and hard to coz different language hxxp://w@@[email protected]@om/file/124057705/55e6c2fe/Td_online.html Quote
spongebot Posted August 11, 2009 Report Posted August 11, 2009 Re: How to draw trendlines Hi, there are a lots of different points of view. Some ta's use a line chart so you just have the close - others try to brew their own beer. Try to find your own way on chart reading and run it on your favourite software :-? Quote
bimbo Posted August 26, 2009 Report Posted August 26, 2009 Re: How to accurately draw support & resistance line ??? Wyckoff theory suggests Horizontal lines for Support & resistance.Once you master that try Slant trendlines joining bottoms or connecting two tops.Afterwards you can try with patterns Quote
sean1713006104 Posted August 27, 2009 Report Posted August 27, 2009 Re: How to draw trendlines Hi, I came across this "selfmade" AutoTrendline MT4 indicator on another forum "SelfMAde MT4 Indicator for Auto Trend Lines. Indictor calculate the waves (impulses) and then pivot points. This indicator don't use any ZigZag algoritm." Hope I am not duplicating posts and hope this is useful. Quote
magic Posted August 30, 2009 Report Posted August 30, 2009 Re: How to accurately draw support & resistance line ??? i like to think of Price patterns as strategicaly drawn trendlines around Support and Resistance. - 1st draw your support and resistance levels on the chart - then draw trendlines - when trendlines intersect with support and resistance a pattern may or maynot form. - this gives clues to potential target and or new support and resistance. Quote
fallingsaints Posted September 2, 2009 Report Posted September 2, 2009 Re: How to accurately draw support & resistance line ??? This is a good topic. I think something like that should be included in beginners discussion as well. Support & resistance line as well as observing trends, I think that form the basis of technical analysis. Pivot points are also good indicators that I use in my daily trading. Quote
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