TSGannGalt:
Your quote below was most intriguing.
For Forex, there's no volume but you said "more-so" bid/ask data to test the strength of support or resistance.
Can you elaborate? I'm extrapolating that you either mean using Level II data or the bid/ask spread.
Level II is virtually impossible to get data to back test with.
So I'm guessing you mean the bid ask spread.
Furthermore, I see some times that prices blow right through S/R and, obviously, from my own trade experience bid/ask spread would be LARGE at those points and much tighter when it hits true S/R.
Unfortunately, the tick data I use only includes the bid prices.
If that's what you meant, it makes sense. So I need to get some live bid/ask data to test out the idea.
Please clarify if I'm on the wrong track.
Thanks again.
Wayne
Your quote below was most intriguing.
For Forex, there's no volume but you said "more-so" bid/ask data to test the strength of support or resistance.
Can you elaborate? I'm extrapolating that you either mean using Level II data or the bid/ask spread.
Level II is virtually impossible to get data to back test with.
So I'm guessing you mean the bid ask spread.
Furthermore, I see some times that prices blow right through S/R and, obviously, from my own trade experience bid/ask spread would be LARGE at those points and much tighter when it hits true S/R.
Unfortunately, the tick data I use only includes the bid prices.
If that's what you meant, it makes sense. So I need to get some live bid/ask data to test out the idea.
Please clarify if I'm on the wrong track.
Thanks again.
Wayne