Replies to post #29886 on ETF SWING & DAY TRADING

[mr_cassandra]

Nocona, congrats on the best and simplest system I've ever seen.

Steve

[Karl50]

Nocona. Congrats on the trades. Very impressed. So you only use the 5 RSI hourly? Buy when it starts to break above 25 and sell as it breaches 70? What are your exact criteria?
Can you post me a chart of what you use as your looking for trades.
Thanks for the help.
Have a great weekend and congrats on this week again.
Karl, fellow trader

[gloe]

Nocona, I have a "buy" signal on the 30 min chart as of the close Friday. http://www.investorshub.com/boards/read_msg.asp?message_id=10881916 Given the huge volume buying in the futures at the close and into 4:15, hope we see follow-through on Monday.

Best,
gloe

[Little Chico]

A suggestion...

...from your good friend, Chico.

When the RSI-5 hit its signal to go long at 41.83 last week, and you took your position, I thought it might be too soon, not because of CNBC's commentary on the Fed (who could predict that panic reaction several days in advance) but because the slow stochastic (14/5) had not yet gone below the 20 level. When it does, it confirms the RSI-5, I've discovered. I held my short position until 41.64, which was a better entry point. The market went even lower, but is snapping back this a.m. from a very oversold level. So, my suggestion is to use the slow stochastic along with the DMI-ADX line as confirmations. Now, the ADX line is still rising this a.m., so we might be cautious, but I expect it to turn quickly based on what the futures are telling us.

Chico

[Nocona]

QQQQ RSI 5 Hourly Update:

4-27-06 Short at $42.31
4-28-06 Cover at $41.89
Gain + 1% wo/margin +2% w/margin

4-28-06 Long at $41.83
5-04-06 Sell at $41.90
Gain + .17% wo/margin +.34% w/margin

5-04-06 Short at $41.90

Nocona