Replies to post #6447 on The New CS Board

[ahimsak]

I have found one indicator that actually works: support and resistance.

As in, when you get higher highs and higher lows, you keep forming support, etc.

Channel lines also work.

Both of the above, can be broken and then have a sideways market instead of more movement, and sometime important support or resistance is broken, but then does not hold for more than a couple days and you get a reversal back into the primary trend, and that is when you really have to get out of the way.

Last, watch for closing tick over 1200 for a top, or below -1000 for a bottom, same for interday of 1400 positive or negative to indicate a reversal point. I remember in march 2001, negative 1500 on the day it reversed and we got a nice rally for 3 days, then another drop for 9 days, then a 22% rally for over a month.

bottom line: 90% of indicators are coin flip types, might as well flip a coin. Pattern recognition works, but takes years to figure what it all means. For now, pattern is super bullish short and longer term, no matter if I am a super bear.