Replies to post #30394 on ETF SWING & DAY TRADING

[KovuLK]

lygio or anyone re: QHourly??


Now how do we play this?? The Q's have taken a cliff dive. Will it V bottom or will we have a rally out then another fall creating the divergence, with the latter not completing till late tomorrow??

Consider this:
On the 10:30 hourly bar Schwab StreetSmart had an RSI5 at 1.72, Stoch %K at 2.44 and MACDh 12 at minus .10, which will not be tough to beat later with higher numbers. As for a lower price, Winfrees next support is about a fifty cent piece away and tomorrow is FRIDAY.

Even as irritated as I am and as irrational as I can be, I vote for the second because I suspect there is some panic here. No major institutional buying is going to step in front of this, other than a tepid testing. If I were a manager of a big house investment office I would send everyone home or to a long lunch so someone would not even accidently push a buy order. Anyway, anyone with some intra-day "panic indicator" information could probably help us here??

Thanks
kovu

[Nocona]

Lygio:

New Rule #1: Never flaunt your divergence rule.

I believe that you will have fewer trades, fewer losses and more gain using Rule #1.

I was stopped out at 41.08

Nocona

[lygio]

RSI Update:

A + Divergence is showing on the RSI 60, although it isn't confirmed by the Stoch. and no divergence is yet showing on the 65 min. chart

Looking back at the chart, as far as I can go, each RSI divergence that has signaled a good entry point has been confirmed by the Stoch. I will hold my cash position for now.

By the way todays low of $40.20 is one cent from the weekly lower bollinger bar and the 50 weekly MA.

Lygio