Wednesday, 16 May 2012

Value Goes Lower

Yesterday's value in the stock indices continued lower. Great opportunities in these extraordinary transitional times. I continue to trade the trend on my single chart as that is THE trend. Support for the stock indices are still much lower down from here (eg 1289.0 for the ES). We are way oversold, so a bounce is probable before we hit support.

It's about an hour before NY lunchtime and the market is holding in the ES and the other major indices. I traded from the long side and was rewarded for my efforts. It's good to see so many opportunities again in the ol' ES.
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8 comments:

  1. Anonymous16 May 2012 at 17:33

    El, can you help me here...your last entry long on the image...why you did entered there and not 6-7 bars before on the previous blue/green renko(it did touched 33)...I seen you enter on those more shallow pullbacks before

    ReplyDelete
    Replies
    1. Electronic Local17 May 2012 at 05:21

      Anon 17:33, Price was overbot and up against FavFib and needed a proper pullback. I waited til I got one.

      Delete
  2. Anonymous16 May 2012 at 20:53

    Hi Tom,

    How do get your renko bars with the correct opening price? I am assuming you're running MC version 8.
    Thanks

    ReplyDelete
    Replies
    1. Electronic Local17 May 2012 at 05:22

      Anon 20:53, in V8betea 3 there'sa tick box. But beware as there's still a bug that won't be fixed until beta 4.

      Delete
  3. Anonymous17 May 2012 at 13:55

    It is the first time I hear you talking about proper pullback..can you please expand on it..what is proper and not proper pullbacks?

    I know we can all see that in hindsight, but can you talk about it before it happened...

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  4. Electronic Local17 May 2012 at 14:00

    Anon 13:55, a pullback is only a pullback if you see the thrust after it. I look for some support in the contect. Can be the EMA or something else.

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  5. Anonymous17 May 2012 at 14:43

    There was a support at 33 and thrust with the green bar 6-7 bars before your last arrow...but you did not enterred a trade...why?

    ReplyDelete
  6. Electronic Local19 May 2012 at 05:04

    Anon 14:43, Price was against the FavFib and hadn't pulled back "enough" to the EMA. Mkt was o/bot. Lot's of nuances that are common sense.

    ReplyDelete

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