Hourly Sell

at SPX 1412.70. The system that issued a buy yesterday at 1389 has now flipped to a sell. I screwed up big time yesterday by not sitting on my long and gave away a bounty. Sell will be invalidated with a close above today's highs. FWIW. Good luck.

Edited by NAV, 02 May 2008 - 11:34 AM.

Thanks, Nav -- really appreciate your updates.

That's my system in action. The first green dot is the buy signal. Subsequent green dots are for late entrants to the game or for those who want to aggresively pyramid up. The first red dot is the short signal.

The signals are based on my composite momentum indicator in conjunction with some EMAs. The system only detects turning points and does not generate any targets. That means one has to use classic charting techniques to determine targets once the signal is generated. As for the current sell signal, my system will only detect the next buy signal and not any targets. Based on classic charting, the intraday support comes at about 1398-1400 today, which is my intraday target. But that's not the system generated target. The actual target could be above that or far below that. One's money mangement objectives and trading timeframe should determine that target.

The problem is sometimes even with a beauty of a system like this, one can screw up. Again that happens because i try to preempt the system. Usually happens after a period of good wins. I will not be able to divulge the details of the system as it's proprietary. I usually don't post charts from my system. The reason i am posting this is because to show that some of the best trades are emotionaly the toughest, to enter and stay on. Post Fed selloff created that fear on the bullish side and optimism on the bearish side. There was a sense of urgency to get short. The easy trade was short. But my system issued a buy and i took it. But darn i quickly took profits, preempted my system and went short. What a bummer !


Have a good weekend everyone.

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