Got a feeling, tomorrow 2:30pm crash

Buy1Sell2 · Nov 1, 2006

Quote from volente_00:

Your still long because you never have a profit target !

If you use rsi for divergence then it is lagging.

I'm long because the charts have told me to stay long. That is my profit target. I won't catch the exact top, but I should be in the area( 2o to 30 points). Not always of course.

Buy1Sell2 · Nov 1, 2006

Quote from jzlucas:

I was referring to traders that think just because its above 70, the market is "overbought" and ready to drop. Im glad you know how to use it. I've been long for some time now as well. Enjoy your profits!

Ok. Then yes, a lot of folks should take it off their chart, if they just sell when it gets to 70. I was looking back at ES charts a while back and I think the market has sometimes gone for another 150 handles past the OB line.

Buy1Sell2 · Nov 1, 2006

Quote from volente_00:

If you use rsi for divergence then it is lagging.

Certainly it lags. However RSI and Histogram divergence lag less, sometimes almost nonexistent lag. You then follow the ensuing trend.

volente_00 · Nov 1, 2006

In a bull market using rsi you will not know where to exit because rsi stays high, pull up a chart in a down trending market and see how well buying under 20-30 works.

Buy1Sell2 · Nov 1, 2006

Quote from volente_00:

In a bull market using rsi you will not know where to exit because rsi stays high, pull up a chart in a down trending market and see how well buying under 20-30 works.

You don't reverse until you see divergence, many times with a failure swing at the OB/OS line. I always defer to the recent reaction lows/highs first and that keeps me in the trade. Divergence is the second thing I look at, not the first.

volente_00 · Nov 1, 2006

Quote from Buy1Sell2:

I'm long because the charts have told me to stay long. That is my profit target. I won't catch the exact top, but I should be in the area( 2o to 30 points). Not always of course.

So after dropping 22 points are you still bullish ?

ACM Trader · Nov 1, 2006

Quote from volente_00:

So after dropping 22 points are you still bullish ?

Bullish/bearish, with no timeframe reference, hours ?, days ? weeks? is irrelevant.

Buy1Sell2 · Nov 1, 2006

Quote from volente_00:

So after dropping 22 points are you still bullish ?

weekly chart--yes. daily chart--pullback for now and not reversal. If we get follow through in the next few sessions, I'll reevaluate.

volente_00 · Nov 2, 2006

Quote from ACM Trader:

Bullish/bearish, with no timeframe reference, hours ?, days ? weeks? is irrelevant.

His previously said he is bullish long term, define it however you want.

volente_00 · Nov 2, 2006

Quote from Buy1Sell2:

weekly chart--yes. daily chart--pullback for now and not reversal. If we get follow through in the next few sessions, I'll reevaluate.

Define reversal