Quotes from Dbphoenix: "I'm not talking aobut Fib or MAs or Pivots or any of a dozen other manipulations of price. I'm talking about price itself." "How are they manipulations? How did you arrive at them? Did you by any chance do any addtion, division, multiplication, averaging?" Excuse me Db, but you just told me in an earlier post that fibs, pivots, and MA's are a "manipulation" of price. Did you somehow forget what you just said? Then, you come back to state that you do not know how they would be "manipulations". . . I'm sorry, but I do not follow your logic. Strange.
Quote from Dbphoenix: "If you can't find that previous price S/R, then this will make no sense to you, and you won't know when to trade off these levels and when to stand aside." Answered: Furthermore, today's S1 correlated very strongly with the daily lows of the SPX on Jan. 9th at 1120.90, Jan. 12th, at 1120.90, and Jan. 14th at 1121.22
Quote from Dbphoenix: "But pivots in and of themselves do not provide S/R, just as MAs, Fibs and so forth do not in and of themselves provide S/R." I believe that a ton of floor traders and other technicians, let alone many members of ET would beg to differ with you on this. Care to let us in on your methodology for trading?
I did not say that I did not know how they would be manipulations. You asked how they were manipulations. I repeated your question in order to help you answer it.
Ah, we're making progress. So what provided support? The previous prices at which traders bought and sold, or an "S1" level which you calculated last night? Think about this now. It's not difficult.
I'm sure they (ET members) would. As for floor traders, I somehow doubt that "tons" of them have the time to consult multiple MAs over multiple timeframes and bar intervals along with multiple Fib levels and pivot levels in order to decide whether to buy or sell or short, unless they're very leisurely about it. But I guess it depends on the weight of each individual trader. My methodology? Do a search.
Db, Pivots are not a "manipulation" of price since the formula used to arrive at the daily pivot comes from data that is REAL and comes from the previous day's trading. Once again, moving averages are not "manipulations" of price either, because the data that is used to define a specific moving average comes from real "observed" price data. I am at a loss as to why you would have such a difficult time understanding this.
DB, Can you help me out here.. How on earth would you do a search looking for posts containing parts of your methodology.. Am I missing something in the search options?? Thanks for any help
Quote from Dbphoenix: "As for floor traders, I somehow doubt that "tons" of them have the time to consult multiple MAs over multiple timeframes and bar intervals along with multiple Fib levels and pivot levels in order to decide whether to buy or sell or short, unless they're very leisurely about it" DB, you have obviously not spent much time on a commodity exchange floor. Or, if I am mistaken and you have indeed spent time on the floor you failed to notice that the majority of floor traders come equipped with a host of technical tools; pivots and their corresponding S1, S2, and R1, R2's and moving averages are some of the more simpler tools of the trade. Spend some time on the trading floor observing how "locals" trade and I will be more than happy to contininue this discussion. As it is now, I really don't see the value. Your logic escapes me.