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Wed 3/05 later in the evening...reviewing the daily NDX 135min chart for its
profile qualities and support resistance on
Wednesday. I use this in conjunction for trading the NQ. It helps to
know what other folks are looking at and it helps to know something about
price movement at different times of the day starting with the Open with
respect to the previous day. Let's back up a second and describe this
chart. It has 4 indicators, 1.daily profile in Cyan color, 2. 135 minute
profiles in blue,red,yellow, 3. Support/Resistance levels with classic
pivot, 4. EWOsc using Hilbert Trend inputs. Here is how I saw the action
today. First the Open was below Tuesday's value area low, that implied
selling and a retest of the valow. On the retest the ND crossed over the
valow and the Point Of Control and almost hit the VA High. Theory says if
price enters the va zone, then there is an 80% chance of hitting the
opposite side. Testing the previous day's point of control is a high
probability occurance. Confluence of the VA levels and other commonly used
support/resistance levels can produce lower risk trades. After coming close
to the va high twice in the first 135 minute profile(AM) it turned south and
went back to the lows of the day at the S1 and S2 levels making a higher
low. Then the valow was tested again as well as the classic pivot(yellow
line) during the Lunch session. During Lunch the ND also made it all the
way up to the R1 and R2 levels vefore dropping back inside the va zone
where it began the PM profile. Dividing the day into three profiles
captures the three dominate trading periods each with its differing volume
and participation chararacteristics. It also helps to have the previous
day's value levels and pont of control extended into the current day.
Using the public domain EWOsc or Clyde's Norm_Gap version and the accompanyi
ng bands adds to the confluence probability of the price distribution levels
providing S/R . The SP135 had similar action.
bobr
http://www.oextrader.com/sigma_trader
----- Original Message -----
From: "Clyde Lee(SBCY)" <clydelee@xxxxxxxxxx>
To: "swingmachine-list" <swingmachine@xxxxxxxxxxxxxxx>
Sent: Wednesday, March 05, 2003 6:15 AM
Subject: [SM] Heads Up
> ES 24hour/30 minute with a couple of indicators that have
> been very reliable.
>
> Clyde
>
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> Clyde Lee Chairman/CEO (Home of SwingMachine)
> SYTECH Corporation email: clydelee@xxxxxxxxxxxx
> 7910 Westglen, Suite 105 Office: (713) 783-9540
> Houston, TX 77063 Fax: (713) 783-1092
> Details at: www.theswingmachine.com
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>
>
>
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