Intraday trading Support and resistance and trend

Various writers Linda Bradford Rashke,  Al Brooks , Mark B. Fisher when discussing
intraday trading suggests that the High or Low of the previous Day are
important support and resistance levels for the next days trading decisions.

Here are a couple of indicators that show the previous day’s
High and Low levels. The Highs or lows are drawn horizontally 1 bar at a time
whilst each of the following day’s  similar
time periods elapses.

Depending on the intraday time frame adopted ,the setting of
the indicator should be changed e.g. there are 24 X 15 minute periods in 6
hours of ASX trading so if you use a 15 minute chart the setting is 24.  A 5 minute chart has a setting of 72 etc.  The settings identify the bars in the
previous day for the indicator to do its thing measuring the highest  high or low over that indicator period.

You can also go into Advance tab and do a Horizontal shift
of -24 or  -72 and the high and low will
be shifted to the day before.   Once set
up I save as templates for 5 min, 15 min and hourly charts.

I put on some Gann levels for: 25%, 50% 75%, 33% and 66% between the Highs and lows for
interest so you can see if current price is starting to get relatively stronger
of weaker.

The bars have been color coded for position of the close of a
new bar relative to yesterday’s support and resistance or for breaking outside
yesterday’s high or low.  (Cyan if close
is above yesterdays high, Lime if close is above the 50% level of yesterday and
 below yesterday’s high. Red if below the
50% level and above yesterday’s low and black if the bar is below yesterday’s
low).

The second indicator is similar but the comparative High and
Low resistance is for the previous hour rather than yesterday.

(The indicator is not so good if there are public holiday
intraday time periods so charts below show more normalized trading periods).

Also below is a code for similar logic but a new bar is coloured relative the high
or low of the previous hour's high or low.

Author	Message / View First Unread Post Share Topic Printable Version Delicious Digg Facebook Furl Google Boomarks Google Buzz MySpace Newsvine reddit StumbleUpon Translate Twitter Windows Live Yahoo Bookmarks Topic Search Topic Options Post Reply Create New Topic
cmacdon Members Profile Send Private Message Find Members Posts Add to Buddy List BullCharts Guru Joined: 09 Sep 2012 Location: Brisbane Posts: 236	Post Options Post Reply Quote cmacdon Report Post Quote Reply Posted: 28 Dec 2012 at 2:48pm
	Various writers Linda Bradford Rashke, Al Brooks , Mark B. Fisher when discussing intraday trading suggests that the High or Low of the previous Day are important support and resistance levels for the next days trading decisions. Here are a couple of indicators that show the previous day’s High and Low levels. The Highs or lows are drawn horizontally 1 bar at a time whilst each of the following day’s similar time periods elapses. Depending on the intraday time frame adopted ,the setting of the indicator should be changed e.g. there are 24 X 15 minute periods in 6 hours of ASX trading so if you use a 15 minute chart the setting is 24. A 5 minute chart has a setting of 72 etc. The settings identify the bars in the previous day for the indicator to do its thing measuring the highest high or low over that indicator period. You can also go into Advance tab and do a Horizontal shift of -24 or -72 and the high and low will be shifted to the day before. Once set up I save as templates for 5 min, 15 min and hourly charts. I put on some Gann levels for: 25%, 50% 75%, 33% and 66% between the Highs and lows for interest so you can see if current price is starting to get relatively stronger of weaker. The bars have been color coded for position of the close of a new bar relative to yesterday’s support and resistance or for breaking outside yesterday’s high or low. (Cyan if close is above yesterdays high, Lime if close is above the 50% level of yesterday and below yesterday’s high. Red if below the 50% level and above yesterday’s low and black if the bar is below yesterday’s low). The second indicator is similar but the comparative High and Low resistance is for the previous hour rather than yesterday. (The indicator is not so good if there are public holiday intraday time periods so charts below show more normalized trading periods). Also below is a code for similar logic but a new bar is coloured relative the high or low of the previous hour's high or low.
	BC User since June 2007