6 replies to this topic

[ogm]

Looks like bulls are going to get a few hours of happiness here, at least at the open

Here is a very simple chart.

Falling triangle. Untill the upper or lower trendlines are broken everything in between is just noise.

There is massive overhead resistance here in the form of falling moving averages, and upper trendline far above.

Show me a breakout of that upper trendline with improving internals, and I'll be as bullish as ever.

Edited by ogm, 06 November 2007 - 07:09 AM.

[Russ]

Looks like the floor has lots of support and a couple of your indicators are turning up.

Edited by Russ, 06 November 2007 - 07:17 AM.

[relax]

i think you are putting too much emphasis on macd but apart from that i agree we need some power now to turn bullish

[ogm]

i think you are putting too much emphasis on macd

but apart from that i agree we need some power now to turn bullish

Yes, I love MACD... my favorite indicator.

I put emphasis on 2 things.... Multiple MACD's ( Momentum in different time frames) And price in relation to moving averages.

Price relation to moving averages overrides MACD from my perspective. Price aboce 33/55 EMA ... bullish side has benefit of the doubt, Price below 33/55 ... bears.

Unfortunately for the bullish case SPX daily price is below 55 EMA... that makes it bearish in my view.
On top of that all daily MACD's are falling. And some weekly have rolled over too.

I've simplified my whole system to MACD's, RSI, and moving averages. I used to have [bleeep] of clutter indicators on my screens, and removed all of them, except for these.

Keeping it simple. Works for me.

Edited by ogm, 06 November 2007 - 07:25 AM.

[HoseB]

i think you are putting too much emphasis on macd

but apart from that i agree we need some power now to turn bullish

"... Keeping it simple. Works for me.

Works best for everybody, even if they don't know it.

FWIW, I'm not a fan of MACD... and I only use a couple of MA's on daily charts. So, does that mean "I'm simpler than you?"

[ogm]

i think you are putting too much emphasis on macd

but apart from that i agree we need some power now to turn bullish

"... Keeping it simple. Works for me.

Works best for everybody, even if they don't know it.

FWIW, I'm not a fan of MACD... and I only use a couple of MA's on daily charts. So, does that mean "I'm simpler than you?"

Yes.

Whatever works for you.

Edited by ogm, 06 November 2007 - 09:21 AM.

[HoseB]

i think you are putting too much emphasis on macd

but apart from that i agree we need some power now to turn bullish

"... Keeping it simple. Works for me.

Works best for everybody, even if they don't know it.

FWIW, I'm not a fan of MACD... and I only use a couple of MA's on daily charts. So, does that mean "I'm simpler than you?"

Yes.

Whatever works for you.

Wouldn't say my stuff "works"... just simple.