introducing auto support/resistance-based intraday scans
TRANSCRIPT
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Introducing Auto-Support/Resistance
Intraday Scans
Himanshu Patiltwitter : himanshugpatil
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Importance of various tools
Support, Resistance & Trendlines Technical Indicators Japanese Candlesticks
MORE IMPORTANT
LESS IMPORTANT
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Auto-Support/Resistance(Auto-SR)
What we had before– Daily and EOD Auto-SR scans– Auto-SR drawn in all timeframes
What we have just introduced in the new Beta– Auto-SR scans now supported in all timeframes
(down to 1-min)– Scan supported for Partial candles also (makes finding
breakouts much timely even for intraday traders)– EOD timeframe is Daily timeframe updated at EOD
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Partial/Full Candle Scans
What are partial and full candles? E.g., 5-min timeframe chart:
– At 10:17 am, the last candle contains only 2 minutesof data, hence we call it partial
– The candle will become “full” only at 10:20 am.
Till now all scans were full candle based,except Daily for which we had EOD andDaily timeframe scans (updated every 1min)
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Partial/Full Candle Scans
All timeframe scans can be updated– Every 1-min (i.e. for partial candle)– At every full candle
E.g., 3-min timeframe scan can update– every 1 min (Partial Candle)– every 3-min (Full Candle)
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Scan Alerts are generated on partial or fullcandle– Either first time in a partial candle– At end of every full candle (just like in
Investar 5.1 today)
Partial/Full Scan Alerts
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Partial/Full Scan Alerts
E.g., 5-min timeframe– Set support/resistance breakout scan alert at
10:10 am– Breakout happens at 10:17 am– If update frequency is: 1-min (partial candle), scan alert will be generated
at 10:17 am 5-min (full candle), scan alert will be generated at
10:20 am
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Determining the Strength of aTrendline or Support/Resistance How many peaks or troughs does it touch?
– The more the touches, the stronger it is. At what angle is the trendline?
– The flatter the trendline the stronger it is. Volume accompanied by trendline break?
– The stronger the volume, stronger is the trendline. How recent are the touches on the trendline?
– The more recent the touches the stronger it is. How long is the trendline?
– The longer it is, the stronger it is.
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Using Resistance & Support forBuying
Resistance
Support
Break of Resistance Close to Support
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At start of new uptrend In a sideways trend
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Using Resistance & Support forSelling
Support
Resistance
Break of Support Close to Resistance
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At start of new downtrend In a sideways trend
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Auto-Support/Resistance
Investar automatically draws theautomatic support/resistance levels andrates them based on:– No of touches– Recency– Length
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Auto-SR
Top 20 %ile - Very Strong Support/Resistance Next 20 %ile - Strong Support/Resistance and so on…
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Tips for using Auto-SR
Keep the default settings – scans are done usingthe default settings
Make sure your chart duration has the numberof bars that you have selected in Tools->Options. E.g., if you have 240, then you shouldhave at least a one year duration.
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Risk/Reward Ratio
1:3 is a good risk reward ratio. Risk: maximum loss you can have. Reward: maximum profit you can have.
– long trades: Profit = (nearest resistance – close) Risk = Stop Loss (LT: 10%, ST: 5%, Intra: 0.5%)
– short trades: Profit = (close – nearest support) Risk = Stop Loss (LT: 10%, ST: 5%, Intra: 0.5%)
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Stop Loss Strategies
Stop Losses are put based on type oftrader:– Long-Term Trader: 10%– Short-Term Trader: 5%– Intraday Trader: 0.5%
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What timeframes to use? Long-Term Traders (Holding Period > 6 mos)
– Use Daily and Weekly charts.
Short-Term Trader (few days < Holding Period < 3 wks)
– Use Daily and 1-hr charts
Intra-Day Trader (Holding Period < 1 day)
– Use 1-hr and 15-min OR– 30-min and 5-min OR– 15-min and 3-min
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Auto-Support/Resistance Scans
Crossing Support/Resistance Support/Resistance Breakouts High Risk/Reward Ratio (Risk/Reward ratio > 3) Near Support or Resistance (within 0.5% of
support or resistance)
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Interesting Composite Scans
High Volume Breakout:– Strong Resistance Breakouts– Volume Gainers
Buying with a High Risk/Reward Ratio– Near Strong Support– High Risk/Reward Ratio – for buying
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How can I get this feature?
Its in Investar Beta Investar Beta can run simultaneously
with Investar 5.1
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Future Webinars
Support/Resistance Strategies (TBD)Basics of Technical Analysis (16th Jan)
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Support/Resistance Strategies
Support/Resistance Strategies (28th
Jan, 2016 – Sign up here)– Pivot Levels– Gap Up/Gap Down– Fibonacci Retracements– Auto-Support/Resistance
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Liked Auto-Support/Resistance?
Follow us on twitter:@himanshugpatil@investarindia Tweet with hashtag #AutoSR
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THANK YOU
Thank You for Attending!
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