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Another shot later in the day. ES was able to rise above the 0.333 level to
test the midpoint red line. A cross above that would implie a test of the
dynamic .667 level at 1359.5. A cross above that could take it to the high
of the day at 1371.75. That's being a bit optimistic though. Getting back
just to the midpoint is a standard Gann target.
BobR
----- Original Message -----
From: "BobR" <bobrabcd@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Monday, November 13, 2000 5:47 AM
Subject: Re: [RT] General - daily price activity
> Here's another shot with an update. Note how the Sunday globex low was
> taken out and now a -.382 of that range at 1356.27 is being tested for
> support. This thing is live animal.
>
> BobR
>
> ----- Original Message -----
> From: "BobR" <bobrabcd@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxx>
> Sent: Monday, November 13, 2000 3:37 AM
> Subject: [RT] General - daily price activity
>
>
> > Every now and then something chart wise sort of grabs your attention and
> > makes the viewer think there is something useful there, but expressing
it
> in
> > a tradeable Buy/Sell fashion is illusive. The key has to be
representing
> > price in a certain way and applying system logic such that it can be
used
> > with the tradeables options, futures, underlying. That is no mean task
> when
> > price behaves as though it were a smoke particle rising in heated air
and
> > buffeted by crosswinds. Perhaps this chart shows the fractal nature of
> > price that operates intraday as it does on end of day charts when
> > considering one third, one half, two thirds retracements. It appears
that
> > prices are anything but random and have structure that could be
> capitalized
> > on, at least that is the dream of day traders. In the lower subgraph
the
> > straight red line is the detrended dynamic midpoint of the daily high
and
> > low. The yellow lines are 0.33 and 0.667 of the daily dynamic range
> > centered on the dynamic midpoint. The green lines are the detrended
high
> > and low. They illustrate the birth of each new trading day followed by
> > range expansion and a seeking of a rest spot until the profittakers and
> > losers make an exchange. Thursday, Friday, Sunday show how the ES has
an
> > attraction for the dynamic midpoint and the .33 and .667 levels on a 24
> hour
> > basis. The challenge here is in coding the "if then do this" logic.
> Either
> > price has to be smoothed(detestable) or represented by the least
smoothed
> > but best proxy for an appropriate time period. Then some
> support/resistance
> > and crossover code would have to be applied. Clyde Lee did some work on
> > such a system and it appeared to have some value. Am just wondering
this
> > morning if he has revisited this and has anything to add.
> >
> > BobR
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxx
> >
> >
> >
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxx
>
>
>
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