Inverted head and shoulders on the SPX?

Quote from AMT4SWA:

Yes....I am tracking both contracts at present. Any new positions I enter going forward I will be entering in the new contract. I flew out of town early yesterday morning, so I have been gone and I just got back to Austin a little while ago......my held positions from 732.00's the other day missed my next target at 710.00 (price traded to 711's) so I had to cover all my remaining 732.00 entries at 717.00 before I left to fly out of town.

Today I will be using any trading into the 750's to look for new sell signals......those who sent PM's yesterday and today I need a few hours to catch up on everything and then I will get to your questions. :)
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OK thanks. I see you were out of town yesterday. If you have a chance and a little patience, would you please give us a step by step detailed account of the "neutralization and conversion" to support of the 712-732 zone yesterday?.

Thanks again.

JW
 
Quote from Whisky:

OK thanks. I see you were out of town yesterday. If you have a chance and a little patience, would you please give us a step by step detailed account of the "neutralization and conversion" to support of the 712-732 zone yesterday?.

Thanks again.

JW
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OK....will look at that area later and then see what we had.

BTW I had 707's as a critical over/under level that I had mentioned the other day for the old contract, so I do see we traded down to 711's and touched the top of that zone 707's up which did hold. Buyers maintained control of the market and ran it pretty hard after the successful "HOLD" in that critical area near 707's. :)
 
Quote from manlycure:

btw I'm not sure if anyone else (besides AMT) is using Investor/RT, that's one powerful charting software (just learning the ropes now). I get my data from IB, complemented by 5-day historical tick data from DTN Market Access (only $15/mo extra). I believe Investor/RT has the ability to retain long tick histories, but not sure how long is practical.
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Just so you know.....IB data is "snapshot" data and can mess up cumulative delta readings in Investor RT.
 
Quote from AMT4SWA:

Just so you know.....IB data is "snapshot" data and can mess up cumulative delta readings in Investor RT.
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Thanks for letting me know, I assumed that IRT knows how to ignore the non-tick datafeed provided by IB and only take the data from DTN Market Access. Something to check with IRT support? That would be a true problem for IB users if that's the case.
 
Manly,

If your full feed is IB I/RT will be gathering the data from IB. I am guessing that what you mean by DTN you are using it for a the backfill capability and if that is the case then no I/RT is using the snapshot data from IB which is not correct. DTN is only for backfilling the chart and data not for a real time feed (unless of course your paying for the full DTN feed which I doubt you are since your using IB and there is no need for two RT feeds.)

Hope that helps some,

PB
 
Quote from pinebilly:

Manly,

If your full feed is IB I/RT will be gathering the data from IB. I am guessing that what you mean by DTN you are using it for a the backfill capability and if that is the case then no I/RT is using the snapshot data from IB which is not correct. DTN is only for backfilling the chart and data not for a real time feed (unless of course your paying for the full DTN feed which I doubt you are since your using IB and there is no need for two RT feeds.)

Hope that helps some,

PB
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PB, thanks for confirming, DTN/MA is not the full real-time feed, it's only used for backfilling, so what I'm seeing is clearly skewed. Since I need to get the full feed here, any recommendation on DTN/IQ vs. eSignal?
 
Quote from AMT4SWA:

Rollover is not a big deal...
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I gave this some thought, and came to a few conclusions...

- Some unknown fraction of the traders defending S/R levels will rollover their positions to the new contract, and place their stops near the S/R levels of the old contract. This stop placement will tend to reinforce the same S/R levels for the new contract, although some of the inventory will be lost during rollover, and you can't account for this with the new contract's cumulative delta (CD) (i.e., some inventory info is lost on rollover).

- As long as open interest is rapidly building in the new contract (over many days), then the CD is probably noisier than at other times, although AMT claims that this effect is not significant.

- Other than noting previous S/R levels from the old contract, and being roughly aware of the amount of buying/selling that occurred when the old contract traded at these levels, one should simply start tracking delta again for the new contract, treating it as a "new game".
 
Quote from manlycure:

PB, thanks for confirming, DTN/MA is not the full real-time feed, it's only used for backfilling, so what I'm seeing is clearly skewed. Since I need to get the full feed here, any recommendation on DTN/IQ vs. eSignal?
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IQfeed is cheaper than Esignal and more reliable. Both owned by same Co.

Opentick is free, except for exchange fees. Crappy feed I hear.

Zenfire is free and reliable, but not compatible unless someone writes a "converter" or I-RT makes it compatible.

The cheapest solution would be to get all historical contracts from opentick (free), process them into a summary database (free) (EXCEL perhaps?), and then run Ninja-Zenfire (free) with some Delta indicator (free) for the current day Delta initialized and merged into the main database once a day...and don't use I-RT at all. Just one way to do it. If someone is interested in doing a lot/most of the programming legwork, please PM. Only thing that is not "free" is the time and commitment that one has to put into it.

JW
 
Quote from AMT4SWA:

OK....back in the market short at 751.00 with new contract.......first targets at 746.00....next at 741.00 :)
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Sold additional positions at 753.00.....first target now at 749.00 and then next target at 747.00 :)
 
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