|
PureBytes Links
Trading Reference Links
|
The previous post used daily data. This one
uses 15 minute bars and has the same daily, weekly, monthly pivots and typical
prices. All the lines were created with the TS built in tool Custom 1
Line. The formulas are on the chart for those not familiar with
them. I did this little exercise because the Duffy Pivot Channels on 5
minute bars seemed to be captuing price movement and predicting
support/resistance beyond chance. It was as though some influential
players or automatic systems were trading off higher timeframe levels.
There was a consensus of buying back on 4/16 and again on 4/22 as the
weekly pivot was a launching pad for rallies. Now here we are facing
Monday(Sunday PM) with the SP below the weekly pivot and daily pivot. If
the floor and ceiling theory of support/resistance holds, then the weekly pivot
at 901.1 level should be resistance. The next higher time frame support is
the monthly typical price at 887.9. That of course is just one
scenario. The SP could work above the weekly and daily pivot again next
week at which time it would become support again.....just something to watch
for.
enjoy,
bobr
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
BobR
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, April 26, 2003 12:39
PM
Subject: [RT] Multiple Period
Pivots
Decided to check out the concept of confluence of pivots in
different timeperiods, daily, weekly, monthly. Intraday on Friday
the daily pivot was thesell point based on Thursday's HLC. Friday's
close of 898.6 was below theweekly pivot at 901. Did you notice on
Friday there was a lot of sidewaysmovement below 900 after the AM
drop. Wonder if that had anything to dowith the weekly pivot?
The weekly pivot is above the monthly pivot at887.8. 4/23 had a
maximum bullish(or contrarily bearish) configurationconsidering the
relationship of pivot periods. That was similar to the lowsin Feb
and March. The March 31st low had a confluence of daily weekly
andmonthly before the snp rocketed upward. March 3rd had a
confluence of dailyweekly monthly as it went into sell mode. The
887.8 April pivot will movelower if the snp close moves lower since it is
composed of the monthly HLC.There is also a lot of price congestion at the
888 level. That seems to meto be a market logic place for price to
end the month. Also, 890.5 is a 50%retrace of the BC
swing.bobr
Yahoo! Groups Sponsor
ADVERTISEMENT
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Attachment:
Pivot PerspectiveID.gif
Attachment:
Description: "Description: GIF image"
|