How to use Support and Resistance Effectively - page 66

remmy007
44
remmy007  

hello bubble,

i am looking at the usdcad at the moment and looks like a possible reversal is nearby,but the cad look weak enough not to attempt it for now.

how soon i dont know

could you please look at the chart and give your epert opinion.

thanks.

gbot
239
gbot  

space saving

gbot
239
gbot  

Fantastic week,

space saving

gbot
239
gbot  

Eurjpy - Gbpjpy

space saving

ebta follower
12
ebta follower  

Line Charts Support And Resistance

I use LINE CHARTS (not candlestick or bars) to better find the support and resistance levels. I believe the most important piece of information is the CLOSE price.

I do my trading manually, based completely on the latest & most significant levels of support and resistance I can find on LINE CHARTS.

This is, of course, VERY subjective.

To help me out, I use the RSI(7) indicator, which mimics very closely the amplitude of the price shown in the LINE CHARTS.

RSI(7) tells me the strength (significance) of the recent peaks and valleys that represent levels of support and resistance, above and below the current price.

Does anyone have an INDICATOR that can be used in LINE CHARTS to HELP find the most significant SUPPORT and RESISTANCE levels for 1H, 4H and DAILY time frames??

Again, such indicator could perhaps get information from the RSI (7), to find the most significant (strength wise) levels of support and resistance, above and below the current price.

Any help will be appreciated.

CHUMI.....

Linuxser
5921
Linuxser  

Hello chumineros,

This thread has many indicator that could help you. Also see thi spost: https://www.mql5.com/en/forum/178273

And 98% of the indicators are based on close price, line charts just avoid the other three data.

ebta follower
12
ebta follower  

line chart

yes, thanks...

That is why I use the line chart, as I know it is based on closing prices.

I am looking for a support and resistance indicator that takes these significant peaks and valleys in the line chart into consideration.

I have read all the replies to this thread, to which my posting was moved by newdigital, and I have not found what I am looking for.

When you look at the line chart, it is very easy to spot the significant places were support became resistance, or when resistance became support. Coupled with the RSI, you can confirm the strength of the level.

I guess I will just keep on looking.

Regards,

CHUMI

Linuxser
5921
Linuxser  
ebta follower
12
ebta follower  

thanks for the indicators LINUXSER!!!

These are good indicators, and certainly are a step into the direction I want to go.....but no cigar yet.....

But, Many thanks!!

I am creating a script to close a position when the RSI (7)reaches a certain level, if anyone knows of such a script, please let me know.

Thanks again...

Linuxser
5921
Linuxser  
chumineros:
These are good indicators, and certainly are a step into the direction I want to go.....but no cigar yet......

If you need light for the cigar...