So in roulette sense random walk is black or red happening has a %50 chance (omitting the zero). Some of you will argue that the markets are not random. I totally respect that. But unfortunately the markets are very close to random walk.
I devised a support and resistance indicator ( using
Just use the RW-SupportResistanceALL on your charts (those indicators use ATR-Close to make the calculations). Please use this indicator on 5 minute chart in order for them to work correctly.
After you attach them on the chart you have to draw Fibo retracement starting from “D1 Res 0” towards “D1 Sup 0”. Attached is the chart image
Thats it for now.
Edit: I have revised the indicator, so that only this indicator ( RW-SupportResistanceALL) will be used on the chart. It will use the ATR-Close indy in the background so both must be downloaded