Help identifying Support and Resistance

This is a discussion on Help identifying Support and Resistance within the Technical Analysis forums, part of the Methods category; the main thing to remember is that S & R points should leap out of the chart at you ...........................if ...

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Old Mar 30, 2014, 9:29am   #9
NVP
 
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the main thing to remember is that S & R points should leap out of the chart at you ...........................if they are not then they are not prime S/R levels and just minor levels

N
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Old Mar 30, 2014, 9:58am   #10
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the main thing to remember is that S & R points should leap out of the chart at you ...........................if they are not then they are not prime S/R levels and just minor levels

N
To add to NVP, start with a higher timeframe such as a weekly , draw in the extremes of price then reduce it to a daily. When you see your levels line up then you have a starting point to go on. Also, record price levels in a journal, that way you can commit figures to long term memory.
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Old Mar 30, 2014, 10:43am   #11
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Going to P&F charts or renkos at the outset is a certain loser.
Hi Lands_end?
If you're going to instruct the OP to ignore my advice (or anyone else's for that matter), it would be both helpful and courteous if you went to the trouble to explain why.

P&F and Renko charts display price action perfectly. That's precisely what they're designed to do and, by removing a lot of 'noise', it makes them the ideal charts for newbies to study.
Tim.
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Old Mar 30, 2014, 10:53am   #12
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Fair point timsk, In my view everybody should be able to read black bars before even considering a trade. It's the difference IMHO between learning to drive on an automatic and a regular stick shift. It is the capability to sift through the noise that increases the chart or price awareness. To start using an aid such as P&F is in my miserable view creating a false illusion.
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Old Mar 30, 2014, 10:59am   #13
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Originally Posted by Lands_end View Post
Fair point timsk, In my view everybody should be able to read black bars before even considering a trade. It's the difference IMHO between learning to drive on an automatic and a regular stick shift. It is the capability to sift through the noise that increases the chart or price awareness. To start using an aid such as P&F is in my miserable view creating a false illusion.
Hi Lands_end,
Thanks for the explanation. I hold the polar opposite view to you: I'm the tails to your heads - the white to your black - the yin to your yang etc.

If the OP struggles to identify S&R levels of a Renko chart - he's never going to find them on a bar or candlestick chart!
Tim.
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Old Apr 2, 2014, 2:50pm   #14
 
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price proxy

price proxy
might help
might not

http://www.trade2win.com/boards/trad...hree-keys.html
Attached Thumbnails
price-proxy-5-sma-day-.jpg   price-proxy-5-sma-h4-.jpg  

Last edited by develbis; Apr 2, 2014 at 3:10pm. Reason: + link to 3 keys
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