I agree as well. There's nothing any more magical about pivots than about any other tentative support and resistance: if there winds up being activity there, take advantage of it. If there's nothing, don't try to find something that isn't there. This isn't to say that one shouldn't know where the levels are, and if they coincide with more traditional S/R, such as the PDH or PDL, so much the better. By themselves, however, they don't necessarily mean anything more than Fib levels do.
Hi waggie: I don't think I am "kidding myself", and ACD is not pivots. I have talked to Mark about this. Pivots are specific price points on a chart. They are used differently than when trading with Fisher's system. ACD offers the trader an open area above and below what would normally be the primary pivot. Traders are advised to wait for price to move through this area, and according to Mark's research, once price moves away (thorugh the main pivot) and makes an "A" up or down, it is unlikely to re-visit that opening channel. If you believe this is so, you can take a long or short position, but most traders use their own systems to "confirm" Marks. In addition, to effectively use ACD, traders are encouraged to look back 30 days because Mark suggests that intraday price movement is likely to repeat itself about every month. Traders who want to obtain a more complete view of what ACD is and isn't should visit Mark Fishers Website. Also it is possible to talk directly to Mark or one of his firms traders to get a better idea of how a floor trader really does it. I encourage people to do that to get an accurate idea of how these systems work. Following is Mark's web URL. http://www.mbfcc.com/index.shtml Hope this helps. Best Regards, Steve46
Is this the same Dbphoenix that has the immensly elitist attitude about helping other members of ET? Quote from Dbphoenix on 01-30-04 "People who ask about my methodology really aren't interested in my methodology. Those who are would read the threads I've contributed to. Barring that, I've offered to explain what I look for in chat, but those who say they're interested never show up, and I have better things to do with my time. I've done the work by making the posts. It's not up to me to find them for somebody. Nothing personal, but anyone who's interested can do the work of looking them up. I doubt that anyone is." Wow.
Would I be incorrect in stating that Fisher's ACD uses "three pivot point moving averages"? By the way, I used to trade with Mark Fisher in the pits in #4 WTC so yes, I am familiar with him as a local.
Hi Waggie: I will think about your comment. What strikes me about ACD is Mark's basic idea that once price moves away from the opening range, it is unlikely to return that day AND, if it does, that unexpected move could be profitable if the trader (you/me) can "get to the door first" as Mark puts it. According to Mark, the best trades happen when people using systems like ACD get caught on the wrong side, at the wrong time (end of day) and have to get out quick. If you think about it (and I am sure you have) this means that if you are going to fill his order, you can make a nice profit. What I am trying to point out is that although Mark outlines specific details of a system that is derivative of pivots, the real benefit of his system is that it lets you position yourself to take advantage of the occasional big trade that can happen when everyone is expecting one thing and they get the opposite. By the way, on Mark's site, there are several videos, one of which outlines the way his traders prepare for the day. For those that really want to see how he approaches the day, this would be interesting to view. Hope you have all the luck on Monday. Regards, Steve46
Thanks so much for the follow up and your well taken points about Mark's ACD system. One of the more valuable posts on ET. I appreciate it!
Nah, I just have never used that complex shit. I made over 45,000% profit trading a currency competition in two weeks - I never used anything except my brains. But, if you cannot explain simply what pivot stuff is then apparently you are too superior a trader compared to me. Thanks anyway, Sam
Thanks, sulong! Does it help? Well... kinda. But what doesn't makes sense is, I've made lots of trades. Is the "anticipation" based on something? Am I asking the right questions? Sam