forex tribe's Technical Analysis

Re: Resistances and Supports

Resistances and supports updated the 11/01/2012
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Re: Resistances and Supports

Resistances and supports is good way to get idea about rates changing. Thank for this.
 
Re: Resistances and Supports

Hi,

I am a virgin trader just reading some posts and articles, and I found your constant updated chart.

I see the resistance and support level, but who determines the line on the chart, will there be a line available on the programme to monitor?

Thanks!
 
Re: Resistances and Supports

Hi,

Resistances and supports above are pivot points. These points are calculated by the classic formula :

PP = (Highest Point +lowest point + closing price) / 3

It allows thereafter to calculate resistances and supports:
S1 = (2 * PP)-highest point R1 = (2 * PP) – lowest point
S2 = PP-(highest point-lowest point) R2 = PP + (highest point-lowest point)
 
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