Technical Analysis
I am looking to buy at support and sell at resistance.If the market is below the pivot (floor traders pivot levels) with more declining volume than advancing volume, i look to go short.If the market is above the pivot with more advancing volume than declining volume, i look to go long.I expect the trend to reverse(or at least stall) at the 1st hour,2nd hour,3rd hour and 5th hour of the session(fib time zones), purely because i've seen it happen so often.(1,2,3 and 5 are fibonacci numbers).You often see a V or A shape form within those hours.I use fibonacci ratios* calculated from the previous close/todays open as support and resistance levels,especially if they coincide with pivot levels and daily/weekly/monthly support/resistance levels.I also use the ratios and fib time zones as price/time targets, again,especially if they coincide.Finally,i try to stay on the same side of the market as the'smart money' by looking for signs of strength at the lows,and weakness at the highs.This involves reading the price bars at support/resistance.
*The ratios i use are: 0.382% 0.618% 0.764% 1.000% 1.272% 1.618%
You can check all relevant technical levels for the trading day before the market opens: HERE
market replay 28 jan
Fibonacci: A(1330.7) to B(1322.6)= 0.618% (1330.7-0.618%=1322.4)
A=open B=intraday low
market replay 25 jan
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Fibonacci: A(1352.0) to B(1368.5)=1.272% (1352.0+1.272%=1369.1)
A(1352.0) to C(1330.6)=1.618% (1352.0-1.618%=1330.1)
A=previous close B=intraday high C=close
market replay 24 jan
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Fibonacci: B(1340.1) to C(1334.3)=0.382% (1340.1-0.382%=1334.9)
A(1338.6) to D(1355.1)=1.272% (1338.6+1.272%=1355.6)
A=previous close B=open C=intraday low D=intraday high
market replay 22 jan
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Fibonacci: A(1312.9) to B(1322.0)=0.618% (1312.9+0.618%=1321.0)
A=open B=intraday high
market replay 18 jan
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A(1333.9) to B(1350.2)=1.272% (1333.9+1.272%=1350.8)
A(1333.9) to C(1312.5)=1.618% (1333.9-1.618%=1312.3)
A(1333.9) to D(1325.1)=0.618% (1333.9-0.618%=1325.6)
market replay 10 jan
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Fibonacci: A(1409.1) to E(1420.3)=0.764% (1409.1+0.674%=1419.8)
B(1406.7) to C(1395.3)=0.764% (1406.7-0.764%=1395.9)
B(1406.7) to D(1429.0)=1.618% (1406.7+1.618%=1429.4)
A=previous close B=open C=intraday low D=intraday high E=close
market replay 9 jan
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Fibonacci: A(1390.1) to B(1378.7)=0.764% (1390.1-0.768%=1379.4)
A=previous close B=intraday low
market replay 8 jan
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Fibonacci: A (1416.1) to B(1430.2)=1.000% (1416.1+1.000%=1430.2)
A=previous close B=intraday high
market replay 7 jan
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Fibonacci: A(1411.6) to C(1403.4)=0.618% (1411.6-0.618%=1402.8)
B(1414.0) to D(1423.8)=0.764% (1414.0+0.764%=1424.8)
A(1411.6) to E(1416.1)=0.382% (1411.6+0.382%=1416.9)
A=previous close B=open C=intraday low D=intraday high E=close
market replay 3 jan
Fibonacci: A(1447.5) to B(1456.8)=0.618% (1447.5+0.618%=1456.4)
A=open B=intraday high
market replay 2 jan
Fibonacci: A(1471.7) to C(1447.1)=1.618% (1471.7-1.618%=1447.8)
B(1442.0) to C(1447.1)=0.382% (1442.0+0.382%=1447.5)
A=intraday high B=intraday low C=close
market replay 31 dec
Fibonacci: A(1478.4)to E(1468.3)=0.618% (1478.4-0.618%=1469.2)
B(1475.2)to C(1465.1)=0.618% (1475.2-0.618%=1466.0)
C(1465.1)to D(1475.8)=0.764% (1465.1+0.764%=1476.2)
A=previous close B=open C=intraday low D= intraday high E=close
market replay 28 dec
Fibonacci: A(1476.2) to B(1488.0)=0.764% (1476.2+0.764%=1487.4)
B(1488.0) to C(1478.4)=0.618% (1488.0-0.618%=1478.8)
A=previous close B=intraday high C=close
market replay 27 dec
Fibonacci: A(1495.0) to B(1475.8)=1.272% (1495.0-1.272%=1475.9)
A=open B=intraday low
market replay 20 dec
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Fibonacci: A(1453.0) to C(1461.5)=0.618% (1453.0+0.618%=1461.9)
A(1453.0) to D(1447.2)=0.382% (1453.0-0.382%=1447.4)
B(1456.4) to C(1461.5)=0.382% (1456.4+0.382%=1461.9)
B(1456.4) to D(1447.4)=0.618% (1456.4-0.618%=1447.3)
D(1447.2) to C(1461.5)=1.000% (1447.2+1.000%=1461.6)
A=previous close B=open C=intraday high D=intraday low
market replay 19 dec
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Fibonacci: A(1454.9) to B(1464.4)=0.618% (1454.9+0.618%=1463.8)
A(1454.9) to C(1445.3)=0.618% (1454.9-0.618%=1445.9)
B(1464.4) to C(1445.3)=1.272% (1464.4-1.272%=1445.7)
B(1464.4) to D(1453.0)=0.764% (1464.4-0.764%=1453.2)
A=previous close B=intraday high C=intraday low D=close
market replay 18 dec
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Fibonacci: A(1445.9) to B(1435.6)=0.764% (1445.9-0.764%=1434.8)
A(1445.9) to C(1460.1)=1.000% (1445.9+1.000%=1460.3)
A(1445.9) to D(1454.9)=0.618% (1445.9+0.618%=1454.8)
A=prev close B=intraday low C=intraday high D=close
market replay 21 nov
Most of the session price stays above pivot support-1,but the whole day remains in the red ending 1 point off the low.The most obvious trades were to sell at the head and shoulders bear pattern (assuming you could see it forming),or even easier, sell when you see that double top form near the end of day.1425 changed hands several times during the session,alternating between support and resistance and since declining volume had the upper hand all day,i prefer to sell resistance.
Fibonacci A(1439.7) to B(1416.7)=1.618% (1439.7-1.618%=1416.4)
A=previous close B=close
market replay 15th nov
Numerous opportunities to go short today.First the market opens with 70% declining volume=sell.Second the previous close line (1470.5) becomes resistance=sell.Third support becomes resistance at 1465=sell. Support around the pivot S-1 becomes resistance=sell Fourth just sell every time price touches the upper trend line.
Fibonacci: A (1470.5) to B(1451.1)=1.272% 1470.5-1.272%=1451.7
A=(previous close) B=(close)
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