How to use Support and Resistance Effectively - page 3

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sensho:
Hello:

Wish you all a very Happy New Year!!

Does anybody have the ebook "Dinapoli Levels" by Joe Dinapoli?

Please post the same here.

Thanks and regards,

Senthilkumar

Already posted here.

 

S/R indicator

the attached indicator for mt4 uses ZigZag to plot S/R trendlines for User Selectable Timeframes...

 

S/R is the key to trading success. I have found fibonacci pivots to be very good predictors of S/R.

http://www.livecharts.co.uk/Members/display_currency_data.php

I also have been using shi channels and linear regression channels but there is not much info about them.

 

I use Fibo S/R in my trading. They are one of the most commanly used S/R levels. Recently I came across a trader who was trading another form of this S/R called Super-kluster Fibonacci which are much better than the normal Fib levels. I dont have any literature on this nor have I seen any indicator programmed for this. Can anyone code SK levels ( as they are popularly called)? They work like magnets for price levels and can be used very successfully for exits?

Meanwhile I will try and search for any literature for this indicator.

It is somewhat like the Dinapoli Fib levels. I dont have much knowledge of how they are constructed, but would be interested in any indicator such as the one I have mentioned.

Any of you have any experience with SK levels??

Thanks guys

 

There is a thread in forexfactory that is posting what he calls price magnets. Said he found them on 1 minute charts and seems to be very acurate as most all of them get hit within 24 hours.

 

Ref: Super-kluster Fibonacci

Hello, radicalmoses:

A DogPile.com search of the term took me to a FibMarkets.com 2003 weblog. Quote from that page:"SK = SuperKluster! It is an area of stronger support." I suspect someone at FibMarkets coined the term.

I am not sure if all the other stuff on the page is related to 'SK' but the following question and answer found there is noteworthy:

"Do older Fib Levels carry more 'weight' as Support/Resist then current ones...are they stronger then those based on todays prices action or yesterdays?"

"... yes they can be stronger, if they come from a higher time-frame. For example, weekly levels are much stronger than 5-minute levels.. So the further back they originate from, the better in general."

 

Ref: Super-kluster Fibonacci

Hmmm, perhaps 'SK' refers to a price where Fibonacci lines from two or more time frames achieve approximate coincidence.

For example:

Suppose there is a fib line at 1.2000 on the 5 minute chart AND there is a fib line on a 15 or 30 minute chart at 1.2000 ( or 1.2003, etc.). There may even be a line at 1.1995 on the 1 hour chart. If this were the case you could say that the lines are 'clustered' (a.k.a., Klustered) or grouped around a price point.

Now suppose there was an indicator you could plug in fib values from other time frames and this indicator would alert you when a fib line on your active chart was close to your target value. Maybe it would change the color of the active fib line. What do you think?

I know we can draw in the lines from the other time frames, but the problem for me is that too many lines on a chart makes it less useful - making it harder not easier to make decisions.

 

Request : EMA as support and resistance

hello ..

I need some help for coding something simple in my mind for MT4 like this :

Input two EMA's with diffrent periods like x,y

find the median of those diffrent two input EMA Like :

Median = ( EMA x + EMA y ) / 2

Now : the problem is that I need to draw this Median as a DOT on any

timeframe for the instane time we are in now , I mean : I need to draw many dots which indicate the value of that Median on diffrent time frames :

5m + 15m + 30m + 1hr

And it shows those diffrent dots ( 4 dots ) on any timeframe I choose ,

I mean : when I open the 30m chart (or any timeframe chart ) , It draws 4 dots for the value of that median at this now-time ( the value of that median on

the diffrent time frames : 5m + 15m + 30m + 1hr ).

Those 4-dots will be drawn above/below the current candle denoting the value of the median for the diffrent 4 timeframes.

I hope that I can find some help from our group.

Yours . Omran

 

check the mutiple timeframe movingaverage.

sailor

 

Does a support resistance EA already exist?

Does anyone already have an EA that identifies support and resitance levels?

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