How to use Support and Resistance Effectively - page 74
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The levels involves yourself to understand and follow the trend that whether the market is up or down or mixed..
Or the level configuration shows you that is it time to trade or not..
hello,is there any indicator that can draw horizontal line on perfect doji?i read somewhere that perfect doji can act as s&r, especially in higher TF. so i'm trying to prove it, and it'll easier for me if there's an indicator that can draw horizontal line(s) automatically when meet perfect doji(s).
sorry for the bad english.
thanks
The best way to get the best of these Resistance and Support levels is to study them for scalping and make many small profits instead of a big profit. This is the best you can get by dealing with the Levels...
Yes..that's correct..we'd better trade 100 times with small pips rather than trade one time but loose our account. The more you trade,the sooner you will be an expert.
Support and Resistance indicator
I was wondering if someone can create this indicator?
thank you
similar indicator....
This is all nice and pretty,
But you can't code S/R lines without objective definitions of S/R points- which you don't have.
S & R indicator. It is working on multiplied timeframe.
Can anyone write it like this???????????support in green color and resistance in red color?????I am not a coder but I tried and failed..........
here support and resistance makes the same colors.............
please can any one do this favor???????????
If you use the Absolute Fiboneacci Framework, you can save yourself a lot of bother because you then see that support and resistance points don't move. You just need to be able to evaluate how strong they are at any particular point and time.
Barry's support resistance EA/alert
The main purpose of this message is to suggest a method of trade to make a relitively simple EA. I'm not sure if it's possible or profitable as an EA, however in live trading it is.
What I do on the 1m or 5m chart is I apply the barrys support/resistance. I determine trend direction manually. If the overall trend is down, at the appearance of the red resistance dots I sell. Usually I simply take profit at 1 - 4 pips. Overall its not a large quantity of pips but it's relitively reliable. The only issue is it occasionally re-paints, maybe 1 in 15 bars will disappear if penitrated within seconds of first appearing. I do not trade this on higher time frames however I feel it may be profitable to do so. The origonal rerquest I was going to make was simply for an alert so I would be notified when the indicator appeared, but I figure I may as well have it as an ea so it could enter the trade itself If I already knew I liked the setup of an upcomming trade.
What I suggest/request:
An EA that has the ability to enter a trade at the appearance of the correct bar (red sell, blue buy)
This EA would have basic options such as TP, SL, and alerts only, (close position on the appearance of opposite signal and money managment if you wish)
The trading direction would be determined by the trader, and if only sell positions are desired, they would be set in the EA Common settings tab.
this is the link to the indicator, Thanks a lot!
http://www.forexfactory.com/attachment.php?attachmentid=52421&d=1191223370
http://www.forexfactory.com/attachment.php?attachmentid=52421&d=1191223370
Well, I draw my TL by hand. But Thomas DeMark's books are great - he has that great ideas of combining chartists with mathematical and mechanical calculations. I just love his systems - especially the Sequential.