I guess more the 2nd, but nothing he hasn't brought on himself for his behavior around ET. Not really a problem though. I'm just confused. Pivots. can you be more specific, like pivot points? on the S&P index? I'd like to see some specific numbers in this thread
RealTick will automatically display pivots for intraday charts. I believe they use the standard calculation, based on the prior day's numbers. It's quite a time saver if you watch a lot of stock charts.
you said something about wyckoff, i have been looking at some of his books. do you recommend any on this topic. thanks.
i listened to the presentation. i really enjoyed it. i am thinking about reading her teachers book: dynamic trading by rovert miner. good stuff...
OK, heres some more of what I found. When the nq enters a trading range day, have your p/s/r lines on your chart. When the price reaches your line ( the one closes to price at the time) the price will rarely pass through more than 2 points before reversing. Therefore, if you set a limit order to enter 1 tick on the other side of the line for entry, with a 2 point stop, you rarely get stopped out before the price moves 3 pts. in your direction. There are exceptions of course, but more often than not you end up with 3 pts. NQ must be in a trading range for this to work. Can anybody share their criteria on how you determine what the current trading is likely to be like? Maybe I'm barking up the wrong tree here, but it seem's to me that with out some sort of statistical evidence to get your brain going the right direction to take advantage of the current market, then all your doing is waiting tell the last minute to make a decision and end up shooting from the hip. If I'm wrong about this let me know, and set me right. sulong
Probably the best available is Charting the Stock Market by Hutson et al. The most valuable resource is Wyckoff's course. Unfortunately, it's locked up in copyright by someone who will only offer it along with an expensive course of study which is of debatable value. And even much of Wyckoff's original course is no longer really applicable. The basic principles, however, are fairly simple and straightforward and are pretty well explained in the Hutson book. But with modern charting programs, an enormous variety of bar intervals, and the number of specialty indices and ETFs, you really don't have to get into the P&F and the wave chart stuff. Wyckoff devotees may disagree, but I just don't find them all that useful, much less necessary. Therefore, to over-answer your question even further, focus on supply and demand and how they are manifest in price and volume as well as how the price/volume relationship is manifest in the price bar. Begin by understand that support and resistance are created by supply and demand, not by indicators or lines of any sort and you'll be ahead of the game. [Edit: looking over this, I may be confusing you more than helping you. Charting the Stock Market is written by three men, one of whom is (was?) the editor of TASC. Each of them explains Wyckoff in his own way, so there's a great deal of repetition in the three sections. However, in order to give yourself a framework which will more likely enable you to better understand the concepts, if not the details, I suggest you read the whole thing and leave the cap on the high-lighter. Then, read it again, using the high-lighter if you like, and focus on what you believe are the primary concepts. A lot of lights are going to go on when you read this book, and it will be difficult for you to avoid overload. But certain sections will ring, and those are the sections you'll want to study carefully. I should also point out that the book is only $15, which sets the standard for bargain trading book.]
I started getting free emails of pivots from marketwise http://www.marketwise.com/MW_WiseG/WGBBDes.asp btw I am in no way affiliated with them heard about them reading Ackerman's articles on Goldseek.com but signed up for emails when he recently switched to only cover gold stocks
Perhaps this is a stupid question, but had anyone used Pivot point with individual stocks? I always though the importance of pivot points is that they were used by floor traders... Can they be used for anytihng besdies the indexes?
They got in to some of this on the prior thread about pivots. At about page 9 http://www.elitetrader.com/vb/showt...=21377&perpage=6&highlight=pivot&pagenumber=9