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Bob et al,
I've been thinking about this SM, DM for a bit, I do think that smart money
is influential at the end of the session but there is a lot of day trade
covering going on as well. I figure that the dumb money happens when a short
term pivot occurs against the trend especially after any new high or new
low. I actually tend to think that the initial burst of the session, is
floor traders taking advantage of the lag time that off floor traders are
faced with. By the time the off floor traders see some direction and place
an order, they are just being filled in time for the price to head off in a
new direction. It amounts the same thing as far as timing is concerned.
I have had a few computer problems, so I can't include a chart, but how
about summing just the end of the day session and not include the DM at the
open. Or maybe even better would be to sum the net price difference of pull
backs against the prevailing trends for a better DM value.
Also why is 37 used with the Maxbarsback setting for 10 min. charts?
If I get some data reacumulated I will have a better idea about this Smart
Money Index.
Prosper
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