S/R Emini Journal

[JimmyJam]

Quote from romik:

Yes, yes, can't dispute too much...but did you have a look at weekly?

Specifically have a look at CCI and compare to previous times when S&P went into oversold mode (not overbought!), also check out RSI @ 50 here and 20MA on weekly. Just by making some quick comparisons it is obvious, to me anyway, that there is definitely more upside to follow, but of course there MIGHT be a pullback and let's hope there is one so we can all benefit from this.

Nice chart romik.

I personally like to determine that type of info (long-term trend - as if there were such a thing when intra-day trading ) by calculating a secrities OHLC and comparing them to the previous day's/week's action, it gives me a quick numerical snapshot at a glance.

While everyone's indicators are obviously bullish and there may be more upside in the offering, the TRIN's actions on Friday told me that a lot of the players are taking their chips off the table now, we could be hitting overbought territory pretty soon now ... Price Action will tell.

Later,

JJ

 

[romik]

Quote from JimmyJam:

Nice chart romik.

I personally like to determine that type of info (long-term trend - as if there were such a thing when intra-day trading ) by calculating a secrities OHLC and comparing them to the previous day's/week's action, it gives me a quick numerical snapshot at a glance.

While everyone's indicators are obviously bullish and there may be more upside in the offering, the TRIN's actions on Friday told me that a lot of the players are taking their chips off the table now, we could be hitting overbought territory pretty soon now ... Price Action will tell.

Later,

JJ

What does TRIN chart show? Specifically on weekly I am interested, where is 10MA at the moment?

EDIT: And daily is also interesting.

 

[JimmyJam]

Quote from romik:

What does TRIN chart show? Specifically on weekly I am interested, where is 10MA at the moment?

EDIT: And daily is also interesting.

I don't know but I'll pull it up for you (I only use it for intraday at one minute intervals).

JJ

P.S. What this tells you is that for all the information out there, everyone uses/interprets it differently ... which is what makes a trading market.

 

[JimmyJam]

For what it's worth.

Here's the TRIN Weekly

 

[JimmyJam]

... and here's the TRIN daily.

 

[JimmyJam]

Plese note:

I can't interpret them, and they don't mean anything intelligble to me.

Later,

JJ

 

[romik]

Quote from JimmyJam:

I don't know but I'll pull it up for you (I only use it for intraday at one minute intervals).

JJ

P.S. What this tells you is that for all the information out there, everyone uses/interprets it differently ... which is what makes a trading market.

Thanks JJ, you are a gent.

1 Q here: If you are monitoring TRIN on 1 min TF, how can you see a broad picture whether the S&P is O/B or O/S, intraday I understand, but I am trying to see a bigger picture here. CCI on weekly shows a definite O/S territory. What about TRIN?

 

[romik]

Quote from JimmyJam:

Plese note:

I can't interpret them, and they don't mean anything intelligble to me.

Later,

JJ

OK, basically, if TRIN's 10 MA (I assume you loaded up 10MA) is above 1.2 it's considered O/S. At the moment it's showing just under 1.1...close

EDIT: And on weekly just above 1.1, that would be even closer to O/S. Though, over 1.2 is considered to be O/S.

 

[JimmyJam]

Quote from romik:

Thanks JJ, you are a gent.

1 Q here: If you are monitoring TRIN on 1 min TF, how can you see a broad picture whether the S&P is O/B or O/S, intraday I understand, but I am trying to see a bigger picture here. CCI on weekly shows a definite O/S territory. What about TRIN?

hahahahahahahah .

Good question.

The answer is I don't use the TRIN to determine O/B or O/S Status. I look at the OHLC in relation to its one day/one week performance on a historical baisis.

In other words, I do with spreadsheets exactly what you do with chart comparisons .

The only problem with this approach to trading the markets is that past performance does not = future performance. So therefore, I never use the O/B or O/S status as a basis for entering a trade, as I have found it to be too inconsistent to generate the results that I want (this is what 4re was speaking to when he said he only monitors the mid-to-short term time frames damn that guy is good), so therefore I just use it as a um, large scale map to know what city or town I am in, but not to find the address that I need.

See what I mean?

Later,

JJ

P.S. If you want to figure-out how to use the TRIN index to potentially determine Overbought/Oversold levels, here's the website to Dick Arms (the guy who created the indicator):
http://www.armsinsider.com/education/whatistrin/armsindextrin.asp

This is not to be construed as an advertisement of his website (I just now found it), but it seems that he likes to use the index as an Overbought/Oversold indicator too - just from glancing at the text, sooooooo, know yourself out!

 

[romik]

Quote from JimmyJam:

hahahahahahahah .

Good question.

The answer is I don't use the TRIN to determine O/B or O/S Status. I look at the OHLC in relation to its one day/one week performance on a historical baisis.

In other words, I do with spreadsheets exactly what you do with chart comparisons .

The only problem with this approach to trading the markets is that past performance does not = future performance. So therefore, I never use the O/B or O/S status as a basis for entering a trade, as I have found it to be too inconsistent to generate the results that I want (this is what 4re was speaking to when he said he only monitors the mid-to-short term time frames damn that guy is good), so therefore I just use it as a um, large scale map to know what city or town I am in, but not to find the address that I need.

See what I mean?

Later,

JJ

I think so, thanks for posting the chart BTW, I appreciate it.