a just read part of long discussion
betwwen you guys here :
http://www.elitetrader.com/vb/showthread.php?s=&threadid=17357&perpage=6&pagenumber=4
and just wanted to add this :
A/ the 2 jcp chart posted by manz66 aren't from him but from me, i posted them at the time on a small trading forum, as
for the other i'm praticly sure they aren't from the same person as i remenber clearly having had a "e-dissscussion" with the people who made them....
B/....hence the interest i took at reading NihabaAshi's response :
first off when the jcp charts (and a handfull of others) were posted i wasn't a full time trader, and was merely doing some charting+fundamental+money management work on weekly/daily charts during the w/e
most orders (long and short) were made on the afternoon thru a retail online brocker 30min off the closing bell (i'm in centrale european timezone) and positions were left to themselves with just the S/L and T/P levels preset,
i would then check my account summary each w/e only carring about closed positions&allways keeping screenshot of forcasts and there outcomes to improve the learning curve
(i probably beat i great deal of the mutual fund industry that way in 2001&2002 )
=>> so yes i remenber having been on vacation during that trade and a couple of others (sometimes in places where even
a daily $indu quote isn't available)
i no longer us charting analysis but gotta say that some of these often bashed "lagging indicators" have helped as much as pattern and t-lines (i still don't feel confortable loocking at a chart
W/O the macd or the OBV below it)
as for the comment about the divergence between the price and the rsi :
the horizontal line shows the S/L lvl the rsi is based on the closing price and IMO one should loock for divergences between the closing price and the indicators (whish was the case there)
regards,
betwwen you guys here :
http://www.elitetrader.com/vb/showthread.php?s=&threadid=17357&perpage=6&pagenumber=4
and just wanted to add this :
A/ the 2 jcp chart posted by manz66 aren't from him but from me, i posted them at the time on a small trading forum, as
for the other i'm praticly sure they aren't from the same person as i remenber clearly having had a "e-dissscussion" with the people who made them....
B/....hence the interest i took at reading NihabaAshi's response :
first off when the jcp charts (and a handfull of others) were posted i wasn't a full time trader, and was merely doing some charting+fundamental+money management work on weekly/daily charts during the w/e
most orders (long and short) were made on the afternoon thru a retail online brocker 30min off the closing bell (i'm in centrale european timezone) and positions were left to themselves with just the S/L and T/P levels preset,
i would then check my account summary each w/e only carring about closed positions&allways keeping screenshot of forcasts and there outcomes to improve the learning curve
(i probably beat i great deal of the mutual fund industry that way in 2001&2002 )
=>> so yes i remenber having been on vacation during that trade and a couple of others (sometimes in places where even
a daily $indu quote isn't available)
i no longer us charting analysis but gotta say that some of these often bashed "lagging indicators" have helped as much as pattern and t-lines (i still don't feel confortable loocking at a chart
W/O the macd or the OBV below it)
as for the comment about the divergence between the price and the rsi :
the horizontal line shows the S/L lvl the rsi is based on the closing price and IMO one should loock for divergences between the closing price and the indicators (whish was the case there)
regards,