If you believe in the importance of support and resistance â as I do â than you must take a look at Trade-Prospector. It does nothing that you cannot do yourself. It just does it better and faster. They offer a two week free trial. I downloaded mine yesterday, and have sat here with my mouth wide open in amazement. As I have already mentioned, it does nothing that you cannot do on your own. It simply calculates all generally accepted areas of support and resistance, and gives you a list of the numbers. From there you are pretty much on your own. But just remember that the competition is very much aware of the areas where a stock or index is likely to at least pause â if you donât, you are dead meat. Take a look at. If you do not believe in the concept of support and resistance, than it is not for you. www.trade-prospector.com
tampa - are you also using the TP realtime program? If not, you should check it out - in addition to automatically presenting the SRs for you, it has a lot of other features like action maps, studies unique to TP, buy/sell signal generation capability, etc. Also, in the end of day program, there are bunch of features in addition to the SR calculations, e.g., various trade candidate scan functions, option analysis tools, etc.
ArchAngel Yes, I have rt up and running today. Can't find any documentation on it. I am aware of the features on the End=Of=Day version, but if it did nothing other than spit out the S/R numbers it is more than worth the price to me! Judging from what I have been reading on this board, the application would not have much value to most, but for the few who seem to understand, I thought that I would mention it. At this point, I am sure that I will buy it. tampa
tampa - agree with you. Check the release notes page for doc on the RT program - it's http://www.3mtinc.com/tprtreleasenotes.htm - best thing to do is read it from the bottom up because the release notes are presented in reverse chronological order
ArchAngel thanx for pointing me in the right direction. As you know, there is a lot to digest, but my first impression can be summed up as : WOW! Obviously today was a "trend" day, and almost any approach would have worked, but even so, this is a very powerful tool. thanx again for the help. tampa
tampa - probably right about trend days - but one of things I still find interesting when watching these charts is how the price movement behaves. Take the S&P emini chart today for example. It ran right up into the EMA resistance line and faded. Stalled for over 30 minute exactlu at the BP2 support line and finally cratered. Then it stalled for about 45 minutes exactly at the 2nd lower stop support line and finally broke down. Pretty interesting.
Arch, I know what you mean. I spent much of the day fascinated by the almost flawless reaction to the various levels. I have always been a big fan of support/resistance trading - but it was not practical to take it to such lengths. This software is a dream come true. Now that I have a better understanding of the RT module, I am really looking forward to the market open! tampa