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Bob,
Tks for the tips. Is there any way to use this information for forecasting
next day's market
action on a close-to-close basis? Or; is this tool mostly for day-trading?
Tks for any feedback.
IOW; how would one know that Thursday (today) was going to be up or down; or
what would
be the ideal indicator scenerio which would provide one with a high
probability of knowing
the next day's market action?
chas
----- Original Message -----
From: BobR <bobrabcd@xxxxxxxxxxxxx>
To: swingmachine-list <swingmachine@xxxxxxxxxxxxxxx>;
<realtraders@xxxxxxxxxxxxxxx>; <MedianLine@xxxxxxxxxxxxxxx>
Sent: Thursday, March 06, 2003 6:36 AM
Subject: [RT] Re: [SM] Heads Up
> To follow up on Clyde's post with his Price Distribution tool, here are
two
> charts using his tool and some commentary on Wednesday's ND, which I use
for
> NQ trading.
>
> 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
> >
> > - - - - - - - - - - - - - - - - - - - - - - - - - - - -
> > 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
> > - - - - - - - - - - - - - - - - - - - - - - - - - - - -
> >
> >
> >
> > Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
> >
> >
>
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