Significant downside pressure in early trade gave way to stabilization and a retracement in the afternoon. Another distribution day, the third in the past week and a half. IBD will be changing its current outlook from "Market in confirmed uptrend" to "Uptrend under pressure" tonight.
After retracing 38% of the Nov.-Dec. rally, the $USD spiked this week for a retest of the rally highs.
Stocks gapped wide and swooned. Gold stocks gapped and attempted to stabilize, giving traders a chance to enter a trade.ABX gapped below S2 on the daily pivots as depicted in the 5 min. chart above. I've recently decided to plot daily pivots on the lower timeframe and weekly pivots on the higher timeframe (15 min.) so that I have wider perspective as far as potential targets. Of course, things don't always work out as perfectly as the ABX trade. But, the weekly pivot is stable over the course of the week which is helpful when reviewing charts the night before.
4 comments:
Jamie,
Is your "weekly pivot(s)" - R1, R2, S1 and S2 based off of the previous week's bar?
Jamie,
How do you plot a daily pivot on a 5-minute chart?
Jim,
Yes, although I've not tested the math, I assume it is the same calculation as for daily, except based on the weekly bar.
Sally,
To plot pivots using Esignal, right click on the chart, select formulas, then pivots, and finally select daily pivot eft all.
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