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<DIV><FONT color=#000000 size=2>I've recently switched over from digest format
in order to receive charts intact. The posts on the GOsc have caught my
interest, but unfortunately, I have missed most of the preliminary discussion
that would allow me to fully comprehend what's going on. If anyone could
repost some of this info, or send it to me directly, it would be most
appreciated.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Many thanks,</FONT></DIV>
<DIV><FONT color=#000000 size=2>Michael Spencer</FONT></DIV>
<DIV><FONT color=#000000 size=2><A
href="mailto:mpspencer@xxxxxxxxxxxxxx";>mpspencer@xxxxxxxxxxxxxx</A>
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</x-html>From ???@??? Tue Nov 16 16:25:57 1999
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From: "ROBERT ROESKE" <bobrabcd@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
References: <001801bf307a$6dd3be80$64c356d1@xxxxxxx>
Subject: [realtraders] GOsc {02}
Date: Tue, 16 Nov 1999 16:10:05 -0800
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<DIV><FONT size=2>Perhaps this example with today's day session of T bonds
will help, but first let me say I have never traded T bonds. I have seen
and experienced a lot of price action in equities and indicies. The GOsc
represents what I perceive as a convenient means to measure movement
on an intraday basis regardless of the issue. As we all know mkts cycle,
breakout, and trend. That is pretty general, sounds simplistic, and has
been said a zillion times. A few of a daytraders concerns are
the day's range and retracement targets and an easy way to monitor them for
trading purposes. One of Gann's quotes is that price tends to make 50%
retracements. He also said price targets the established swing High and
Low within a few percent and suggested what have become Gann numbers and he also
suggested dividing the price range up into percentages for
support/resistance. He was most likely referring to days and weeks and not
minutes and hours, but who knows for sure, can't say as I honestly haven't read
more than a few paraphrased paragraphs of his work. Fractal nature of
markets apply on all time frames. Many of the standard canned indicators
in today's software use the previous day or days data for calculating the next
day's support/resistance pivots such as the classical pivots. That muddies
the picture IMHO. Other ways use statistics. Both are illustrated on
the attached StatP2.gif. It is possible to know within a fraction of
a point where probable price resistance/support will be found. See the
w.tradehard.com site for help on that. Others use channels based on
averages of highs, lows, close, etc. What has been missing in my opinion
has been a technique closer to the action, modified by the current action
and and adapts instantly to new range change. When it comes to
making a dollar today, I would prefer not to look at something like
Average True Range. I want to know today, has range been established,
I want to know has it stabelized. I want to know what its personality
is today and not what it was 21 days ago. Then I want to know what the
midpoint of that range is and what the retracement targets are and I don't
want to keep moving a manual retracement tool on the screen. Since the
market has movement, the midpoint and the retracement targets change
until the range has stabelized. You may have heard before that the first
hour of trading is Amature hour. The GOsc chart shows that a
range is established early in the day by the spread between the High and
Low. Events later in the day can disrupt the range established early
in the day, such as today's FOMC discontinuity. In a precursory look at T
Bonds it appears they follow the 50% retracement rule better than equity
indicies. T MP is the dynamic midpoint on the GOsc chart. It is also
the zero line in the detrended price as represented by the GOsc.
Basically, the MidPoint oscillator renaimed the GOsc illustrates that the
midpoint provides buy/sell signals and support/resistance with profits taken at
the H or L and nearby % or gann fraction. If price breaks out of the
established range, then the 0.382 extension are popular as in the low in bonds
today as Yesterday's low minus 0.382 of yesterday's range. Price tends to
bounce between the floor and ceiling until it gets enough energy to reach a new
level and park there while ownership of the instrument changes. Sort of
like quantum mechanics.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Have a good one,</FONT></DIV>
<DIV><FONT size=2>BobR</FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
<A href="mailto:mpspencer@xxxxxxxxxxxxxx";
title=mpspencer@xxxxxxxxxxxxxx>mpspencer@xxxxxxxxxxxxxx</A> </DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Tuesday, November 16, 1999 1:34
PM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> [realtraders] GOsc {01}</DIV>
<DIV><BR></DIV>
<DIV><FONT color=#000000 size=2>I've recently switched over from digest format
in order to receive charts intact. The posts on the GOsc have caught my
interest, but unfortunately, I have missed most of the preliminary discussion
that would allow me to fully comprehend what's going on. If anyone could
repost some of this info, or send it to me directly, it would be most
appreciated.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Many thanks,</FONT></DIV>
<DIV><FONT color=#000000 size=2>Michael Spencer</FONT></DIV>
<DIV><FONT color=#000000 size=2><A
href="mailto:mpspencer@xxxxxxxxxxxxxx";>mpspencer@xxxxxxxxxxxxxx</A>
</FONT></DIV></BLOCKQUOTE></BODY></HTML>
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