V.18:5 (60-65):Speed Resistance Lines by Jayanthi Gopalakrishnan

V.18:5 (60-65):Speed Resistance Lines by Jayanthi Gopalakrishnan
Item# \V18\C05\044SPED.PDF
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Speed Resistance Lines

by Jayanthi Gopalakrishnan

Need to determine support and resistance? Try this.

It is not unusual to come across situations in which you see a market trending and think it may be too late to get in. To check, you wait for a pullback to determine if that might be a good entry point. But is this pullback a correction or a trend reversal?

Determining whether a trend is going to continue or reverse is critical to a trader. Speed resistance lines, which were developed by technician Edson Gould, can help determine whether the market is correcting itself or a trend will reverse.These lines measure the speed of a trend by measuring the rate of ascent or descent. They are similar to Fibonacci fan lines, and you may have heard them also being referred to as one-third or two-thirds lines. Speed resistance lines are a hybrid of simple trendlines and Fibonacci retracement levels, and they are helpful in creating support and resistance levels.

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