*Note that late Thursday the Precision Moving Average (from Blue Wave) turned down (red circle) and that the second from last bar (from right) briefly flirted with a Sell Signal, before closing above the Sell trigger level and staying in BUY mode into Thursday's close.
*Note also that this, "false alarm bar," was the only 30 minute bar all day long that even briefly violated Sell levels.
*Finally, note that Friday's SELL level is 881.76
A
5 comments:
I'm so glad to have discovered this excellent blog.
I'm convinced of taking a mechanical approach to trading, so I'm sure reading your posts will be inspiring.
Have you or readers ever looked into VectorVest as a timing tool?
Aside from being annoyed from their many tv commercials, I'm just wondering if they are in same league as MARKETCLUB.
Thanks again for your great blog
Gotta love it when the bar closes so close to your signal, huh?
http://www.youtube.com/watch?v=sYFfOJPMnsw
-Mike
Wow! We finally got a SELL on Blue Wave's weekly chart putting a possible wave 5 decline in play. I wish it was a more definitive break on higher volume, but I'll take it.
Should be an interesting week: options expiration, big earnings announcements, a market looking a bit oversold.
Good luck to all!
Anon, you make a good point. Stops on a weekly timeframe are *really* big. It doesn't mean we won't see a shorter-term bounce here.
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