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ES and NQ 60 min charts. The world of Wonders continues.

Started by ogm , Jul 26 2012 09:26 PM

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6 replies to this topic

#1 ogm

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Posted 26 July 2012 - 09:26 PM

In yet another magic overnight reversal the market has taken a very bullish posture. Well, whatcha gonna do. it is what it is. This market is a pain.

I also need to add that 60 min internals oscillators have also turned up ( not shown here ) and are supporting the move.

Once again despite all of its deficiencies this is a strong momentum up move, until its not.

Innocent until proven guilty.

I took a small long ES position ( appears to be the strongest index )

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Edited by ogm, 26 July 2012 - 09:26 PM.

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#2 risk_management

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Posted 26 July 2012 - 09:45 PM

ogm, the bottom pane containing RSI25Bands, is that simply an indicator of an indicator or do I need to code it? TIA

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#3 ogm

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Posted 26 July 2012 - 09:47 PM

I'll throw in Russell 200 futures chart for good measure.

A lot of people have noticed a relative underperformance by Russell today,
but it if the market continues to gain strength and confidence in the move, the Russell can be very explosive here. Don't forget the combination of the end of the month and Fed meeting next week

That inverse head and shoulders pattern may be a stretch, but may be not. I'll consider taking a position in Russell tomorrow when I see if Russell internals are improving or not.

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#4 ogm

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Posted 26 July 2012 - 09:50 PM

ogm, the bottom pane containing RSI25Bands, is that simply an indicator of an indicator or do I need to code it?

TIA

Its a custom thingy that I made, simple code. Rsi of a moving average in bollinger bands. Just something smoother then regular choppy RSI. Not perfect, but read properly works very well IMO. Holds the moves to stay in long enough for good profit, and turns relatively fast when needed.

The bands portion, same as bollinger bands. If they contract on the botttom then it flares outside the band, can lead to a very good move. In this case they didn't contract strong enough, IMO, but can still work out well.

Edited by ogm, 26 July 2012 - 09:54 PM.

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#5 ogm

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Posted 26 July 2012 - 10:38 PM

One more chart. Euro daily. Looks like that falling wedge with positive divergences had a throwunder and now has been hockey sticked by Draghi and co.

Its not a fact that it plays out yet, since the chart is so technically damaged, but it does have potential.

If it starts exploding upwards it may be very supportive of a stock market rally.

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#6 ogm

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Posted 27 July 2012 - 08:05 AM

Very tempted to pull the trigger on Russell futures, but want to see internals. I smell a move coming.

Edited by ogm, 27 July 2012 - 08:05 AM.

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#7 ogm

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Posted 27 July 2012 - 09:17 AM

Sold ES for 8 point profit. This market is just wrong. It doesn't feel right, it doesn't look right, and I plain don't like it. No position for the moment.

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ES and NQ 60 min charts. The world of Wonders continues.

#1 ogm

#2 risk_management

#3 ogm

#4 ogm

#5 ogm

#6 ogm

#7 ogm

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