Joey's MP Journal

This is a discussion on Joey's MP Journal within the Trading Journals forums, part of the Reception category; Originally Posted by rathcoole_exile Joey i tried to post some screen shots of my charts showing the various PPs from ...

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Old Jul 12, 2008, 6:31pm   #64
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Quote:
Originally Posted by rathcoole_exile View Post
Joey i tried to post some screen shots of my charts showing the various PPs from yesterday - there seems to be a site-wide fault but as soon as its fixed I'll put something up on ES Tonight
the pics are very powerful in showing the utility of the various PPs.
I am convinced there is much benefit to be derived from combining PPs with MP ...

garry
Definitely. We're talking WILD bounces aswell! 10 points off the PP in about 4 minutes.

I'm a bit confused about weekly pivots, so I'll look forward to seeing that.
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Old Jul 12, 2008, 6:31pm   #65
 
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Definitely. We're talking WILD bounces aswell! 10 points off the PP in about 4 minutes.
it's stunning enough off on a time-based candlestick chart (I usually use 4 mins, so one bar just went up and up and up), but watching it live on the 233 tick was amazing !
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Old Jul 14, 2008, 10:09am   #66
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Point of Control Week Ending July 11th

Joey25 started this thread There are 2 ways of examining how the Point of Control moved over the week.
The first is to lay the profiles side by side and observe the general trend throughout the week:

July 7th: 1247.25
July 8th: 1256.25
July 9th: 1273.25
July 10th: 1247.00
July 11th: 1235.75

So up until Wednesday value trended upwards, but on Thursday deteriorated sharply to Monday's levels, finally falling further on Friday.

The alternative is to construct what Don Jones of CISCO refers to as the "5-day Overlay Demand Curve". This is a merge of all the profiles into one big profile.

The Point of Control for the merge is 1247.00

I'll be interested to see how the market reacts at this level.
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Old Jul 14, 2008, 10:50am   #67
 
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The alternative is to construct what Don Jones of CISCO refers to as the "5-day Overlay Demand Curve". This is a merge of all the profiles into one big profile.

The Point of Control for the merge is 1247.00
which falls at exactly the new Weekly Pivot Point

(well, within 1 point of it anyway...)
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Last edited by rathcoole_exile; Jul 14, 2008 at 10:56am.
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Old Jul 14, 2008, 10:56am   #68
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Joey25 started this thread
Quote:
Originally Posted by rathcoole_exile View Post
which falls at exactly the new Weekly Pivot Point
The next question is: which performs better - one which is updated only at the end of the week, or one which is updated on a rolling basis?

Anyway, the convention appears to be once a week for Pivot Points and rolling (e.g combining Tuesday, Wednesday, Thursday, Friday and Monday) for the Overlay.

Last edited by Joey25; Jul 14, 2008 at 11:39am.
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Old Jul 14, 2008, 2:40pm   #69
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Thoughts going into the open

Joey25 started this thread The market is still struggling to break through and develop above the 1258.00 level.
Another failure spike through that level in the overnight session.

I've entered the following limit order:

Sell at 1267.75
Stop at 1271.00
Target at 1263.75.

However, I may switch to:

Sell at 1257.75
Stop at 1261.25
Target at 1253.75

a little later on.
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Old Jul 14, 2008, 3:08pm   #70
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Modified order

Joey25 started this thread I have now modified the order to:

Sell at 1257.75
Stop at 1261.25
Target at 1253.75

The protective stop is placed above the overnight high, which in turn comes in around the downward sloping trendline on the daily bar chart.
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