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The Commodity Trading Forum is a presentation of |
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The Commodity Trading Forum is a presentation of |
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Free Commodity Chart Service |
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Commodity Trading Discussion Forum
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Re: Can$ / Plunging/Still/Nearing Support/Wayne
Posted By: Trades In Response To: Re: Can$ / Plunging/Still/Nearing Support (Wayne Fisher)
Date: Friday, 10 October 2008, at 12:36 p.m.
The only thing that is truly support and resistance is price. Mov averages, fib retracements, oscillators, overbought oversold indicators help create a confluence of evidence suggesting a particular market is at support or resistance but price as measured by previous highs and previous lows together with the chart "pattern" to give the overall bullish or bearish bias is the key to support and resistance. Next thing to price and pattern is a simple uptrendline or downtrendline as a breakout is fast and price based. What I look for is an angled trendline to break and then the next closest price resistance or support to get taken out. Using both when possible increases the odds of success. Then add macd or other indicators that show trend and divergences etc to help substantiate the trade after the 2 breakouts over the trendline "and" price resistance or support is taken out. But some markets respect a particular moving average "most" of the time and can be used for support and resistance. The longer term ones especially. It's nice when price does tag one "plus" price is at a support or resistance pt. The more things lining up together the better the odds.
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