ES Journal Archive (2011)

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Quote from macho grande:

i'd like to forget that pain :) Don't use RSI i just eyeball the 5 min
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I am partly joking. Oversold and overbought may be very real, it is just that it is so god damn hard to predict when exactly that is, so it is hard to use that as the only reasoning for entering a day trade.

When you see strength, it is usually better to tag along instead of fighting it. Same with weakness.

Trends extend far longer than we like to think at times.

What if you had placed a buy stop to enter one tick above that large green bar on the 5-minute?
 
Quote from Laissez Faire:

I am partly joking. Oversold and overbought may be very real, it is just that it is so god damn hard to predict when exactly that is, so it is hard to use that as the only reasoning for entering a day trade.

When you see strength, it is usually better to tag along instead of fighting it. Same with weakness.

Trends extend far longer than we like to think at times.

What if you had placed a buy stop to enter one tick above that large green bar on the 5-minute?
More...

I completely agree with you my natural inclination is countertrend, i fight that impulse each & every day.

Disagree however "overbought" and "oversold" are useful and valid conditions in short term trading, imo. (albeit ill-defined :)If it wasn't there'd be no retracement or pullbacks
 
Quote from Laissez Faire:

I am partly joking. Oversold and overbought may be very real, it is just that it is so god damn hard to predict when exactly that is, so it is hard to use that as the only reasoning for entering a day trade.

When you see strength, it is usually better to tag along instead of fighting it. Same with weakness.

Trends extend far longer than we like to think at times.

What if you had placed a buy stop to enter one tick above that large green bar on the 5-minute?
More...

I wonder what the test results would be if one were to BUY the first overbought signal, and SELL the first oversold signal?
 
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