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Support and resistance indicator
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Support and resistance indicator

  #61 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
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It's impossible to code for subjectivity, but he does give some clues about the factors involved, mostly time - if it's been long enough since the break, it can be discarded. That's easy enough to turn into a rule - invalidate an S/R level n bars after it breaks. At any point before n bars, consider it a reversed level.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #62 (permalink)
Trading Apprentice
Thessaloniki
 
Futures Experience: Intermediate
Platform: Amibroker
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Posts: 23 since Jun 2010
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Yes, time is a good point I was missing.

In his article S/R Levels ? When Do They Become Invalid? he states:

“If I was trading this, I’d leave 1.5510 as potential resistance, but remove 1.5495 as no longer valid.

Why?
Because price showed a stall at the 1.5510 level before crashing lower. People bought here. Some will have lost money; others will still be holding on in desperate hope of a breakeven exit. The level is recent and is a source of emotional pain. It stays on my chart.
1.4595 provided almost no support as price slid straight through. There was likely to have been little buying here, and therefore a lot less emotional pain. This one’s gone!”

Just before 1.5510 broke, we had several bars that respected the support. THIS is what makes the brake not to invalidate the support. Just before the 1.5495 broke, there are no bars “supported” or “rested” on the line. This is the reason to invalidate it.

If something sounds too subjective, unless it comes from supernatural, to me it means we do not have a clear understanding of the rules. Acting from “experience” means that the mind is following subconcious rules, rules that we are not aware and therefore cannot describe clearly.

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  #63 (permalink)
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Futures Experience: Beginner
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You are dead right. You just started a good description of the price action that makes the setup to get involved in, and the setup or better said the S/R to ignore. This PA needs to be fleshed out a lot more.

You are right also about subjectivity.

Sorry, mid-week I have no time to myself.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #64 (permalink)
Trading Apprentice
Thessaloniki
 
Futures Experience: Intermediate
Platform: Amibroker
Broker/Data: Dukascopy
Favorite Futures: EUR/USD
 
Posts: 23 since Jun 2010
Thanks: 2 given, 1 received

I have made a related question here: https://futures.io/traders-hideout/35661-evaluate-support-resistance-through-momentum-indicators.html#post492903

I made a separate post, since it is not strictly to Ninja programming. Rather I am looking to use indicators to evaluate the strength of an S/R line.

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