how to work out support and resistance

[jonboy123]

but say if its a candle....anywhere along the wick/shaddow is ok? or does it have to be within the main candle body?

i tend to favour a rough zone.....to make sure.....rather than an exact point/price....

 

[jonboy123]

hi again

say if you find supp/res levels on a daily chart, and then you go into an hourly chart, should you find supp/res local to the hourly, or use the same levels found on the daily?

Ive found that diff TF's show diff sup/res, as well as some levels which are showing on both TF's.

 

[sundaram iyer]

hi, say if im looking at finding swing trading opportunities.
I hear i need to really understand and study sup & res concept.

How long on the time frame should i be using to find the sup and res levels?

Would i need to draw the sup and res levels myself?
or does software do it for you?

How would i find the sup and res levels?
Ive read the relevant chapters in the books.

WOuld i just visually look to see where two lows or two highs happen?
and then roughly find something like tthat?

thanks.

for support and res levels read a book by mr brain marbor

 

[forker]

You don't need to read a book to learn how to plot s\r levels.

 

[roughbert]

Ive found that diff TF's show diff sup/res, as well as some levels which are showing on both TF's.

I'm talking about S&R as in Pivot Points, etc.

S&R calcs involve the closing, low and high prices, also optionally the opening price, for a TF. Daily is the usual TF. However, the TOD of the close varies. For example, IG advanced charts use 5EST as the close for everything, including LSE instruments and FTSE. You would probably prefer to use native time for these S&R calcs.

 

[jonboy123]

TOD?

IG charts open/close at 12am uk time for daily candles for 24hr markets.
LSE instruments are 8am to 4.30 (IG).
i think.

 

[roughbert]

TOD?

IG charts open/close at 12am uk time for daily candles for 24hr markets.
LSE instruments are 8am to 4.30 (IG).
i think.

Sorry - I really should not post on a full moon.

You appear to be right about IG - I just checked. Maybe I should have slandered some other body.

Howooooo!!!

Oh, TOD is Time of Day.