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What do you use, to calculate Support and Resistance Levels?
I would like to know what you guys use, I do not think what I use right now is the way to do it. I would be impressed if someone knew how Scottdrade does it, because they have their Resistance Price on the charts when they do them on Fridays, at which price the stock will face Resistance.
So if someone could enlighten me on how they calculate Resistance and Support Prices, I would appreciate it a lot.
It's not so much a calculation as it is knowing what to look for on a chart. I have 0 math calculations in my technical analysis other than maybe retracements. Everything is done with chart tools that may or may not have embedded formulas behind them, but the main thing is looking for consolidation areas... the breakout or breakdown is support or resistance.
i use two methods:
1. looking back left on the chart to see where prior support\resistance was. those are usually key levels to watch going forward. note how it trades around moving averages, bollinger bands, etc.
2. check volume by price. more volume traded around certain price points will be a good indicator to expect some s&r.
i use Stockta.com
