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Speaking of the OEX, Bob, while reviewing my charts this weekend I noted
that the OEX was the only major index challenging the bear market trendline
from the ATH. Today's close (not shown) is once again up against that
trendline. That should be formidable resistance, and if breached, should
prove very interesting.
Earl
----- Original Message -----
From: "BobR" <bobrabcd@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, January 09, 2003 3:36 PM
Subject: Re: [RT] Re: Tomorrows pivots
Here is a chart showing the zone probabilities for being reached and being
support or resistance on Friday providing the OEX opens within zone 4. Zone
4 was picked because the OEX closed in zone6. It was borderline and the
stats are slightly different if the close was in zone5. Also it was assumed
there were no gaps on the Friday open. The stats are from the 1994 book
"Detecting High Profit Day Trades in the Futures Markets" by JT Jackson.
There may be a newer book out now with updated stats and the Fibonacci
Trader Software may be able to update the probabilities as new data arrives.
The book has stats for many commodities besides the snp. This has become of
interest to me recently because the book "Building Winning Trading Systems"
by Pruitt and Hill has some TradeStation code that determines the
relationship of the opening price and closing price to different zone
levels. This book did not use the floor trader pivot zones, but might be
modified to do that. The BWTS book code uses 4 zones based on the High,
midpoint,and low.
bobr
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Attachment:
Description: "OexDaily.gif"
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