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Background:
These posts started several months ago after I had done a year of research
on the utility of support and resistance numbers in trading volatile
markets.After reviewing about 25 methods I set upon one that I thought
encouraging.
I then sought others on this list who use S&R in some form or another to
share numbers without any obligation to share methodology.What I have found
is there are a good number who use this method and like to have confirmatory
or non-confirmatory data to compare and use or not as they choose.
That being said I trust it will help those new to the list on the purpose
and intent of these posts.
>>The S&P closed at 1405.4 vs. 3165 for the Nasdaq.Numbers for
>>both appear acceptable.These are still Dec. contract since different
>>people have different rollovers.Give me some consensus and I will adjust.
>>By request:
>>S&P
>>
>>Level 3 R=1419.2....S=1391.6...Drop dead Sell and Buy points.
>>
>>Level 2 R=1412.2....S=1398.6....Stop loss points or reversal if strong
>>break
>>
>>Level 1 R=1409.2....S=1401.6....Sell and Buy stop points
>>
>>I believe the ideal opening trading range to be 1401.6 to
>>1412.2.
>>>>Nasdaq
>>>>
>>>>Level 3 R=3233............S=3097......Same descripton.
>>>>
>>>>Level 2 R=3202............S=3128......Ditto
>>>>
>>>>Level 1 R=3183............S=3147......Ditto
>
>>DESCRIPTION:Level 3 are points if reached have a high probabiltity for
>>profit if sold at R or Bought at S. Level 2 are stop loss points if you
>>enter at level 1.They are also breakout points if penetrated.Level 1
>>assuming we openin the range are buy and sell points.If out of the range
>>no trade.
>>
>>John
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