Extremely VST oversold per my IM indicator. Looking for a bounce late in the session and/or tomorrow. Chart last update at around 2:10pm.
More later... Good trading!
OVERSOLD
Started by
TechMan
, Feb 21 2013 02:29 PM
6 replies to this topic
#1
TechMan
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Posted 21 February 2013 - 02:29 PM
Just a quickie...
Extremely VST oversold per my IM indicator. Looking for a bounce late in the session and/or tomorrow. Chart last update at around 2:10pm.
More later... Good trading!
Extremely VST oversold per my IM indicator. Looking for a bounce late in the session and/or tomorrow. Chart last update at around 2:10pm.
More later... Good trading!
#2
Mr Dev
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Posted 21 February 2013 - 02:57 PM
you are ontop of the VTM as usually TM .
but i think exiting shorts here and not exiting longs here is a mistake because this signal could likely work itself off
OS within a couple days of sideways action or a mild grind higher in price as soon as monday. any positivity then is a fade.
like yesterday for those exiting their shorts positions next week and the week after will mean leaving profits on the table like today and
make re entry very difficult.
although i said last week i was looking for a bounce after decline of somewhere between -200 and -400 points in the DOW
i expect -300 to -400 will be more accurate based on the overall decline expected.
so i see this a the beginning of something bigger and the beginning of a weekly trend change and an excellent entry for those that
are comfortable holding multi-day / multi-week short positions for a -1000 point DOW decline.
but i think exiting shorts here and not exiting longs here is a mistake because this signal could likely work itself off
OS within a couple days of sideways action or a mild grind higher in price as soon as monday. any positivity then is a fade.
like yesterday for those exiting their shorts positions next week and the week after will mean leaving profits on the table like today and
make re entry very difficult.
although i said last week i was looking for a bounce after decline of somewhere between -200 and -400 points in the DOW
i expect -300 to -400 will be more accurate based on the overall decline expected.
so i see this a the beginning of something bigger and the beginning of a weekly trend change and an excellent entry for those that
are comfortable holding multi-day / multi-week short positions for a -1000 point DOW decline.
Edited by Mr Dev, 21 February 2013 - 02:58 PM.
.. .. ..
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#3
DrSP
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Posted 21 February 2013 - 03:37 PM
Just a question. Did the last couple of hours not work off the "oversold" ness?
You could be a billionaire or an industrial worker or a teacher or a moderator of a forum - Hold a good conscience because that is what matters.
#4
TechMan
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Posted 21 February 2013 - 04:15 PM
Just a question. Did the last couple of hours not work off the "oversold" ness?
No.
#5
TechMan
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Posted 21 February 2013 - 04:30 PM
but i think exiting shorts here and not exiting longs here is a mistake because this signal could likely work itself off
Agreed. My intraday signal's more for day-trading. For longer term holdings, there's always covered call one can sell as a hedge.
Edited by TechMan, 21 February 2013 - 04:36 PM.
#6
qqqqtrdr
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Posted 21 February 2013 - 10:40 PM
I do expect more downside medium term here... It is not worth playing the bounce.... We have worked off being overbought, but are not yet oversold enough... I have a feeling we will be in for some more downside.... What to buy is the question.... I'm moving finances around at the moment, and will likely pick up a position in silver here pretty soon... The strong dollar over the last couple of day has forced this commodity down... The dollar likely has some more running to do on the upside.... Since oil is dropping now we will likely have another month before it levels off and I think stocks will sell of with it....
#7
TechMan
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Posted 22 February 2013 - 07:47 AM
Barry,
It's fine playing this bounce while my above referenced intra-day oversold condition remains unresolved. However, on the daily we had a confirmed downside channel breakout yesterday. So, "Jack be nimble; Jack be quick".
And, speaking of the TRC (Tight Rising Channel), here's one that broke out in 2007.
It's fine playing this bounce while my above referenced intra-day oversold condition remains unresolved. However, on the daily we had a confirmed downside channel breakout yesterday. So, "Jack be nimble; Jack be quick".
And, speaking of the TRC (Tight Rising Channel), here's one that broke out in 2007.
Edited by TechMan, 22 February 2013 - 07:55 AM.
