I notice lots here use fib levels. Do you guys think this adds to your analysis and how? I just started pulling them up for nq and it has been helping, but I dont know how much is just pure dumb luck. Also, I havn't had time to read far enough back, but I remember some people using pivot points as well earlier on. Can any of those people give me a read on the pivot points tomorrow for ES. I'm trying to see if ninjatrader with my data feed is getting them correctly. Thanks guys. GL tomorrow. Also... I know how weak the ES, YM, NQ are right now but how about the ER2. I also position trade and was wondering what you all think about the hammer on the russel today.
... the low was 61.8% exactly.... from august low to the high.... ...looking for more than 78.6%.... http://www.mypivots.com/dn/?symbol=41 .... on spx.... from 1520.77 ... 423% ... and from 1552.76 .... 261% ... match up..... at around 1389 ... that is just beyond my pattern target ... so seems like a reasonable target at this point.... ... unless we rebound from here.... .... edit... oh also.....the august low was a 23.6% retrace from oct '02 low .... ... a 23.6% retrace now would be 1385....pretty close to 1389...... ....fun stuff ....
Fibonacci is a very useful tool, especially so in trending markets, I know for a fact that Leo Melamed at least used to use it. As far as pivot levels I put value in daily pivot and S2/R2. For example whenever price fails to go through a daily pivot and histogram registers lower peaks that is one of the signs pointing to weakness. R2/S2 I find good target objectives whenever there is no trend ie range session. I guess it's all down to how you research and implement these tools, they are just tools and will work when paired with an experienced trader.
..... i have a question which may seem a bit off....... ..... at the august low.... was anyone getting a buy signal BEFORE the fed stepped in ? ... thanks... noob....
I rarely see it mentioned, but there was a trendline touch at 1370 from the low in 2003 right before the market took off. The bigger the timeframe, the stronger and more highly regarded the TL is. I think you had anyone in the world that wanted this bull market to continue lined up as buyers at that level... as I expect they will be again if we happen to approach it again. Do you remember how quickly we rocketed away on that bounce? I didn't have the TL drawn at the time so I was dumbfounded. As a side note, check out the divergence on that weekly chart... scary aint it? BTW what does S2/R2 mean?
Put your chart on log scale and that trendline does not fit. The bounce, imo, was a combination of everyone looking for a bounce at -10% and the fed easing the next day was leaked. Anyone watching the carry trade, the last time it was this low was May 2006.
.... yes... if this turns into something bigger... then i will be looking for spx 1327 ..... i think s2/r2 means support 1/resistance 2 ... pivot levels .... www.mypivots.com ....