How to use Support and Resistance Effectively - page 44
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Dear NewDigital,
I sincerely Ask your help,
Is "Horizontal_Support_Resistance.mq4" Existing ?
An Indicator draws horizontal line base on Two or Three Bar Highs
with the same price level (1 to 2 pips difference is Considered).
It is not necessary the two bars to be sequence, perhaps a
BackBars of 50 more or less is good. Vise versa for 2 to 3 Bar Lows.
I am more convinced that such described indicator is not exixsting,
Therefore, I am seriosly asking your Good Office to help this Indicator
to come true on the Forex world.
Sorry for the English, it's not even my third language.
Truly Yours,
Renefx (Rene)
Hadji Amin Moh. Mira-ato
fxamin@yahoo.comHi..
I use sometime this...multitimeframe and plot support and resistance exatly on high and low where you want 4h 1h daily how you set!
Hope is what you search......
Regards...
Let’s take a look at the methods of different “classical” authors to understand the support/resistance levels.
First, what kinds of supports and resistances are used in technical analysis?
1. A. Elder tells about “HORIZONTAL or almost horizontal line”, passing through several highs (lows).
Here is an illustration from his book, the quality is not too good, but the idea is clear anyway.
2. There are also INCLINED support/resistance levels, i.e. trendlines
A nice little Bubble short trade
70 pips +
Thankyou Bubble
Trendline Support Resistance
Hi..
I use sometime this...multitimeframe and plot support and resistance exatly on high and low where you want 4h 1h daily how you set!
Hope is what you search......
Regards...Thanks Spynamax for your quick reply.
Due to my lack of english understang I find my self hard to explain what I'm really looking for a Support and Resistance.
I find your attached indicator semilar to the one I look for but for some criteria they are not.
Ex:The Support Resistance you attached draws Trendlines from a certain bar peak high or bottom low to unknown point, not to a certain matching peak high or bottom low.
I also noticed on the indicator's code the minimum BackBars is 55.
The one I look is also semilar to Tom Demark Trenline Indicator that draws Lines Slopping UP or Slopping Down. But I look for the one that will draw a Flat Trendline from High-Peak Level to another High-Peak Level (The same price level).
Also semilar or maybe it is the one poste by Derex.
I'll try to attached a chart edited by me...
Rene
Thanks ND
I don't remember any indicator with exact same name, sorry.
Namy EAs are using Support and Resistance (Barry).mq4 but I don't know remember "Horizontal_Support_Resistance.mq4". We are having so many indicators (threads) drawing horizontal lines in any condition so I may confuse with it as I am not using it. Try to seach "horizontal" here https://www.mql5.com/go?link=https://www.forex-tsd.src/search
Or go to this thread https://www.mql5.com/en/forum/177934 as I collected many links there.
Just a suggestion: when you are writing your email address so use [at] instead of this one @ otherwise you email address will be scanned by spam software very easy and you will get a lot of spam on your email (and probable will need to change your email address soon).
Just use this one [at] instead of this one @.Thanks You,
Thanks to you ND.
I always believe you are the right man who can help everyone here.
Please check my last post and share us your thoughts.
Rene
How to calculate a angle of a Trend Line?
Hi!
I need to calculate a angle ( Sen() ) of a Trend Line!
somebody now how to code this in MT4?
compare the current bar close to a bar in the past. Then divide the two to get a increase or decrease.
Hi XRK 1962
Greetings XRK
I notice you are posting a 15 minute chart. Is that your trading chart? Are you find s/r easy to determine on that chat?
It seems to me that Bubble was using peaks for determining support and resistance...is that your understanding? The troughs seem more like guidelines.
Nice trade.
Joined pal talk but work during peak times.
Cheers
Thanks You,
Thanks to you ND.
I always believe you are the right man who can help everyone here.
Please check my last post and share us your thoughts.
ReneI am not right man in any systems as I can not know everything. I am learning together with everybody. Regular - may be
I am thinking that it is difficult to describe about support/resistance without trend lines. In your image the price touched the trend line two times (you did not write this trend line) and finally broke this line.
And if we see your support/resistance line so the price touched or tried to break this line two times and finally did it.
I did not trade support/resistance/trend lines. I traded channel trading system. It is very similar.
Some people said that it is easier to trade inside the channel (inside support/resistance lines) as rebound. But it is very difficult to trade on breakout those lines (breakout systems). And there is some theory about how many times the price should touch support/resistance/trend line to be sure the price did not break this lines. Usually the trades are counting: "one touch, second touch, 3rd touch - that's fine - no breakout today. I may open the order on rebound now". If price broke support/resistance line finally so we are having the new support/resistance line which may be more stronger that previous one.
I traded on rebound and on breakout. It was much more difficult to trade on breakout.
That's all my knowledge about it.
It is very good thread and I am learning together with everybody.
Just to keep in mind.
Any strategy based on support/resistance must take into consideration the support/resistance of other correlated pairs.
Some are leading, others are lagging.