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followthrough.... now wouldn't you know they would
split the difference between the daily and weekly pivots! on the first two
tries.
bobr
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
BobR
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Sunday, April 27, 2003 8:33
AM
Subject: Re: [RT] Multiple Period
Pivots
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:
<A title=bobrabcd@xxxxxxxxxxxxx
href="">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.bobrTo
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