USD/JPY to the Moon

[schizo]

So you consider squiggly lines - that sometimes line up/effect price in your imagination - as specifically defining OB/OS levels?

Come on man!

You prolly knew where I was going with this?

If something (anything) shows as being, in this case OB, on day 1 why does price often continue to go higher on day 2, 3, 4, 5, 6 ......................?

And don't say because of The Fed.

If price goes higher, than it previously did, it is clearly not overbought. Same for "OS" in the other direction.

So I guess you didn't get my joke.

But since you like to argue for the sake of argument, let me put it this way. There is a trend, which you're really referring to, and then there's a pullback, which I'm referring to. Price might go up 1, 2, 3... for days, but at some point it will go -3, -2, -1. We are at such a point in time, as you can readily see on the chart. So then you might ask, just how the fck do you know if we're overbought or not? Good question. Let me put the question to my trusty Chatty GPT.

Q: Hey Chatty GPT, when is overbought considered overbought?

A: Ya, dumbass, when you stop asking obvious question. Anyway, an overbought condition arises when price breaks out to ATH but either stalls or fails to make further highs. This is a sign that traders are getting exhausted and are unloading at first sign of weakness. In another word, they're becoming pussies just like you. Any more useless questions?

 

[NoahA]

Anyway, an overbought condition arises when price breaks out to ATH but either stalls or fails to make further highs. This is a sign that traders are getting exhausted and are unloading at first sign of weakness. In another word, they're becoming pussies just like you.

I actually think of OB as something totally different. What you describe happens in real time and is what I consider PA and trading this means picking up on clues in real time.

OB conditions on the other hand I have always thought of as mathematical derivations based on historical price that say where price shouldn't go within a certain metric of probability. Some people use RSI, or Bolinger Bands, or simply standard deviations, but they all involve looking at historical data and making a guess. We of course know that price doesn't care about any of these levels, and hence why a dip can keep dipping or a rip can keep ripping.

I might be picking at straws here, but I think its really important to this discussion. OB based on the definition of using historical data to tell you where price shouldn't go is much different than what you call OB, being that price is simply starting to turn since there is a change in sentiment.

 

[SunTrader]

So I guess you didn't get my joke.

But since you like to argue for the sake of argument, let me put it this way. There is a trend, which you're really referring to, and then there's a pullback, which I'm referring to. Price might go up 1, 2, 3... for days, but at some point it will go -3, -2, -1. We are at such a point in time, as you can readily see on the chart. So then you might ask, just how the fck do you know if we're overbought or not? Good question. Let me put the question to my trusty Chatty GPT.

Q: Hey Chatty GPT, when is overbought considered overbought?

A: Ya, dumbass, when you stop asking obvious question. Anyway, an overbought condition arises when price breaks out to ATH but either stalls or fails to make further highs. This is a sign that traders are getting exhausted and are unloading at first sign of weakness. In another word, they're becoming pussies just like you. Any more useless questions?

Fack you, obvious being stubborn for stubborn or vanity sake.

Any chit can be said about what price did and explain it away. Price meanwhile does what it does regardless of nonsense overbought/oversold. Lingo the cable folks prolly still spout.

C ya.

 

[schizo]

I actually think of OB as something totally different. What you describe happens in real time and is what I consider PA and trading this means picking up on clues in real time.

OB conditions on the other hand I have always thought of as mathematical derivations based on historical price that say where price shouldn't go within a certain metric of probability. Some people use RSI, or Bolinger Bands, or simply standard deviations, but they all involve looking at historical data and making a guess. We of course know that price doesn't care about any of these levels, and hence why a dip can keep dipping or a rip can keep ripping.

I might be picking at straws here, but I think its really important to this discussion. OB based on the definition of using historical data to tell you where price shouldn't go is much different than what you call OB, being that price is simply starting to turn since there is a change in sentiment.

When price makes ATH, it almost invariably shows up as overbought in most technical indicators like RSI, Bollinger and the like. So I dunno where we differ. But I like to go one step further and add that you need to be mindful of the price action, eg. price petering out, to know exactly when to go against the trend.

 

[schizo]

Fack you, obvious being stubborn for stubborn or vanity sake.

Any chit can be said about what price did and explain it away. Price meanwhile does what it does regardless of nonsense overbought/oversold. Lingo the cable folks prolly still spout.

C ya.

Well, what more is there to talk about? I said price would go down once it hits the upper trendline (and it did), while you were stubborn in your opinion that price will go higher. At the end of the day, I made money and you lost money.

 

[SunTrader]

I actually think of OB as something totally different. What you describe happens in real time and is what I consider PA and trading this means picking up on clues in real time.

OB conditions on the other hand I have always thought of as mathematical derivations based on historical price that say where price shouldn't go within a certain metric of probability. Some people use RSI, or Bolinger Bands, or simply standard deviations, but they all involve looking at historical data and making a guess. We of course know that price doesn't care about any of these levels, and hence why a dip can keep dipping or a rip can keep ripping.

I might be picking at straws here, but I think its really important to this discussion. OB based on the definition of using historical data to tell you where price shouldn't go is much different than what you call OB, being that price is simply starting to turn since there is a change in sentiment.

Only exists in the minds of some.

Price can't, be yet somehow "mysteriously" does, go higher as it is referred to as overbought.

To say well it pulled back then went higher is BS. Clearly there are days (futs talkin') it rips into the RTH close 1, 2% higher. A day that the OB/OS would say was OB. What does it do once Globex session resumes, rips overnight right into following RTH open, then do more of the same during that second day RTH session. Rinse, repeat. All the while it was "overbought".

 

[NoahA]

When price makes ATH, it almost invariably shows up as overbought in most technical indicators like RSI, Bollinger and the like. So I dunno where we differ.

It just sounded like your explanation was based on PA, vs. I think the official definition of OB is based on math and can be forecasted out into the future. (ie. You can't tell me what the PA will be tomorrow, but I can tell you where the OB or OS levels are, if price gets there)

But I absolutely agree that you need to look at the PA when you get to the OB or OS level. And this is why to me they are actually two different things.

 

[schizo]

Price can't go higher as it is referred to as overbought.

That's right, we ain't going higher. Okay, fine, I don't know what OB means. But I have a "good feeling" that we're going down to the lower trendline (prolly 150-ish or slighly lower). And all that time, I bet you'll still be arguing about what constitutes OB. Well, dude, we ain't in OB anymore.

WEEKLY

 

[SunTrader]

Price can't, be yet somehow "mysteriously" does, go higher as it is referred to as overbought.

That's right, we ain't going higher. Okay, fine, I don't know what OB means. But I have a "good feeling" that we're going down to the lower trendline (prolly 150-ish or slighly lower). And all that time, I bet you'll still be arguing about what constitutes OB. Well, dude, we ain't in OB anymore.

FY{fackin}'P

And your previous was even more selective editing - "I made money and you lost money." nah nah - like I said ego.

Anyway I never said I put a trade on. And you never said you did at the time, whether you did or not in actuality.

 

[schizo]

Price can't, be yet somehow "mysteriously" does, go higher as it is referred to as overbought.


FY{fackin}'P

And your previous was even more selective editing - "I made money and you lost money." nah nah - like I said ego.

Anyway I never said I put a trade on. And you never said you did at the time, whether you did or not in actuality.

LOL. C'mon ya pussy, just admit you were wrong and move on with our lives.