Supports and resistances

Ropewalker · #1 15th June 2007, 09:28 AM

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

newinvestor123 · #2 15th June 2007, 11:07 AM

VERY GOOD . I AM ALSO GIVING U SOME IMPORTANT SHARE SUPPORT AND RESISTANCE DETAIL WITH ATTACHMENT.

Quote:

Originally Posted by Ropewalker

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

Ropewalker · #3 15th June 2007, 11:16 AM

Hi newinvestor,

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

swagat86 · #4 15th June 2007, 11:18 AM

this may be of som help

http://www.traderji.com/software/6866-coolworks.html

darsh_goswami · #5 15th June 2007, 01:03 PM

Quote:

Originally Posted by Ropewalker

Hi newinvestor,

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

Dear Ropewalker,..

see my new thread , check levels there .. if it matches anywhre then we can discuss further about it...

http://www.traderji.com/technical-an...made-easy.html

regards,...

Darsh

Ropewalker · #6 15th June 2007, 04:27 PM

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

darsh_goswami · #7 15th June 2007, 05:45 PM

Quote:

Originally Posted by Ropewalker

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

DEAR ROPEWALKER....

I WAS USED TO WORK WITH ALL THOSE LEVELS MANUALLY ON A CALCULATOR BEFORE. BUT AT THAT TIME I WAS JUST ABLE TO WORK WITH FEW OF THE STOCKS.. NOW I DEVELOPPED A WHOLE SYSTEM USING IT.

ABOUT LEARNING , ITS A SIMPLE FIBBO NUMBER GAME. WILL TELL U LATER ON ABOUT IT COZ THIS IS A VERY LENGTHY THEORY. I M JUST POSTING 20% OF IT. COZ ITS NOT ALWAYS U CAN TRADE WITH LEVELS U NEED TO KNOW WHAT U SHOULD DO. BUT FIRST U CHECKOUT MY LEVELS FOR A FEW DAYS. HAVE SOME PROFIT FROM IT. I THNK THATS THE BEST WAY.

REGARDS,...

DARSH

Ropewalker · #8 15th June 2007, 07:43 PM

Thanks Darsh, I am aware of the Fibonacci levels and I generally use it on a hourly chart to set short-term targets. I have also done some study on this matter but what I don't get is how is this calculation done from the opening figure only? Definitely I would like to learn more
from you.

fast_rizwaan · #9 16th June 2007, 05:04 AM

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

darsh_goswami · #10 16th June 2007, 11:04 AM

Quote:

Originally Posted by fast_rizwaan

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

Dear Rizwaan,

if u have noticed, i already post my levels @ eod. before market starts. I dont use open in my calculations anywhere..

Thanx ropewalker,.

will teach u later on but not so soon bro. till then u trade on my system, enjoy and have fun.

regards,..
darsh

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