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Quote from marketsurfer:

Just a descriptive term.

surf
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Nothing wrong with moving averages, or putting faith in them.

I don't believe in Fibonacci retracement levels, in terms of the blarney about the numbers and nature, but I would be a fool to ignore them; I've lost count of the number of times I've seen price fall to 23.6% or 38.2% retracement and then reverse. I look on it as a self-fulfilling prophecy, enough people believe and act and it becomes valid.

Ditto with pivots.
 
WIth these things said, the 50 day SMA appears to be acting as support today. surf


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Quote from bwolinsky:

Belief, faith are not statistical and reasonable basis.


Do the math.
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Yup, I have. Couple of years back I spent something like 4 months, RTH, every day, watching and recording every pullback of the ES front month contract to 14, 20 and 50 EMA on 5 minute, 15 minute, 30 minute and 60 minute charts, recording every breach of the EMAs by how many ticks before a reversal, or not. I was basically watching price action and since I was sitting there I figured I might as well record some data for analysis. Had pivots up on the charts too and recorded those as well.

Faith was just a figure of speech, like some pros put their faith in and trade chart patterns profitably. It's not religious belief.
 
Quote from marketsurfer:

WIth these things said, the 50 day SMA appears to be acting as support today. surf
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I was doing prep during the overnight session and saw the NQ bounce to the 50EMA (on the 30 minute chart if memory serves me), which happened to coincide with the pivot point. It reversed from there.

Either profit taking or someone shorted again from there. Whatever, these things happen in every time frame.
 
Weekend musical interlude--- Enjoy!!!


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Jus, there does not appear to be any back testing that would yield statistics to give you a reasonable basis.

You did not research correctly if that was your approach.
 
Quote from R. Raskolnikov:

Must be a purrrre coincidence. ;)
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Since you're a Hershey pariah, and surf doesn't look at charts I'm going to be blunt:

That chart is still going up.
 
Hershey? Bro, I've been trading long before I had ever heard of that guy.

Quote from bwolinsky:

Since you're a Hershey pariah, and surf doesn't look at charts I'm going to be blunt:

That chart is still going up.
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