AMT Model & Methodology
- Thread starter Frank D
- Start date
I have had Franks channels coded up for amibroker and while it isn't as 'neat' as Franks software it works. I have coded up weekly, monthly, quarterly and yearly channels. These are able to be overlayed on charts one at a time or in multiples.
I will happily share with anyone interested in them. I'm currently overseas atm but will be back next week and can email them to interested people then.
:SPI Weekly and 5-day pattern
As pointed out in yesterday's post, I'm looking for a rotation downward
into the August 50% level this month, as part of a 'retest' of the July breakout.
I'm not sure of how quick that's going to be, it could happen in 1 week or
it could take until the last week of August for that to play out.
My view still stands for higher prices in the 3rd quarter, but I want to see
a lesser timeframe pullback this month to verify the breakout & support.
If that plays out, then i'm looking for support and then 2-month wave pattern upwards into
higher highs in the 3rd quarter or until it reaches @ least 4400.
With stocks going ex-div later this month it should put pressure on the
market to pullback, even though I think the market needs to complete
the move into 4400+
As pointed out in yesterday's post, I'm looking for a rotation downward
into the August 50% level this month, as part of a 'retest' of the July breakout.
I'm not sure of how quick that's going to be, it could happen in 1 week or
it could take until the last week of August for that to play out.
My view still stands for higher prices in the 3rd quarter, but I want to see
a lesser timeframe pullback this month to verify the breakout & support.
If that plays out, then i'm looking for support and then 2-month wave pattern upwards into
higher highs in the 3rd quarter or until it reaches @ least 4400.
With stocks going ex-div later this month it should put pressure on the
market to pullback, even though I think the market needs to complete
the move into 4400+
Attachments
- Joined
- 2 September 2008
- Posts
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Here is the Amibroker code i wrote for the points.
It may not be what frank is doing here, but i'll upload it anyway and see how accurate it is.
The code does not, will not, and doesn't make any suggestions to buy or sell a certain stock, do not make financial descisions from the use of this code, as i cannot guarantee the accuracy of the code.
It was all written by me, so please do not attempt to sell it.
To use the code, simply save it and open it as a new chart. Then you can right click the chart and go to "paramaters", to change certain aspects of it, or the display on the actual chart.
Regards
Brad
It may not be what frank is doing here, but i'll upload it anyway and see how accurate it is.
The code does not, will not, and doesn't make any suggestions to buy or sell a certain stock, do not make financial descisions from the use of this code, as i cannot guarantee the accuracy of the code.
It was all written by me, so please do not attempt to sell it.
To use the code, simply save it and open it as a new chart. Then you can right click the chart and go to "paramaters", to change certain aspects of it, or the display on the actual chart.
Regards
Brad
- Joined
- 2 September 2008
- Posts
- 1,038
- Reactions
- 1
Here is the code, me previous post was more than 10,000 characters so it wouldn't fit.
Regards
Brad
Code:
//Pivot Points By B Beams, 2009.
SetChartBkColor( ParamColor("BG Colour",colorDarkGrey ) );
SetChartOptions(0,chartShowDates);
//Switches
CS = ParamToggle("Chart Style","HLC|Candle",0);
VC = ParamToggle("Chart Colours","Off|On",1);
VCX = ParamColor("Default Chart Color",31);
Resistance = ParamToggle("Turn off Title","Off|On",1);
mp = ParamToggle("Write Monthly Resistance","Off|On",0);
p1 = ParamToggle("Plot Weekly Points","Off|On",0);
mx = ParamToggle("Plot Monthly Points","Off|On",0);
dy = ParamToggle("Plot Daily Points","Off|On",0);
Shw = ParamToggle("Show Extra Weekly","Off|On",0);
Ribbon = ParamToggle("Show Extra Ribbons","Off|On",0);
ps = ParamToggle("Show Indicators","Off|On",0);
//Switches
//Weekly//
TimeFrameSet( inWeekly );
PivotPoint = (High+Low+Close)/3;
Range = (High-Low)/2;
PivotPoint = (High+Low+Close)/3;
R2 = (2*Range)+PivotPoint;
R1 = Range+PivotPoint;
R3 = R2+High-Low;
S2 = ((2*Range)*-1)+PivotPoint;
S1 = (Range*-1)+PivotPoint;
S3 = S2-High+Low;
TimeFrameRestore();
PivotPoint = TimeFrameExpand(PivotPoint,inWeekly);
R1 = TimeFrameExpand(R1,inWeekly);
R2 = TimeFrameExpand(R2,inWeekly);
R3 = TimeFrameExpand(R3,inWeekly);
S1 = TimeFrameExpand(S1,inWeekly);
S2 = TimeFrameExpand(S2,inWeekly);
S3 = TimeFrameExpand(S3,inWeekly);
Displace = 1;
if(p1==1 AND NOT shw==1)
{
Plot(PivotPoint,"PivotPoint",colorBlue, styleDashed,0,0,displace);
Plot(R1,"R1",colorRed, styleDashed,0,0,displace);
Plot(S1,"S1",colorGreen, styleDashed,0,0,displace);
}
if(shw==1)
{
Plot(PivotPoint,"PivotPoint",colorBlue, styleDashed,0,0,displace);
Plot(R1,"R1",colorOrange, styleDashed,0,0,displace);
Plot(R2,"R2",colorRed, styleDashed,0,0,displace);
Plot(R3,"R3",colorDarkRed, styleDashed,0,0,displace);
Plot(S1,"S1",colorPaleGreen, styleDashed,0,0,displace);
Plot(S2,"S2",colorGreen, styleDashed,0,0,displace);
Plot(S3,"S3",colorDarkGreen, styleDashed,0,0,displace);
}
//End Weekly//
//Monthly
TimeFrameSet( inMonthly );
PivotMidm = (High+Low+Close)/3;
Rangem = (High-Low)/2;
PivotMaxm = Range+PivotMidm;
PivotMinm = (Range*-1)+PivotMidm;
TimeFrameRestore();
TimeFrameRestore();
PMidm = TimeFrameExpand(PivotMidm,inMonthly);
Pmaxm = TimeFrameExpand(PivotMaxm,inMonthly);
Pminm = TimeFrameExpand(PivotMinm,inMonthly);
if(mx==1)
{
Plot(Pmaxm,"monthly resistance",colorRed, styleDashed,0,0,displace);
Plot(Pmidm,"monthly resistance",colorBlue, styleDashed,0,0,displace);
Plot(Pminm,"monthly resistance",colorGreen, styleDashed,0,0,displace);
}
//End Monthly
//Daily//
PivotMidd = (High+Low+Close)/3;
Ranged = (High-Low)/2;
PivotMaxd = Range+PivotMidd;
PivotMind = (Range*-1)+PivotMidd;
pmaxd = PivotMaxd;
pmidd = PivotMidd;
pmind = PivotMind;
if(dy==1)
{
Plot(Pmaxd,"daily resistance",colorRed, styleDashed,0,0,displace);
Plot(Pmidd,"daily resistance",colorBlue, styleDashed,0,0,displace);
Plot(Pmind,"daily resistance",colorGreen, styleDashed,0,0,displace);
}
//end Daily//
//Date
function IncDate(idate)
{
yy = int(idate / 10000) + 1900;
mm = int((idate % 10000) / 100);
dd = idate % 100;
dd++;
lim = 31;
switch (mm) {
case 2: {
lim = 28;
if (!(yy % 4) && yy != 2000)
lim = 29;
break;
}
case 4:
case 6:
case 9:
case 11:
lim = 30; break;
}
if (dd > lim) {
dd = 1;
if (++mm > 12) {
mm = 1;
yy++;
}
}
return (yy-1900)*10000 + mm*100 + dd;
}
tday = LastValue(DateNum());
tmor = IncDate(tday);
yy = int(tmor / 10000) + 1900;
mm = int((tmor % 10000) / 100);
dd = tmor % 100;
dstr = StrFormat("%g/%g/%g", dd, mm, yy);
//End Date//
//Define Title//
if(resistance==1)
{
if(mp==1)
{
Title = EncodeColor(colorWhite)+ "Pivot Points" + " - " + Name() + " - " + EncodeColor(colorGreen)+ Interval(2) + EncodeColor(colorWhite) + " - " + Date() +
"\n"+"\n" + EncodeColor(colorRed) + "Open " + EncodeColor(colorWhite)+ O + " - " + EncodeColor(colorRed) + "High " + EncodeColor(colorWhite)+ H + " - " + EncodeColor(colorRed) + "Low " + EncodeColor(colorWhite)+ L + " - " + EncodeColor(colorRed) + "Close " + EncodeColor(colorWhite)+ C +
"\n"+"\n"+"-Daily Resistance for " + Dstr +"-"
+"\n"+ EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorRed) + pmaxd + " "
+"\n"+ EncodeColor(colorWhite) + "Pivot Point: " + EncodeColor(colorBlue) + pmidd + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorPaleGreen) + pmind + " "+
"\n"+"\n"+EncodeColor(colorWhite)+"-Weekly-"+"\n"+EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorDarkRed) + R3 + " "
+"\n"+ EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorRed) + R2 + " "
+"\n"+ EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorOrange) + R1 + " "
+"\n"+ EncodeColor(colorWhite) + "Pivot Point: " + EncodeColor(colorBlue) + PivotPoint + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorPaleGreen) + S1 + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorGreen) + S2 + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorDarkGreen)+ S3 + " "
+"\n"+"\n"+EncodeColor(colorWhite)+"-Monthly-"
+"\n"+ EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorRed) + pmaxm + " "
+"\n"+ EncodeColor(colorWhite) + "Pivot Point: " + EncodeColor(colorBlue) + pmidm + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorPaleGreen) + pminm + " ";
}
else
{
Title = EncodeColor(colorWhite)+ "Pivot Points" + " - " + Name() + " - " + EncodeColor(colorGreen)+ Interval(2) + EncodeColor(colorWhite) + " - " + Date() +
"\n"+"\n" + EncodeColor(colorRed) + "Open " + EncodeColor(colorWhite)+ O + " - " + EncodeColor(colorRed) + "High " + EncodeColor(colorWhite)+ H + " - " + EncodeColor(colorRed) + "Low " + EncodeColor(colorWhite)+ L + " - " + EncodeColor(colorRed) + "Close " + EncodeColor(colorWhite)+ C +
"\n"+"\n"+"-Daily Resistance for " + Dstr +"-"
+"\n"+ EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorRed) + pmaxd + " "
+"\n"+ EncodeColor(colorWhite) + "Pivot Point: " + EncodeColor(colorBlue) + pmidd + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorPaleGreen) + pmind + " "+
"\n"+"\n"+EncodeColor(colorWhite)+"-Weekly-"+"\n"+EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorDarkRed) + R3 + " "
+"\n"+ EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorRed) + R2 + " "
+"\n"+ EncodeColor(colorWhite) + "Resistance: " + EncodeColor(colorOrange) + R1 + " "
+"\n"+ EncodeColor(colorWhite) + "Pivot Point: " + EncodeColor(colorBlue) + PivotPoint + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorPaleGreen) + S1 + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorGreen) + S2 + " "
+"\n"+ EncodeColor(colorWhite) + "Support: " + EncodeColor(colorDarkGreen)+ S3;
}
}
else
{
Title = EncodeColor(colorWhite)+ "Pivot Points" + " - " + Name() + " - " + EncodeColor(colorGreen)+ Interval(2) + EncodeColor(colorWhite) + " - " + Date() +
"\n"+"\n" + EncodeColor(colorRed) + "Open " + EncodeColor(colorWhite)+ O + " - " + EncodeColor(colorRed) + "High " + EncodeColor(colorWhite)+ H + " - " + EncodeColor(colorRed) + "Low " + EncodeColor(colorWhite)+ L + " - " + EncodeColor(colorRed) + "Close " + EncodeColor(colorWhite)+ C;
}
//End Title//
//Chart Colour//
if(VC==1)
{
VColor=IIf(C>R2,colorDarkGreen,IIf(C>R1,colorGreen,IIf(C>PivotPoint,colorPaleGreen,IIf(C>S1,colorOrange,IIf(C>S2,colorRed,IIf(C>S3,colorDarkRed,colorWhite))))));
}
else
{
VColor=VCX;
}
//End Chart Colour
//Set Style//
if(Cs==1)
{
PlotOHLC(O,H,L,C,"",VColor, 64 | styleThick );
}
else
{
PlotOHLC(Null,H,L,C,"",VColor,128 | styleThick );
}
//End Style//
//Ribbon
RibbonColor = IIf(C>R2,colorDarkRed,IIf(C>R1,colorRed,IIf(C>PivotPoint,colorOrange,IIf(C>S1,colorPaleGreen,IIf(C>S2,colorGreen,IIf(C>S3,colorDarkGreen,colorWhite))))));
RibbonColorD = IIf(C>Pmaxd,colorDarkRed,IIf(C>Pmidd,colorRed,IIf(C<Pmidd,colorPaleGreen,IIf(C<Pmind,colorGreen,colorWhite))));
RibbonColorM = IIf(C>PmaxM,colorDarkRed,IIf(C>PmidM,colorRed,IIf(C<PmidM,colorPaleGreen,IIf(C<PminM,colorGreen,colorWhite))));
if(Ribbon==1)
{
Plot( 1, "", RibbonColord, styleArea | styleOwnScale | styleNoLabel, -.0000010, 170 );
Plot( 3, "", RibbonColor, styleArea | styleOwnScale | styleNoLabel, -.0000010, 170 );
Plot( 5, "", RibbonColorm, styleArea | styleOwnScale | styleNoLabel, -.0000010, 170 );
}
else
{
Plot( 1, "", RibbonColor, styleArea | styleOwnScale | styleNoLabel, -.0000010, 170 );
}
//EndRibbon//
//Shapes//
if(ps==1)
{
PlotShapes(IIf(C<S2 && (C<Pmidd && C<PminM) OR C<S1 && (C<Pmind && C<PmidM),shapeSmallUpTriangle,Null),colorGreen,0,Low-(C/100));
PlotShapes(IIf(C>R2 && (C>Pmidd && C>PmaxM) OR C<S1 && (C>Pmaxd && C>Pmidm),shapeSmallDownTriangle,Null),colorRed,0,High+(C/100));
}Regards
Brad
SPI Weekly and 5-day pattern
5-day 50% level support on Thursday and back into the highs.
4313 is still viewed as resistance in August and I still haven' t change
my view of lower prices.
However, there are two patterns that I want to see next week...
1. How Friday closes this week and next week's higher Weekly open...
2. Any reversal down needs to be verified by a 5-day low breakout.
At this stage price is rotating within the 5-day range.
5-day 50% level support on Thursday and back into the highs.
4313 is still viewed as resistance in August and I still haven' t change
my view of lower prices.
However, there are two patterns that I want to see next week...
1. How Friday closes this week and next week's higher Weekly open...
2. Any reversal down needs to be verified by a 5-day low breakout.
At this stage price is rotating within the 5-day range.
Attachments
SPI Weekly and 5-day pattern
Today' s price action in the SPI was one of the most volatile we had in a
long time.
Good ranges and good rotation.
US markets still haven't hit August highs, which I'm hoping they will
tonight, and hopefully next week's higher open can begin to rotate
back down into the monthly 50% levels.
I've exited my long positions on stocks, as part of my plan, therefore I
want the market to pullback so I can get back into the trend at lower
prices.
If markets continue up towards 4400+ before any pullback, then I'll
wait until the 4th quarter from October to define my next entry pattern.
Today' s price action in the SPI was one of the most volatile we had in a
long time.
Good ranges and good rotation.
US markets still haven't hit August highs, which I'm hoping they will
tonight, and hopefully next week's higher open can begin to rotate
back down into the monthly 50% levels.
I've exited my long positions on stocks, as part of my plan, therefore I
want the market to pullback so I can get back into the trend at lower
prices.
If markets continue up towards 4400+ before any pullback, then I'll
wait until the 4th quarter from October to define my next entry pattern.
Attachments
DOW Monthly and 5-day pattern
We have the same 5-day range patterns in the DOW with the August highs the target.
Whether that high is reached Friday or Monday, the pattern I want to see
for any move back down towards the Weekly 50% level is a break of the
5-day lows to validate my view.
SPI completed the August highs @ 4313 in Sycom last night.
The SPI starts to trade under 4253 on Friday (close) it will be the first
stage that prices can begin to unwind, but it still needs a 5-day low
breakout to confirm my view of a pullback in August in a 'zig-zag' fashion.
We have the same 5-day range patterns in the DOW with the August highs the target.
Whether that high is reached Friday or Monday, the pattern I want to see
for any move back down towards the Weekly 50% level is a break of the
5-day lows to validate my view.
SPI completed the August highs @ 4313 in Sycom last night.
The SPI starts to trade under 4253 on Friday (close) it will be the first
stage that prices can begin to unwind, but it still needs a 5-day low
breakout to confirm my view of a pullback in August in a 'zig-zag' fashion.
Attachments
SPI Weekly and 5-day pattern
August highs 4313 reached and a break of the 5-day 50% level, and at
this stage the price action in the SPI is favouring a move back down towards August 50% level.
However, I'm not expecting a reversal down in 1 week, at this stage my
view is that price will zig-zag downward within the 5-day range and it could take a number of weeks to play out...
A continuation down shouldn't move back above the 5-day 50% level
today, but I've been wron.....g before, or US markets move upwards on
Friday and the SPI opens higher on Monday above the August highs
To get the market to continue down there would need to be a lower daily
close below the 5-day lows or White line (3177) this will verify the change
in the 3-day cycle.
But I don't think that's going to happen today.
If for some reason there is late buying in the market and Friday closes
above 4313, my view of a rotation downward might not play out.(bummer)
Because I want to see a pullback in the market in August because I think the
3rd Quarter will still continue higher....
Weekly Report out tomorrow
August highs 4313 reached and a break of the 5-day 50% level, and at
this stage the price action in the SPI is favouring a move back down towards August 50% level.
However, I'm not expecting a reversal down in 1 week, at this stage my
view is that price will zig-zag downward within the 5-day range and it could take a number of weeks to play out...
A continuation down shouldn't move back above the 5-day 50% level
today, but I've been wron.....g before, or US markets move upwards on
Friday and the SPI opens higher on Monday above the August highs
To get the market to continue down there would need to be a lower daily
close below the 5-day lows or White line (3177) this will verify the change
in the 3-day cycle.
But I don't think that's going to happen today.
If for some reason there is late buying in the market and Friday closes
above 4313, my view of a rotation downward might not play out.(bummer)
Because I want to see a pullback in the market in August because I think the
3rd Quarter will still continue higher....
Weekly Report out tomorrow
Attachments
- Joined
- 5 May 2009
- Posts
- 5
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- 0
anyone thinking arvo sell off in the SPI??
good time to take profits before non-farms in the US tonight...
good time to take profits before non-farms in the US tonight...
This thread is about the Dilernia model and methodology.
If you’ve got nothing to add to the methodology or your not criticizing me for whatever reason...
Then you can add your comments regarding the SPI here
https://www.aussiestockforums.com/forums/showthread.php?t=4876
I’m not interested in the non-farms, i'm only interested in making money during the day session and helping others do the same.
King Regards,
Frank.
Attachments
DOW and S&P 500
US markets finally complete their August highs, with Friday closing below.
All markets (SPI, DOW, S&P) will begin next week below resistance and
a higher Weekly open.
Based on monthly high resistance levels which are valid and are very
reliable, along with a higher Weekly open, the only conclusion I can come
up with is a reversal down before it goes up later in the 3rd Quarter.
Weekly Report UPdates....
http://www.austindex.blogspot.com/
http://www.usindexweekly.blogspot.com/
US markets finally complete their August highs, with Friday closing below.
All markets (SPI, DOW, S&P) will begin next week below resistance and
a higher Weekly open.
Based on monthly high resistance levels which are valid and are very
reliable, along with a higher Weekly open, the only conclusion I can come
up with is a reversal down before it goes up later in the 3rd Quarter.
Weekly Report UPdates....
http://www.austindex.blogspot.com/
http://www.usindexweekly.blogspot.com/
Attachments
SPI Monthly and 5-day pattern
All previous highs and reversals in April, MAY, and June began from
Monthly highs, a higher Weekly Open, and all reversed down from the 5-day highs;- precise tops.
There were three confirming patterns to verify the tops.
Even the start of July started from a higher Weekly open and the 5-day
high, pushing the first week downward before 3rd Quarter Thrust pattern
and rally.
This week was no different & Monday highs @ 4307 set-up the move for
the same pattern and continuation down towards the 5-day lows, as part
of a monthly reversal highs in August and my expectation that the
trend would move down before it continued higher later this quarter.
However, Tuesday should have continued down and not bounce up from
4251, because once the range closed above 4279, the bias was to follow the 5-day pattern
into Tuesday's highs @ 4318.
4400 + could be reached quicker than expected and hoped for.
All previous highs and reversals in April, MAY, and June began from
Monthly highs, a higher Weekly Open, and all reversed down from the 5-day highs;- precise tops.
There were three confirming patterns to verify the tops.
Even the start of July started from a higher Weekly open and the 5-day
high, pushing the first week downward before 3rd Quarter Thrust pattern
and rally.
This week was no different & Monday highs @ 4307 set-up the move for
the same pattern and continuation down towards the 5-day lows, as part
of a monthly reversal highs in August and my expectation that the
trend would move down before it continued higher later this quarter.
However, Tuesday should have continued down and not bounce up from
4251, because once the range closed above 4279, the bias was to follow the 5-day pattern
into Tuesday's highs @ 4318.
4400 + could be reached quicker than expected and hoped for.
Attachments
Hi Guys,
I joined this forum only a few days back and really captivated by Frank's model.
I do not want to direct this basic question to Frank as he is doing a great job educating members of this forum. Can someone else please spend the time or give me a link so I can educate myself.
Can someone educate me on how the support resistance pts are calculated on the "channels" that are drawn.
I have used the Formula listed in this post for calc. PP and R1,R2....S1,S2...etc writen for AB. I have also used alternate Formula for calculating supp.& Res. have done an excel SS to give me the various values of Sup.&Res but I cannot get a single one to coincide with those used by Frank.
I understand there is a book out there by Frank that explains everything
Thks, Mo
I joined this forum only a few days back and really captivated by Frank's model.
I do not want to direct this basic question to Frank as he is doing a great job educating members of this forum. Can someone else please spend the time or give me a link so I can educate myself.
Can someone educate me on how the support resistance pts are calculated on the "channels" that are drawn.
I have used the Formula listed in this post for calc. PP and R1,R2....S1,S2...etc writen for AB. I have also used alternate Formula for calculating supp.& Res. have done an excel SS to give me the various values of Sup.&Res but I cannot get a single one to coincide with those used by Frank.
I understand there is a book out there by Frank that explains everything
Thks, Mo
Hi Mo,
Welcome to the forum. The best thing to do is click on the link at the bottom of Franks post and buy his book off his site. You can buy it in Ebook form so you can pretty much start studying it straight away.
This is the best way to start to understand his system, it is well worth the money.
Aussiemo,
Sometimes it not just about the levels, it about the 'principles' used
behind the levels when either ‘day trading’, 'swing trading' or 'position
trading'.
When to use a certain level as a target and exit, whilst another level is used
a resistance and a 'sell' zone, or support and a 'BUY' zone
A day trader will trade differently to a swing or position trader, but all
three traders should be helped by optimizing their set-ups to the trends
and cycles in the larger timeframes along with 5-day patterns for shorter trends.
Without an understanding of the methodology and 'set-ups' within a
muti-timeframe model you’ll continue to struggle to use the levels
regardless how ‘captivating’ they look.
Sometimes it not just about the levels, it about the 'principles' used
behind the levels when either ‘day trading’, 'swing trading' or 'position
trading'.
When to use a certain level as a target and exit, whilst another level is used
a resistance and a 'sell' zone, or support and a 'BUY' zone
A day trader will trade differently to a swing or position trader, but all
three traders should be helped by optimizing their set-ups to the trends
and cycles in the larger timeframes along with 5-day patterns for shorter trends.
Without an understanding of the methodology and 'set-ups' within a
muti-timeframe model you’ll continue to struggle to use the levels
regardless how ‘captivating’ they look.
S&P Weekly and 5-day pattern
Early move down into the 5-day lows and a reversal and higher Daily
close in US markets
That down move and reversal upwards on Wednesday was part of a
2-day pattern play (higher Daily close) but I must admit I was surprised
by the extent of the reversal upwards because of the monthly high resistance.
August highs continue to resist price from rising at this stage.
The rest of this week can continue to consolidate in a tight
5-day pattern and the next two days remain range bound below
August highs.
If this happens then I'm looking for next week to sell down into the
Weekly 50% level.
This usually happens when a 5-day pattern (Weekly timeframe) can't
break Monthly resistance, then following week often reverses downward
into Trailng support levels (Weekly 50% level)
So far, this week has see a higher Weekly open and a 2-day
reversal down into the 5-day lows from august highs.
A 3rd Day UP move from the 5-day lows and back above the 5-day 50%
level and higher Daily close..
If this current price action was occuring anywhere else I would
favour Thursday and then Friday to continue higher (1026), as part of the
3rd Quarter UP move, and that's still a possibility.
However, because of the August high resistance levels it makes that
higher weekly close all that harder.
Thursday's 5-day 50% level will be the trend guide on any further rises or 'consolidation'
Note SPI:- The past 3 days has seen the August highs @ 4313 resist price but not follow through on the downside.
Today will open above August highs, but also above the 5-day high
from Wednesday, which doesn't usually favour price dropping below 4313.
And reach 4400 quicker than I wanted it to
Early move down into the 5-day lows and a reversal and higher Daily
close in US markets
That down move and reversal upwards on Wednesday was part of a
2-day pattern play (higher Daily close) but I must admit I was surprised
by the extent of the reversal upwards because of the monthly high resistance.
August highs continue to resist price from rising at this stage.
The rest of this week can continue to consolidate in a tight
5-day pattern and the next two days remain range bound below
August highs.
If this happens then I'm looking for next week to sell down into the
Weekly 50% level.
This usually happens when a 5-day pattern (Weekly timeframe) can't
break Monthly resistance, then following week often reverses downward
into Trailng support levels (Weekly 50% level)
So far, this week has see a higher Weekly open and a 2-day
reversal down into the 5-day lows from august highs.
A 3rd Day UP move from the 5-day lows and back above the 5-day 50%
level and higher Daily close..
If this current price action was occuring anywhere else I would
favour Thursday and then Friday to continue higher (1026), as part of the
3rd Quarter UP move, and that's still a possibility.
However, because of the August high resistance levels it makes that
higher weekly close all that harder.
Thursday's 5-day 50% level will be the trend guide on any further rises or 'consolidation'
Note SPI:- The past 3 days has seen the August highs @ 4313 resist price but not follow through on the downside.
Today will open above August highs, but also above the 5-day high
from Wednesday, which doesn't usually favour price dropping below 4313.
And reach 4400 quicker than I wanted it to
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Tks guys for the prompt replies.Was on the road latter ytday.
Frank,
I have noted that 2 members have written code using Pivot points resistance and support for AB.They comment that it is not as good as yours.
I noted that in your bk. you have given coding presumably for users to put into their own charting software. What Charting software is best suited for this code. Are using purpose written software for your model or is it a plug in on a generic charting package.
Thanks
Mo
Frank,
I have noted that 2 members have written code using Pivot points resistance and support for AB.They comment that it is not as good as yours.
I noted that in your bk. you have given coding presumably for users to put into their own charting software. What Charting software is best suited for this code. Are using purpose written software for your model or is it a plug in on a generic charting package.
Thanks
Mo
SPI Monthly and 5-day pattern
SPI continues with the Wednesday high breakout and into Thursday's highs.
There is still a weekly close to determine how far the UP move will continue
in the short-term
If there is a lower Weekly open below 4313 because US markets
can't breakout of their August highs, then there is a potential to rotate back
down based on the US markets 5-day pattern below August highs, as described in the previous post.
If US markets continue to follow a higher friday close, then it's obvious
the SPI is going to continue up.
SPI continues with the Wednesday high breakout and into Thursday's highs.
There is still a weekly close to determine how far the UP move will continue
in the short-term
If there is a lower Weekly open below 4313 because US markets
can't breakout of their August highs, then there is a potential to rotate back
down based on the US markets 5-day pattern below August highs, as described in the previous post.
If US markets continue to follow a higher friday close, then it's obvious
the SPI is going to continue up.
Attachments
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