19 replies to this topic

[NAV]

While my OB/OS indicator was only halfway oversold yesterday, there was some frenetic bottom picking yesterday. Today my indicator on 120-min is finally at a oversold level and there's little bottom picking activity. Interesting !

Just to make it clear, oversold only means that we have approached a bounce zone and is not indicative of any bottom by any means. It only means the sword catchers have a higher degree of success. It is important to understand that after a deep selloff like this, the nervous players will cause multiple retests of the bottom before we can fly higher. So countertrends are still very risky, unless one is scalping. I have no buy signal yet on the hourly charts yet. But i may try some kamkaze countrend trades today with tight stops. No overnight longs for me absolutely at this point.

Also note that in the last 2 days, the VST, ST and IT pivtos have all been broken. In my system, now the IT trend is down

Edited by NAV, 08 June 2007 - 09:25 AM.

[swanstkdh]

After a nice rest and seeing that I sold my short to early I have bought back where I sold. Totally agree the bottom is not yet found so take a deep breath the volatility is beautiful. Trade the chaos. Yippy.

[BigBadBear]

Thank you Nav, Now maybe the rest of them will join us. I HEARBY DECLARE THAT IT IS IMPOSSIBLE FOR THIS MARKET TO CLOSE NEGATIVE TODAY. A very good day for accumalation. This bottom will be clearly seen in hindsight by many. Where is Dcenger by the way ?

[Tor]

Thanks NAV. What is that bottom indicator btw?

[swanstkdh]

Dont ya just love it???

[NAV]

Thank you Nav,

Now maybe the rest of them will join us.

I HEARBY DECLARE THAT IT IS IMPOSSIBLE FOR THIS MARKET TO CLOSE NEGATIVE TODAY.

A very good day for accumalation. This bottom will be clearly seen in hindsight by many.

Where is Dcenger by the way ?

You are a funny guy.

Thanks NAV. What is that bottom indicator btw?

It's my custom Full Stoch indicator. It's not a buy/sell indicator, but a very good OB/OS indicator, tuned for 120-min charts.

[BigBadBear]

Nav, I'm not joking.. IT IS IMPOSSIBLE FOR THIS MARKET TO CLOSE NEGATIVE TODAY. Do you disagree ? Every tick is being bought. Its really quite simple, just buy at least to the 23% retracement level

[Tor]

Nav,

I'm not joking.. IT IS IMPOSSIBLE FOR THIS MARKET TO CLOSE NEGATIVE TODAY.

Do you disagree ?

Every tick is being bought. Its really quite simple, just buy at least to the 23% retracement level

who cares? if you wanna buy, then buy, if you wanna sell then sell.

market is oversold, and maybe it will bounce according to some peoples gameplan.

[Mr Dev]

NAV, I do have a buy signal on my hourlies,.. and there is a propulsion line that will likely hit. I think all longs today,.. as the spike happens,.. should be exited before the close,.. new shorts by Monday. I may post more on my own thread.

Edited by Mr Dev, 08 June 2007 - 09:47 AM.

[BigBadBear]

capstool and indexcalls r ultrabearish 2day. I know they are bear sites but their level of bearishness is exceptional today.