S/R Emini Journal

Status
Not open for further replies.
IMHO, the problem with overbought and oversold indicators is their general asymptotic nature. A stochastic that is showing an oversold condition can only go as low as the range of its settings and just keep getting closer to the bottom (or top). Meanwhile, the security or market can continue to decline all the while being described as 'oversold.'

Oversold? Overbought? To what degree?

That is one of the reasons I prefer to trade the intraday trends and have been drawn to 4re's S/R method.
 
Quote from JimmyJam:

Side Note: Wow, I'm getting my ass seriously kicked here. Moved my stop back 2 pts, break'in all the rules (guess I'd better get to work on the new ones). :(
More...

Currently Flat.

For the day ... and for the month as well :eek: .

I think I'll leave those 1hour OS/OB divergence trades to the cannons, and stay with my little intra-day method that has been serving me well.

Best,

Jimmy
 
Quote from boro45:

IMHO, the problem with overbought and oversold indicators is their general asymptotic nature. A stochastic that is showing an oversold condition can only go as low as the range of its settings and just keep getting closer to the bottom (or top). Meanwhile, the security or market can continue to decline all the while being described as 'oversold.'

Oversold? Overbought? To what degree?

That is one of the reasons I prefer to trade the intraday trends and have been drawn to 4re's S/R method.
More...

LOL, I didn't see your post before I made mine, but your timing is perfecto!
 
Quote from JimmyJam:

Currently Flat.

For the day ... and for the month as well :eek: .

I think I'll leave those 1hour OS/OB divergence trades to the cannons, and stay with my little intra-day method that has been serving me well.

Best,

Jimmy
More...

Sorry man, I was worried about that trade. I had the next major support at 1246. And we had a definite catalyst for more downside. But I don't tell people how to trade their money just like I don't listen when people tell me how to trade mine. But like I told K-Rock yesterday, you'll be back tomorrow.

Romik, is good at what he does and I know he has a plan on this trade along with the time to make it work. So I don't worry about him. Good luck on it, Romik...
 
Quote from JimmyJam:

Currently Flat.

For the day ... and for the month as well :eek: .

I think I'll leave those 1hour OS/OB divergence trades to the cannons, and stay with my little intra-day method that has been serving me well.

Best,

Jimmy
More...

If its any consolation I have had a bad fews days and I am currently down for the month after today. I think that a lot of false signals have been made in the last fews days and that the market has faked out a lot of people. My advice right now is to either take a break or trade smaller till you get your feel back, otherwise the danger is to throw good money after bad.
Stay alive
 
Quote from 4re:

Sorry man, I was worried about that trade. I had the next major support at 1246. And we had a definite catalyst for more downside. But I don't tell people how to trade their money just like I don't listen when people tell me how to trade mine. But like I told K-Rock yesterday, you'll be back tomorrow.

Romik, is good at what he does and I know he has a plan on this trade along with the time to make it work. So I don't worry about him. Good luck on it, Romik...
More...

thank u, had a look @ CAL today, hmm, nice one!
 
I posted this in the ES thread and thought (IMHO) that someone here might find it interesting as well.


I been reading the posts regarding those of you that are long.
I agree that the hrly. chart shows divergence on the MACD (hist)and CCI indicators, but the 1/2 hrly. MACD doesn't support it, even though the CCI does. The shorter term indicators, nor, the daily aren't supporting it either.

Up to now, price has dropped through a couple of hrly. support zones and now it's sitting on another hrly. and daily support zone.

Even though there is a little divergence on the hrly. & 1/2 hr. I'm not seeing any divergence on the daily. If anything, my indicators are turning, or, have turned dn.

If this support at this level doesn't hold, which, if you look at the daily indicators doesn't look good, the next stop looks like around 1230.

Now, on the positive side, for the longs, there is a tremendous gap between price and the 50EMA on all TF's. That gap is always filled, so we may well see a retracement at this point.

Good luck,
Alex

Sorry: I left out that the 15min. has also started to turn up.
 

Attachments

Status
Not open for further replies.
Back
Top