Charts showing Support & Resistance?....

Thanks Digs...

This looks more like what I am looking for and hope they soon provide intra-day data, as well. I read the FaQ's and it seems to be supported by reasonable and helpful people and the price is certainly right...

Archangel, you seem determined to talk me out of my search for a more suitable system for my style of trading. With regards to penny stock, while low pricing makes the stock less predictable, it usually creates more volatility, which is what a trader should be seeking...

I made more money on WEL on the long and short side than on any other higher price stock I have ever traded and I am currently short, with a .28 target. Recently, I also was long a shell, LRSY at .042 and it went to 65 cents in a matter of days... So, I see no need to try and disparage this type of stocks and by extension, the people who trade them...
 
The Software will take IntraDay data but you will have adjusted the intraday data to look like EOD data by playing around with time and date fields. A bit of work in Excel or vb programming.

The Esginal Code for SR Analyst study is good for view intraday data, in esignal only, but no scanning functions available with this tool.

I have made all parameters for the software very tight to get stocks just touching trendline ready to break or reverse. So I wait for a pattern in early trading and see if it bounces one way or the other.

Download all the PDF files and its easy to follow, I have had it only a few days and I thinks its a breeze.

My computer is a beast of power so calc time is nothing, so be careful on how many symbols and data you are using !

Good Luck, this is my best buy in 12 months...
 
Quote from seagem:

I am looking for Charting/scanning software that'll show lines of support and resistance and am surprised it seems so difficut to find, since these features are so basic.

I use Trade Prospector, but it only displays support/resistance lines intra-day and only on some stocks, which is just not good enough.

End of the day charts like those of www.stockconsultant.com are somewhat helpful, but rather crude..

Can anyone help?...
More...

Just added Crossed Above Resistance alerts:

http://www.trade-ideas.com/Help.html#CARC

and Crossed Below Support alerts:

http://www.trade-ideas.com/Help.html#CBSC

Best,

Dan
 
seagem - you misunderstood my point.

I didn't say that you couldn't make money trading penny stocks or disparage those who traded them, just that technical analysis on such stocks is illusionary due to the routine price manipulation. If you're able to successfully play the froth created by the market makers in those stocks, that's terrific and you should be proud.

But it doesn't change the underlying points I was making - that the market makers routinely laugh about how much money they were able to scam from the "suckers" (not my word - half a dozen penny stock MMs I've had the occassion to talk to over the years each used that same term), that penny stock traders bust out at an even higher rate than other traders (double whammy there - a lot of very undercapitalized traders go for pennies because they're "cheap" and they're not prepared to play the price manipulation game), and that every technical analyst I've ever talked to said that technical analysis and support/resistance techniques are meaningless on penny stocks.

When there's only $8 million total in stock value traded on a given day (like in WEL) - normal market dynamics don't exist. But, different opinions help make the market.

Continued good luck.
 
You're right there aren't many today people draw the lines themselves by hand that's why I have the same problem than you and have to make develop it for my own stuff :D. I won't propose it for the moment because it is not finished yet although almost but normally intended only for my own use because it has specific functionalities.

Perhaps I could adapt it to your own need if I am sure that it is not too much work since I employ an engineer for that so I won't develop something for others if it is not also useful for me - since won't pay a salary for others :).

Or you can perhaps use Excel with a dde link if your data vendors gives you dde link with all historical intraday quotes. If it only have dde simple quote perhaps you could create sound alert when quote approach one of your resistance.

Quote from seagem:

This chart shows the prices of main pivot points and after some perusal, one can clearly see S/R lines in the .22; .28/.29; .58/.60 area. How difficult would it be to have an S/R line going through those points, to save the time to eyeball them one by one, on a dynamic intra-day and 3 months/1 year charts?...
More...
 
Harry,

I tried to contact you through your private Message box, but it's full... Please, clear it, or send me a Private Message with your e-mail address...

BTW, we speak the mother tongue...

Kenavo...

Archangel,

Basically, you were saying that for stocks below $5.00/2.00, TA doesn't really work, because prices are manipulated, so why bother... Surprisingly enough, I have found that except for certain OTC-BB's that are promoted or the so-called Momo's, S/R lines to enter or exit a trade, still work rather well with the cheaper stocks...

Admittedly, the smaller the market cap, the deeper the effects of exogenous events, such as well fires, in the case of WEL or PR's...
 
Hi Digs,

sr-analyst Website is rather confusing...

I have purchased the main product, which is an end-of-day system that can accept free datafeed from Yahoo, for instance, but there are also "studies" working with esignal, such as GEN5 and SR1...

GEN5 provides intra-day S/R lines and SR1 seems to provides the same lines, plus trend lines, as well, making it a much more complete and useful package... However, I don't know whether it's intra-day...

I have also downloaded esignal, which will now give me triple redundancy on datafeed for the time being... Since I hear esignal works well with IB, I might drop their datafeed...

Would you please enlighten me on the sr-analyst matters, as I am eager to get started...

BTW, I sent you a private message yesterday...
 
My settings for SR - Analyst Software

Aim : To find tight trendlines, for interesting intraday setups to trade

If you dont have software, dont read on...

From the Command line File, Edit configuration...

In box order, down then right to left,
1
1
2,7,80
check on
3
10
60
300
600
3
left check
left check
left check
check on

From Scan, then scan for stocks,In box order, down then right to left,
1 or 0.10c
8
4
10
60
30

look for ...all three, one at time

trendlines only for scan not use SR lines.

I have 150 symbols loaded up, with 600 bars of data.

I am still testing, trial and error is the way, download tutorials and learn, learn ....

Cheers
 
Hi Digs,

Thanks for the data: I entered your settings and scanned 39 stocks using the 3 potential settings in "scan criteria" under "look for"...

I didn't know whether to use support or resistance, so I tried the 3 settings under either one, but only got one result... "Both" for S/R and trend lines doesn't appear to work properly, as I only get support lines...

Also, when I click on the data download screen to get it from Yahoo Finance, it misses the "clickoff" cross at the top right hand side, so that I can't get rid of it, unless I type "Ctrl, Alt, Del" at the same time... That faulty screen also freezes the rest of sr-analyst...

I hope to get rid of this problem and download more symbols to see if it eventually works as advertised..

BTW, while I am at it, I'll try the 2 studies working with esignal, called SR1 and GEN5... Have you played with those, yet?...

http://www.sr-analyst.com/eSignal.htm
 
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