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| Discuss Drawing Support & Resistance lines at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi! I would be grateful if someone could please guide on drawing support & resistance ... |
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#1
2nd September 2006, 07:33 PM
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Drawing Support & Resistance lines
Hi!
I would be grateful if someone could please guide on drawing support & resistance lines on charts where there is a lot of noise. A few examples would be much appreciated. Also, does one draw the lines on the daily charts or weekly charts? The reason why I am asking is because on some of the daily charts, it takes some doing to identify support & resistance levels. Please do advise ... Thanks & regards, Amit 
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#2
2nd September 2006, 08:43 PM
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Re: Drawing Support & Resistance lines
Quote:
The general rule that I follow is that if there is a lot of noise on the chart and the chart does not make sense... you are looking at the wrong time-frame. Choosing the correct time-frame is one of the most important and most neglected decisions in technical analysis. You should look at things like, when a break of a level happens, how often is it a false break in a given time-frame, if you see loads of false breaks, chances are, you need a better time-frame. Weekly levels are always going to be more important than dailies, daily more important than 60 mins and so on.. Hope this helped. AB http://marketsindia.blogspot.com
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#3
3rd September 2006, 12:19 AM
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Re: Drawing Support & Resistance lines
Quote:
 Make it easier using AlphOmega Pivots Res&Supp >>parameters 3 and 4 (for both daily and weekly charts), you may also try line chart instead of bars or candle sticks. Good luck Last edited by alsaidan; 3rd September 2006 at 01:12 AM.
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#4
3rd September 2006, 01:01 AM
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Re: Drawing Support & Resistance lines
Quote:
EXAMPLE Last edited by alsaidan; 3rd September 2006 at 06:49 AM.
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#5
3rd September 2006, 09:34 AM
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Re: Drawing Support & Resistance lines
Quote:
Thanks a lot for your reply. Am attaching a chart of Alok Textiles (NSE Symbol = ALOKTEXT). I would be grateful if you could please draw the resistance lines & upload the same for me. Thanks & regards, Amit
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#6
3rd September 2006, 09:39 AM
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Re: Drawing Support & Resistance lines
Quote:
What you have suggested has gone way over my head.  Thanks for your reply, though. Regards, Amit
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#7
3rd September 2006, 01:55 PM
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Re: Drawing Support & Resistance lines
can any one please (may be alsaidan) explain what is "AlphOmega Pivots Res&Supp", and how to use them. thanks
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#8
3rd September 2006, 06:27 PM
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Re: Drawing Support & Resistance lines
Quote:
I am attaching the chart as per my understanding, others may not look at it in the same way.. but here goes anyways.. Regards, A.B http://marketsindia.blogspot.com P.s: As i said earlier, I first looked at the weekly chart to draw the levels, and then the trend channel on the dailies..
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#9
3rd September 2006, 11:16 PM
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Re: Drawing Support & Resistance lines
I found that whenever there is a lot of noise in the chart, it is better to use the line chart for drawing support/resistance lines. I've attached the chart of Alok Industries as an example. Let me have your comments.
Kuldeep
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#10
4th September 2006, 12:04 AM
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Re: Drawing Support & Resistance lines
By the way, did not see the fibonacci levels earlier, see how the 38.2 and 50 worked, 61.8 completely coincides with the big level, very interesting indeed...
Look at the chart attached.. Regards, A.B http://marketsindia.blogspot.com
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