Today's Pivots
- Thread starter waggie945
- Start date
Look at the weird spike down at 10360 on Globex how the cycle was finished (in counterclock path this gives a Feynman Local bottom at 10362 see same chart below posted yesterday and this time it's overshot by two points and not undershot by two points) 
As put in my guide : "during globex session future contract behaves as if it was the spot "
As put in my guide : "during globex session future contract behaves as if it was the spot "
Quote from harrytrader:
Look at the weird spike down at 10360 on Globex how the cycle was finished (in counterclock path this gives a Feynman Local bottom at 10362 see same chart below posted yesterday and this time it's overshot by two points and not undershot by two points)
As put in my guide : "during globex session future contract behaves as if it was the spot "
<IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=422119>
Waggie, could you explain your earlier comment about not using volume?
When I was on the floor (ags), it made a huge difference whether, say, ADM was bid for 1000, or whether mainly the locals were bid for 50 here, 20 there, 35, somewhere else.
Also, the locals were famous for running up the price on one lots to draw out paper from someone sitting behind a screen who didn't know how much real buying (in this case none) was behind the move.
One of the challenges I've faced is trying to figure out how to trade off the floor without this kind of info. Maybe in a big, liquid market like the S&P this matters less?
Thanks for any comments!
When I was on the floor (ags), it made a huge difference whether, say, ADM was bid for 1000, or whether mainly the locals were bid for 50 here, 20 there, 35, somewhere else.
Also, the locals were famous for running up the price on one lots to draw out paper from someone sitting behind a screen who didn't know how much real buying (in this case none) was behind the move.
One of the challenges I've faced is trying to figure out how to trade off the floor without this kind of info. Maybe in a big, liquid market like the S&P this matters less?
Thanks for any comments!