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To,
BobR,
<FONT
face=Arial>
I read that Joe Duffy has written a new 14 page book called Bulls Eye trading
where he shows how to identify high probability Support and Resistance
zones,pivot points,pivot point channels,and market symmetry.He discusses his use
of Fibonacci Retracement levels,and also contains some day trading
secrets.
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face=Arial>
I visited his website <A
href="">http://www.smartedgetrading.com ,
but I found only the Duffy Tradesheet hotline,which is a daily service
specializing in Futures,Options and stock indices.He also has a track record
that shows that he has a pretty good handle on the day to day direction in the
stock market.Plus he also provides Projected High and low numbers for the next
day. However his newsletter contains long term,short term and intermediate
views.
The accuracy
of Joe's Projected High and Projected low is pretty good,but he is not
willing to reveal how they are calculated. According to Duffy " It is
not an exaggeration to say this work has exceeded my expectations. I have never
received as much positive feedback from clients about anything as I have the
Projected High and Projected Low points. The market has turned at the Projected
High or Projected Low within a few ticks about 70% of the time when these points
have been tested.
But BobR I could
not find the Pivot Point channel on that website? Is there any other website
where the software is available,or is it available on the
Tradestation add ons list?Also is there a software available for
calculating the next day's Projected High and Low,as also the expected market
direction for the day.
Please pardon my ignorance,but
what does typical price of current date mean in practical terms.And BobR
Sir,there appears to be a discrepancy to my untrained eye in the Multiple Pivot
Periods email dated Monday April 28th.Under the heading current
observations,point number 3 states that the April monthly pivot is currently at
887 ( yellow cross),whereas under the heading MULTIPLE PERIOD PIVOT
PERSPECTIVE,you have clearly stated that the yellow cross = typical price of
current month,and the monthly pivot = a yellow dashed line and not a yellow
cross as mentioned in point number 3 under the heading Current
observations.
I am not trying to criticize you,but I am
really confused as to what does the typical price mean in practical terms and so
also the pivot's practical significance.
You also mentioned that" the Duffy pivot
channels on 5 min bars seemed to be capturing price movement and predicting
Support/Resistance beyond chance".You said that "it was as if some influential
players or automatic systems were trading off higher time frame levels",and also
that "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".This was an eye opener
for me in trying to understand how the markets move.
Also I would like to know your
experience with the 5 min Duffy pivot channels.Has it significantly translated
into much higher profits in day trading than before?And how is one supposed to
use the bands for trading -buy when the price touches the lower band and
sell when price touches the upper band?
Also I would like to enquire whether any of Joe
Duffy's seminars on video tape or CD ROM were made,and does anyone have a copy
of a Seminar.Also,it was mentioned on SmartEdgetrading.com that Joe had been a
Trading Teacher for an online trading seminar in
which the real time trading account went from $10k to $70K in
approximately 6 months. Over 700 trades and 78% winning trading
days. <FONT
face="Book Antiqua">"
Is anybody aware
that Joe is going to conduct a similar seminar online again,because he loves to
teach,and you'll see advertisements in Futures Magazine,TASC,and Active trader
about upcoming seminars and I,living in India am not privy to such
information.
I think that with these new Pivot channels and
discovery of accurate Support and Resistance levels,market symmetry and
Projected High and low have greatly enhanced Joe Duffy's repertoire of intraday
trading tools and definitely warrants a seminar to explain it in
detail.
Also,on the smartedgetrading.com site,only Joe Duffy's
newsletter is mentioned. Is there some other site where all of Joe's recent
discoveries is mentioned?Right now the only information on Joe Duffy's new
intraday trading tools was mentioned only in the contents of his new 14 page
book called Bulls Eye trading.
Thanking you for your brilliant deduction
BobR,
Yours sincerely,
Sanjay
Dr.Sanjay Lulla
India
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face=Arial>
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
BobR
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Monday, April 28, 2003 4:58
PM
Subject: Re: [RT] Multiple Period
Pivots
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:
<A title=bobrabcd@xxxxxxxxxxxxx
href="">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 unsubscribe from
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