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Tom Stein wrote:
> How are you calculating your DP's? Your chart shows 117.20, yet I came up
> with 117.21 using day session only numbers. Do you round up the decimals
> over 5 and round down the decimals 4,3,2,1?
>
> ie:today's pivot number was 117.6459 or 117 and 20.6688/32. Is that 117
> 20/32 or 117 21/32?
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Tom,
You'll notice that in the text of my comment, I used the 117-21 level
as the DP, just as you did. The chart is not actually displaying it as
117-20, as you had assumed. It is, rather, displaying it as the
UNrounded number, or slightly under 117-21.
I wouldn't get hung up on the kind of precision, though. There's
always a fudge-factor involved in the use of Pivot System levels. They
serve as reference points, but what is more important is price
behavior at these levels, which can include a zone several ticks wide.
Only when price bars display appropriate reversal patterns at these
levels can you assume that a reversal is actually taking place. 3/10
oscillator behavior is also an important aid in
confirmation/non-confirmation.
It now looks as if the psychologically important 5.875% level has been
broken. Let's see if it can now take out the 118-05 R1 level and then
yesterday's 118-08 high!
Bob Hunt
E-Mail: RHunt.066@xxxxxxxxxxxxxxxx
Web Site: http://home.att.net/~rhunt.066
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