Indicators to establish Support & Resistance

[Fran8]

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

 

[tomorton]

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.

 

[trendie]

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.

 

[Fran8]

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

 

[tomorton]

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.

 

[cowbearcar]

http://www.trade2win.com/boards/tec...a-list-make-music-staff-stave-stock-view.html

Take a look my indicator EMA_MUSIC_STAVE
just simple EMA 7 20 38 62 100, but give quite good idea on turning point.