I need to check my PC for the various times, but index futures I know start from the stocks open. Metals and energies I use varying times depending on pit open for those that still trade that way.
Mav, I've read many times on here about the importance of early cycle confirms, and how you will void out the late cycle ones. I assume this is in reference to taking trades. Do you think it's worthwhile to consider applying the same thing to the scoring process?
A few Tuesday night highlights from my broad market number lines: Many of the Shan’s 5 Day Change numbers are the largest positive numbers of the year (it’s the difference between today’s 5 day rolling compared to 5 days back). There is always (well almost) a shift now the other way. IYR confirmed the 5 and monthly yesterday. IYZ (Telecommunications Sector) has shown the first confirmed 5 and monthly since March, and that one was short lived. The little rally in August was done with lousy 5 and monthly numbers. Could it be moving with some juice? JJC still has confirmed everything. Steel (SLX) has been living in 5 day negative numbers since late July. I wonder if the four positive days in a row (only 1’s but still positive) in the 5 day is the beginning of a base and subsequent move?
Find it interesting we've e rallied in equties yet the risk on currency pairs such as USD/JPY have not moved at all.
If I understand you correctly, you mean to ignore a late day A for example. No, it would not work this way, indeed a late day C is one of the more powerful indicators of what will happen tomorrow, as it leaves all those who took the A trapped.
Hello JT, You could be right. However : ) I read it in reference to Mav liking A ups and downs early in a cycle, like early in a weekly or monthly chart. And, discounting those signals later in the week/month. If that's it; it's an interesting point but would be very difficult to score.
Hi Robert, I was referring specifically to the question about applying the same principle to the scoring process, ie. Daily. As to other late cycle A Ups/Downs, yes I do see Mavs point. One thing I have noticed late cycle is the old support becoming resistance and vice versa. For example you get a monthly A up early on and then later in the month it pulls back to the A up, that often serves as support.
No because with intra-day scoring, the late part of the cycle is probably "the" most important part. How a market closes has a significant impact on my scoring.
But what about 24hr futures markets? I've been scoring the whole 24hr session starting with the 'official' pit open. What about a session where price stays within the A levels and makes a +1 by NY close/rollover, then overnight makes an A down at 4am? I was thinking do I want to call that a -2? It's been so long since the pit open, and a situation like that is more what I was thinking of by late cycle.