Indicators to establish Support & Resistance

Fran8

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Hi everyone

Im trying to find an indicator that helps me in a objective way to find support and resistance.

I know that most people are going to say the standard reply of just look at a chart.

What Im trying to do is to find the support and resistance levels in a more objective way and also to find a tool that helps and makes the job easier, I understand that using indicators is not going to be perfcect but I also believe that they would help and many people will appreciated as we do not all see everything with such clarilty

Im currently working with RSI 5 periods and CCI 12 periods, when they are overbought or oversold a look at the chart and see if they are really important levels, I do this in the weekly time frame, Im a swing trader and I use the daily charts that is why I go one time frame up

Would appreciate more sugestions and help

Thanks for the help
 
Indicator's can't predict, so I suspect its a lost cause from the start, but please post up what you see yourself - even negative evidence might help someone at some time.
 
the only indicator I can think of would be some kind of fractal.

or something that marks out recent highs and lows.
(that is, a price that has no highs/lows X bars either side of the test-bar)

I find, you ultimately have to determine SupRes for yourself.
 
I have been looking at Highs and Lows and Fractals and Im very happy with the results, works better than with indicators.

I leave the link of a video explaining how to use Fractals


Thanks for the help and pointing me in to the right direction
 
Intersting link thanks. Seen the principle before but not under that name. Thing is, price sometimes sails blindly through s/r levels as if they had never been printed - how can any technique say which will be respected and which ignored on a given day?

The other side of the coin - taking an opposing trade when a signal is refuted by price - is also well known and used.

I'm not converted but I think I will start drawing s/r lines on charts, just to see what difference they make to me. So thanks for this thread.
 
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