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use weekly charts to prevent false signals! |
grizzlybull
White Belt
Joined: 26 Sep 2010
Posts: 80
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Post: #1  Posted: Sat May 28, 2011 1:49 pm Post subject: use weekly charts to prevent false signals! |
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support and resistance is best determined using the weekly charts.
We often see the price breaking the low or the support of the range and once selling is done and stop losses are triggered, a few days later we see the prices shoot back up past new resistance/the previous support. We can prevent this by using weekly instead of daily charts. Let the bar or the candlestick completely close below the support zone/line. |
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