{"id":1863,"date":"2010-01-27T01:30:26","date_gmt":"2010-01-27T05:30:26","guid":{"rendered":"http:\/\/club.ino.com:80\/trading\/?p=1863"},"modified":"2010-02-25T16:22:25","modified_gmt":"2010-02-25T20:22:25","slug":"finding-an-edge-with-support-and-resistance","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2010\/01\/finding-an-edge-with-support-and-resistance\/","title":{"rendered":"Finding an Edge with Support and Resistance"},"content":{"rendered":"

\"\"<\/p>\n

Today I would like to introduce Karen of Wealth Wizard World<\/a>. Karen is an experienced trader who took an interest in the markets at a very young age has continued since then. Through her own blog and website, Karen shares what she has learned in her twenty-plus years and today she has agreed to share this knowledge with Trader's Blog readers as well.<\/span><\/p>\n

===================================================================<\/p>\n

I\u2019ve traded for many years - about 20 to be precise. <\/span>During the early years, I read everything I could get my hands on and tried several methods. <\/span>The lessons learned were not what to do, but what not<\/em> to do, and yet I was looking for something more.<\/span><\/p>\n

There are lots of indicators to use and chart patterns to watch. <\/span>What bothered me was that I realized that indicators lag. They respond<\/em> <\/strong>to the movement of price.<\/span><\/p>\n

Chart patterns work very well for some people, but they didn\u2019t do much for me. <\/span>I saw several head and shoulders patterns break to new highs; flags, pennants, and wedges break opposite of what they were supposed to do. <\/span>What was an eager, studious, young trader supposed to do?<\/span><\/p>\n

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Finally it dawned on me \u2013 price! <\/span>Price is the king of the chart. <\/span>I started paying closer attention to price action. <\/span>My reading focused on those experts that relied most on interpreting price movement. <\/span>What I learned is the foundation of all my trading. <\/span>It\u2019s not a 100% foolproof method, but it helps keep me in winning trades and letting go of losers.<\/span><\/p>\n

I\u2019m going to show you the basics of how I find support and resistance on a chart. <\/span>This method will show you, i<\/em>n advance<\/em>, where prices are apt to stall or where they may rebound. <\/span>I will also demonstrate how to use a couple of indicators in conjunction with support and resistance that will boost your confidence in your trading decisions.<\/span><\/p>\n

This is really a very mechanical system and that\u2019s why I like it. <\/span>There is no emotion, just reaction. <\/span>There is no guesswork, but verifiable, actual numbers. <\/span>It works on any time-frame and in any market that is traded --with stocks, ETF\u2019s and indexes. <\/span>You can see, in advance, where you need to be prepared to take action.<\/span><\/p>\n

Trading is like war. <\/span>You\u2019re battling some very smart and very well-capitalized opponents. <\/span>To be successful you need an edge. <\/span>What I\u2019m about to share will help you gain an edge and hopefully, put more money in the bank.<\/span><\/p>\n

Identifying Support and Resistance<\/span><\/strong><\/p>\n

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Resistance is an area where price was rejected and then declined or consolidated. <\/span>Support is an area from which price rebounded or consolidated. <\/span>Prices tend to cluster around areas of prior support and resistance. <\/span>It\u2019s as if price has a memory. <\/span>Here\u2019s an example of the S&P 500. <\/span>What would it mean to you if you knew in advance<\/em>,<\/strong> where price might hit resistance or find support?<\/span><\/p>\n

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I suggest you use a candle chart. <\/span>Ignore the wicks, but pay close attention to the solid candle body. <\/span>Go back a couple of years and look for a smooth trending stock, because if it trended once, it will again. <\/span>Following is a line chart showing a smooth trending stock.<\/span><\/p>\n

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I avoid stocks like this one. <\/span>It is all over the chart, with no particular direction: <\/span><\/p>\n

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Drawing Support and Resistance Lines<\/span><\/strong><\/p>\n

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Here is the method I learned to draw support and resistance lines. <\/span>Find a stock or ETF you\u2019re interested in and find the last swing low. <\/span>The first candle that starts to reverse your low is the starting point for a trend line. <\/span>Draw the trend line up from the swing low and make sure it touches the candle bodies, but not the wicks. <\/span>Watch for a red or down candle that reverses the trend. <\/span>The top of that candle is your resistance line. Draw a line across the top<\/strong> of that red candle body.<\/span><\/p>\n

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Make sure your software lets you draw a support line that extends through all prices moving forward. <\/span>Those lines are not only support and resistance today, but will be so in the future and we want to be able to see them.<\/span><\/p>\n

Here\u2019s an example of how to draw a resistance line:<\/span><\/p>\n

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To draw support lines just do the opposite - find the first candle that begins the swing down and draw the line straight down making sure you have 3 candle body touches. <\/span>The first green candle that pierces the down sloping trend line is your support candle \u2013 draw a horizontal line beneath<\/strong> that candle.<\/span><\/p>\n

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This is the same chart of the Dow Jones Industrial. <\/span>The white horizontal line is at the top of the red candle and is the resistance line you just drew.<\/span><\/p>\n

Once the swing hit resistance it made a big red candle and started a swing down. <\/span>Your support line is drawn beneath<\/strong> the first up or green candle that breaks the trend line. <\/span>The swing high and resistance I\u2019ve left in white the swing low and support I\u2019ve marked in blue.<\/span><\/p>\n

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That\u2019s all there is to it! <\/span>Just keep drawing trend lines and marking support\/resistance every time a swing breaks your prior support or resistance. <\/span>Just make sure you have 3 valid touches of a candle body to draw a valid trend line.<\/span><\/p>\n

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Now I\u2019ll show you the real value of this simple method.<\/span><\/p>\n

This is AAPL, one of my favorite stocks to trade. <\/span>I drew the support\/resistance lines starting at the first horizontal white line, January 2007, and I stopped drawing new support\/resistance lines, December 2007. <\/span>Notice how well price was contained within support and resistance for that year. <\/span>But wait . . . .<\/span><\/p>\n

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Look how well these same lines defined price movement in 2008 . . .<\/span><\/p>\n

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And again in 2009!<\/span><\/p>\n

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I recommend that you go back at least 2 years and start drawing support and resistance lines on a daily chart. <\/span>You\u2019ll also encounter swings between your support and resistance lines. <\/span>If the distance between support and resistance is greater than 10 points and I can draw a valid support\/resistance line between the larger range, I\u2019ll do it.<\/span><\/p>\n

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Try this on your own charts and see how it works. <\/span>It takes a little practice, but it works because I can plan my entries and exits in advance with no guesswork. <\/span> <\/span>Now I\u2019ll show you a couple of trading strategies I use with support and resistance lines.<\/span><\/p>\n

<\/span><\/p>\n

This is the same AAPL chart with a 20 period simple moving average in blue and a 50 period exponential moving average in red. <\/span>In an uptrend I will sell \u00bd of my position if price breaks below the 20MA and the nearest support line. <\/span>If the 50 EMA is breached along with the nearest support then I\u2019m out of the entire position. <\/span>I\u2019ve marked those areas in pink on the next chart.<\/span><\/p>\n

Conversely, I\u2019ll buy when price exceeds the 20 MA and the nearest resistance line and I\u2019ll add to the position every time this occurs. <\/span>I\u2019ve marked these spots in gold.<\/span><\/p>\n

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Another strategy I use involves plotting Stochastics on my support\/resistance chart. <\/span>I like the slow %k Stochastics as an overbought and oversold indicator. <\/span>The settings I use are an 8-3 with an 8-3-3 slow %d. <\/span>As the indicator oscillates back and forth I watch for readings that are above 80. <\/span>When the %k rises above 80 then I find my nearest resistance line. <\/span>I put that stock in a watch list and then wait to see if it will fulfill the rest of my trading requirements to go short.<\/span><\/p>\n

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Conversely, I\u2019ll watch the %k when it nears the 20 level. <\/span>I find the nearest support and then wait to see if my trading requirements are met for going long.<\/span><\/p>\n

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Here\u2019s a chart of ANR that I\u2019ve marked with the areas I described.<\/span><\/p>\n

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As I write this on January, 21, 2010, the indexes have been moving up one day and moving down the next. <\/span>There is no perceptible trend. <\/span>Take a look at my S&P 500 chart \u2013 I\u2019ve been watching a 20 point range between support and resistance for quite awhile. <\/span>Price hasn\u2019t been able to advance past 1148. <\/span>Today, price broke support at 1128.<\/span><\/p>\n

Imagine if you had kept support\/resistance lines on only the major indexes. <\/span>You\u2019d be able to make decisions in advance and with more confidence. <\/span>The more aggressive trader might even take a short position or two.<\/span><\/p>\n

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I hope you\u2019ve found some ideas that might work for you or that you can use to build your own trading plan. <\/span>Whatever method you use, remember:<\/span><\/p>\n

<\/span><\/p>\n

<\/span>Keep it simple.<\/p>\n

Make sure that your trading plan is sound and based on verifiable results. <\/span><\/p>\n

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<\/span>Obey your trading rules without hesitation.<\/span><\/p>\n

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Good luck!<\/span><\/p>\n

Karen<\/span><\/p>\n

www.WealthWizardsWorld.wordpress.com<\/a><\/p>\n

\n

---------------------------------------------------------------------------------------------------
\nAs a kid instead of reading the comics from the newspaper I learned how to read the bid and ask columns from the stock page.\u00a0 My first trade was as a teenager and I got hooked on the idea of money making money.\u00a0 My career spans more than 20 years.\u00a0 After graduate school I did a short stint as a stockbroker and then ventured out and founded my own company.\u00a0 Today I trade only my account and offer advice to a few close friends.<\/span><\/p>\n

<\/span><\/p>\n

Educational material can be found at my website: <\/span>www.TradingSystemsSite.com<\/a>.<\/span><\/p>\n

Current market commentary on the blog: www.WealthWizardsWorld.wordpress.com<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Today I would like to introduce Karen of Wealth Wizard World. Karen is an experienced trader who took an interest in the markets at a very young age has continued since then. Through her own blog and website, Karen shares what she has learned in her twenty-plus years and today she has agreed to share […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2875,2873,2182,373,372,1985,2874],"class_list":["post-1863","post","type-post","status-publish","format-standard","hentry","category-general","tag-finding-an-edge-with-support-and-resistance","tag-karen","tag-kenny","tag-resistance","tag-support","tag-trend-lines","tag-wealth-wizards-world"],"yoast_head":"\nFinding an Edge with Support and Resistance - INO.com Trader's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2010\/01\/finding-an-edge-with-support-and-resistance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finding an Edge with Support and Resistance - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Today I would like to introduce Karen of Wealth Wizard World. 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