Supports and resistances

Hi Friends,

I would like to initiate a new thread on supports and resistances. Recently, I came accross a simple trader without knowledge of TA, giving out perfect supports, resistances and targets on any stock. Amazingly he works out on a simple 8 digit calculator from some inputs like the opening of the stock for the current day. At least from my little knowledge in TA, I know we need the last high, low, close to derive the pivot point for the next day. I tried to asses his method from Gann tables too, but he amazes me everytime. Not that he is a great successful trader himself, a simple guy he is still making mistakes. But his 'calculator trading' makes me surprised. He says someone taught him this but he never divulges the secret of the process though he smilingly gives out the levels. Could anyone throw some light on this?

Thanks & regards...
Ropewalker

Hi newinvestor,

This is what we know of as pivot points but he does not input the high low or close.

Hi Darsh,

Saw ur system but need to understand the basics of it. But your system works. Actually before we had influx of computers in our stock market we used to have people working out some workable calculations which still now work wonders. I remember those dhoti clad old men with closed eyes, mumbling out figures to buy or sell at. Anyways, I would like to learn your calculations Darsh.

Thanks & regards
Ropewalker

perhaps he is using the +5% and -5% calculation with opening..