ES Journal Archive (2009 - 2010)
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10 point rally first
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JSSPMK, I understand that the way you look at it (weekly/cumulative daily) is useful to tell if we're having distribution/accumulation, is that so? What does the weekly say?
Intraday I look at it in two ways:
1) To see if the cumulative/average (I use WMA-5-median, but anything that is reasonably both fast and smooth works) is bending upwards or downwards and where we're spending most of the time to determine likely direction. It looked downwards, now it's bending upwards, but in my view lacks any conviction.
2) Once I've settled on a more-likely direction, I use the raw TICK as an oscillator to enter on a pullback (i.e. if I want to get long I don't want to get in on a extreme +800, but rather on a pullback to 0 or whatever it's pulling back to). I guess if you're good you do this intuitively without needing to look at the TICK. Edit: conversely, if I want to put a counter-trend trade, I want to enter on a real extreme, like +/- 1200/1000, when either "the Dow is going to Heaven" or "the sky is falling".
Not saying this is the best way to use it, though. Just my 0.02. And of course, like most indicators, it's more helpful in explaining past moves than in predicting anything.
Understood.
Weekly: MACD is keeping above centerline, but still close to it. Not a clear buy pattern nor sell pattern, but caution rather to buyers.
Daily: IMO a solid buy pattern to try go for a breakout.
I believe the idea is to push SPX above resistance & only then allow a retrace back to current resistance to become support.
Weekly: MACD is keeping above centerline, but still close to it. Not a clear buy pattern nor sell pattern, but caution rather to buyers.
Daily: IMO a solid buy pattern to try go for a breakout.
I believe the idea is to push SPX above resistance & only then allow a retrace back to current resistance to become support.
Quote from Picaso:
JSSPMK, I understand that the way you look at it (weekly/cumulative daily) is useful to tell if we're having distribution/accumulation, is that so? What does the weekly say?
Intraday I look at it in two ways:
1) To see if the cumulative/average (I use WMA-5-median, but anything that is reasonably both fast and smooth works) is bending upwards or downwards and where we're spending most of the time to determine likely direction. It looked downwards, now it's bending upwards, but in my view lacks any conviction.
2) Once I've settled on a more-likely direction, I use the raw TICK as an oscillator to enter on a pullback (i.e. if I want to get long I don't want to get in on a extreme +800, but rather on a pullback to 0 or whatever it's pulling back to). I guess if you're good you do this intuitively without needing to look at the TICK. Edit: conversely, if I want to put a counter-trend trade, I want to enter on a real extreme, like +/- 1200/1000, when either "the Dow is going to Heaven" or "the sky is falling".
Not saying this is the best way to use it, though. Just my 0.02. And of course, like most indicators, it's more helpful in explaining past moves than in predicting anything.
spy weekly when reduced to a 30 min that line is 122.37 at the moment,so one could say its respecting the resistance tlrendline, break above did not bring in any buy/sell stop flurries ,also didn't bring in a lot of new shorts or longs ,might suggest reluctance of new players ,maybe waiting for end of year, fed news,piggs news..waiting for volume to increase... decisive move away from trendline
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