2X-Be-Me - So is your down trend still in tact? And do you still classify the up trend starting around 26 Aug as a counter trend? I've noticed today that we are hitting the $NDX lows of 2 Aug. If I would have followed my charts, the RSI(5) and the MACD(12,26,9) I would still be long today. However, I listened to the noise on this board and went short before receiving confirmation on my charts. Luckily, I am only short 25%. I expect next week we will get a pull back. Of course you have been saying that the last three weeks. I guess eventually it will happen. Right now the MACD does not show any sign of a down trend. As I stated yesterday, I think we may be in the early stages of this up trend. If you look at the history of the RSI(5), once it has crossed above 70 it tends to stay there for awhile. Since I did not follow my system, my present plan is to hedge to minimize my losses, until the MACD changes course and the RSI(5) falls below 70. Right now if I was long I would stay long.
I'm not a day trader (As I have been called) and I am not a bull or bear. I try to go where the charts lead me.
Good Trades to All!
JMHO, Lindy
"Buy low, Sell high, stay with your system. If your system breaks fix it."
