Replies to post #49936 on ETF SWING & DAY TRADING

[Little Chico]

Jon,

It was in the last 15" minutes, before the close, that I went short. In situations like this, where the charts are somewhat ambiguous, and moving towards a new signal that has not yet been given, I will switch to a faster chart, such as the 60" chart. This showed a crossover and a sell signal at 2:30 p.m.

I switch back and forth with Flexcharts as well, which I consider to be the most accurate. In the last analysis, it's a judgment call, and I have been wrong in situations like this. This time, I was right.

Currently, we are at support, but there is trend on the DMI. Whatever happens I can't make a decision until market close. That's probably a blessing!

Chico

[sammy1024]

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1926808&cmd=show[s151062270]&disp=O

look at page 3 with the different 60 min charts. there was negative divergence on some of the 60 min stochastics. we were overbought, and there was resistance from the week of the 10 to the 17th. also on the 60 min chart when the rsi-14 is at 70, we usually pull back. it was for the spx and dow, not so for the qqqqs.


regards

[Little Chico]

Jon,

A 12/26/9 MACD 120" chart would also have given us a sell signal on Thursday. I am becoming more convinced that the key to making big profits is to pull back and look at these slower charts and estimate the trend direction for the coming day or two, rather than the next ten minutes!

Chico