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MIDAS Technical Analysis: A VWAP Approach to Trading and Investing in Today's Markets by David G. Hawkins, Andrew Coles

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Moving Averages and the Starting Point Ambiguity

This first issue applies equally to both the standard Midas S/R curves and the TB-F. This issue, which I call the Starting Point Ambiguity, relates to how one treats the price bar that is designated as the starting point of one of these curves; namely, should this bar be included in the calculation of the curve? The correct answer is yes.

Since a standard Midas S/R curve is a variant of the well-known volume weighted moving average, the S/R curves are easy to program with the high-level indicator scripting languages that come with most TA software packages. I've done it, and everyone I know who has attempted it has gotten it right, not falling to the wrong side of the Starting Point Ambiguity. ...

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