Replies to post #16726 on Strategy Central

[kenwong]

Smartone: MFI was short yesterday ...

... and certainly wrong (Nasdaq presently +26.11). Without a backtest, it could just be coincidental that it's worked the last 2 weeks (probably was).

As with most chart idicators that read overbought/oversold ... conditions can become more overbought/more oversold (which is what William O'Neil says). Actually, O'Neil also said that the only way for price to go higher ... is to go higher ... so one shouldn't be surprised.

But, I'm admittedly addicted to chart indicators so haven't seen my account grow at all since Dow 10,000 ... and now we're well over Dow 13,000. I started really trying to get to know chart indicators about 5 years ago and can honestly say I don't think much of them now. I'd actually feel funny if I were to begin a conversation with someone new to trading and tell them that the CCI indicator (or MACD, RSI, STO, etc) are reliable in predicting what price will do next.

Well, I'm in cash for now and at least thankful for that (that I'm not short).

Ken

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Posted by: smartone
In reply to: kenwong who wrote msg# 16725 Date:5/2/2007 11:11:12 AM
Post #16726 of 16726

ken
what was the indicator yesterday?