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Looking for Indicator for support/resistence levels
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Looking for Indicator for support/resistence levels
Hey guys, I am looking for a good indicator to use for intraday trading that displays major support and resistance levels for the past few days/weeks/hours. What would you guys recommend from the forum?Tags: None
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Price Action rules
Hi,
Here is a more reliable way to find S/R (as everybody can see them), but also more time consuming .
If you trade RTH, just use prior day H/L/C, current week H/L and prior week H/L/C. On Friday's/towards end of week can also use Open of current week as S/R.
Indicators for that available.
In addition mark gaps on daily RTH chart. Like C of prior day and L of gap day (if gap up).
If prior day is trend or reversal bar on daily chart, 33,50 and 66% retraces work well too as pullback traders enter around these levels.
If you're more into price action, when you see spike and channel pattern, the start of the channel is almost always S/R.
Can trade plenty of breakout pullbacks and failed breakouts off that.
Cheers
ThomasLast edited by td_910; 05-30-2013, 04:06 AM.
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Originally posted by td_910 View PostHi,
Here is a more reliable way to find S/R (as everybody can see them), but also more time consuming .
If you trade RTH, just use prior day H/L/C, current week H/L and prior week H/L/C. On Friday's/towards end of week can also use Open of current week as S/R.
Indicators for that available.
In addition mark gaps on daily RTH chart. Like C of prior day and L of gap day (if gap up).
If prior day is trend or reversal bar on daily chart, 33,50 and 66% retraces work well too as pullback traders enter around these levels.
If you're more into price action, when you see spike and channel pattern, the start of the channel is almost always S/R.
Can trade plenty of breakout pullbacks and failed breakouts off that.
Cheers
Thomas
Comment
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Hi,
its as simple as HLC of Y, see ES 2000 tick ETH chart from 5/29. I marked LOY (low of Yesterday) and channels. Can take plenty of S trades at LOY.
Same today on ES 2000t chart, just put COY and HOY line on ETH chart, there are countless examples every day.
Or NQ 5min RTH chart today, Brs at COY and breakout test HOY.
Free online storage and sharing with Screencast.com. 2 GB of storage and 2 GB of bandwidth per month for free. We won't compress, alter or take ownership of your content.
Cheers
Thomas
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