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Sure. Each market is different, but I will allow wheat to pass my sup/res
value by 1-2 cents depending if a slow or fast move preceeded it.
If in doubt, just wait until the next day to confirm it held. Especially in
a slow moving market, you can do this quite easily and with very little
risk.
On the SnP, intraday traders might want to watch it hit sup/res, move away
from it, and come partway back and give out before entering. Each has their
own technique, but I prefer seeing the retracements first when intraday.
:)
rick
-----Original Message-----
From: jfb.nyc@xxxxxxxxxxxxxxxx <jfb.nyc@xxxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>;
ricrat@xxxxxxxxxxxxxxxxxxx <ricrat@xxxxxxxxxxxxxxxxxxx>
Date: Friday, September 26, 1997 1:48 PM
Subject: Re: fut: MOTW SnP
:
:> So, say prices are going up. I will then fire up the TTC calc, enter the
:> date/prices of the last clear formation on the charts, and it will tell
me
:> what are the pressure points on the way up.
:>
:> EXAMPLE: Say wheat is at 350. It has been going up and today is an Fdate.
We
:> run the TTC Formation calc and see resistance at 354, 365, 371. Okay,
there
:> is plenty of spacing between these prices to not get confused.
:>
:> Wheat goes up to 354.75 and pauses. It then starts to back off a bit. You
:> can wait till the close and if it holds, may consider this a low risk
short
:> for the next day. At least you will know where to place your stop loss.
:>
:> If prices had gone to 360 before closing, you can bet that their is a
good
:> chance the top is not in yet and will go to 365 on our FD+1 (one day
late,
:> max. allowed). You now have forecasted time and price for the next day.
:>
:> So, if prices are going up, SOLVE for RES. If going down, solve for SUP.
:> Don't be a sticker.
:>
:> cheers!
:> :)
:> rick
:>
:
:Care to state your opinion on how much penetration of support/resistance
: is required to change a support [resistance] level to a resistance
[support]
:level presuming such penetration occurs on an Fdate?
:
:To use the example above, at what minimum closing price do you go long
:[with a target of 365] rather then short?
:
:JFB
:Shaven Heads Trading
:NYC
:
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