ES Journal Archive (2009 - 2010)

Pekelo · Jan 28, 2009

Quote from webbma:

Pekelo..question about %R. i don't use it currently, but I want to learn about it. I have it on a 15 min s&p cash chart. the current reading is 91.3. Is that correct? so an oversold condition would then go down to 0?

The %R goes between 0 and -100. On the 15 mins chart it is about -15 right now. The oversold condition is when it is close to -100.

When a trend exists the %R gives excellent signals to get in WITH the trend. Yesterday the 5 mins cash chart had -100 readings at:

10:50, 13:05 and 14:25 all were excellent long entries. (actually 10:10 too)

There is more into how to use it though...

BoyBrutus · Jan 28, 2009

Quote from volente_00:

The one below.

There is a magnet at 46 to 50 on cash and 10:30 looms.

I agree, was thinking up first though

swing-scalper · Jan 28, 2009

Possibly slowly grinding up in the morning, then a little dip before FOMC annoucement.

BoyBrutus · Jan 28, 2009

FOMC announcement:

Lending conditions have deteriorated.
We stand ready to provide liquidity.
We have expanded our balance sheet and now accept IOUs on post it notes

kinggyppo · Jan 28, 2009

short spy 86.32 no stop.

Lawrence Chan · Jan 28, 2009

Last few times the FOMC huge gap up day all start with a blast up into hyper space first, like 10 to 15 pts higher.

Not sure if that is the case this time.

kinggyppo · Jan 28, 2009

Quote from kinggyppo:

short spy 86.32 no stop.

]

add short 86.62

volente_00 · Jan 28, 2009

On fomc day, the recent trend has been to grind higher til the announcement. Keep an eye on the retracement amount, if the largest one is less than 6 - 7 points of drop then the grind will usually continue. The day is still young but I don't like the gap below.

volente_00 · Jan 28, 2009

10:30 crew waiting to pounce

swing-scalper · Jan 28, 2009

Quote from volente_00:

On fomc day, the recent trend has been to grind higher til the announcement. Keep an eye on the retracement amount, if the largest one is less than 6 - 7 points of drop then the grind will usually continue. The day is still young but I don't like the gap below.

Even though there is a gap below, the pace indicates no selling pressure at all, which means that the gap is not going to be filled now and the market wants to move higher.