Tuesday, January 16, 2018

Today's first pivot

So confusing, and I apologize.  Friday I said a pivot would occur Monday at 10:40am not factoring in the holiday.  In yesterday's post, I realized that would be the case but do not have an idea whether the "gaming" the Weekly Map of Time seems to imply would correctly identify the correct pivot (buy versus sell).

As it turns out, the first WMOT pivot today is 11:08am:


And we have a pivot at 11:12am:


I'm not inclined to accept the 11:12am bar as success or not given that I 'think' TDAmeritrade's platform tracks 4-minute bars as the time period of 11:11 to 11:14.  Technically, I'd say it is not a "Bernoulli" success.  But it sure looks like a success.

Regarding whether the system gave a bad entry point just before the close on Friday unless we, as speculators, identified all pivots over the 3 day weekend, I just haven't evaluated that as yet.

2:20pm comment.  Based on other stuff I've studied over time, a down close today, after the huge morning gap up, would not only be a very ominous candle ("outside down day"), but would cause me to consider the opening gap an incredible exhaustion gap.  Still haven't reached a conclusion on the Friday afternoon WMOT generated sell pivot given that it missed the 280 point round trip.

Jim Ross

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