L_T wrote:Mr BachNut / PLUNGE/ soku where do you guys find good info on DeMark? It's one thing I've never been able to locate a "tutorial" of sorts for. Thanks for any info you can provide.
soku wrote:
PLUNGE wrote:
Mr. BachNut wrote:Market neutral.
Had a pilot short yesterday that was stopped out during yesterday's closing spike for small profit.
In spite of gain, technicals still look weak. Looking to re-establish short at higher prices.
Mechanical model is in sell mode.
Today is interesting for Tom DeMark followers. I believe a TD Sequential Setup buy signal will trigger today with an SPX close <1188.04. Above that, the setup is nullified, which I guess would keep followers of this signal on the sidelines.
Thanks for this observation! Here's my DeMark count:
The attachment sc3.png is no longer available
And his rules for a TD:
"If before price bar 9 is reached a price bar fails to close below that of four bars previously then the Setup is abandoned and the numbers are automatically deleted. Once nine consecutive price bars have been completed the trader will be looking for a "perfected" Setup; one that is now valid for trading. Buy Setup perfected when the low of either price bar 8 or 9 is less than the lows of both price bars 6 and 7."
But I'm a novice at DeMark, so not being critical
i am trading demark setup and countdown for a long time. a flip is not a good trading signal. you should wait for couple more bars. 4-5 is kinda commonly accepted entry point. overall i should say demark is more on reversal. i use it more on exit side.
I am still getting familiar with this myself. Here is a summary. A web search will turn up a lot. I think we have blown the perfected setup already.
Note: A TD setup occurred in the August plunge and buying it was a loser. It was better to wait for the TD Countdown.
uempel wrote:Whoever shorts now is either stupid or he has cojones di ferro...
The attachment rr.png is no longer available
With all due to respect, you have some attitude problems. Neither do I long nor short at this moment, but your comment at that time seems to contradict with your call for scalpers.
Attachments
I've been a MOMENTUM trader over a decade & I only trade setups ranging from scalping, day or swing trading for living. My posts on here are ONLY FOR FUN & therefore not recommending anything to anyone. GLTA.
uempel wrote:Whoever shorts now is either stupid or he has cojones di ferro...
rr.png
With all due to respect, you have some attitude problems. Neither do I long nor short at this moment, but your comment at that time seems to contradict with your call for scalpers.
LOL he gave two options... either stupid OR has big ones... I added shorts, but I'd like to think I have big ones and am not stupid.
I guess I've got to explain: signals around 1202/1205 are very contradictory: bulls seem to be in control, but on the other hand resistance is extremely strong. Early in the morning I shorted ES down from 1204 to 1195, but now I don't have the guts to do it again... Seems to me the market is too strong.
Last edited by uempel on Tue Nov 29, 2011 12:20 pm, edited 1 time in total.
Also, one follow up question, please: Is it too early in the week to consider Friday's employment report and what it might mean in terms of a "pivot day"?
uempel wrote:I guess I've got to explain: signals around 1202/1205 are very contradictory, bulls seem to be in control, on the other hand resistance is extremely strong. Early in the morning I shorted ES down from 1204 to 1195, but now I don't have the guts to do it again... Seems to me the market is too strong.
Guys, sorry i cannot access internet now, so no comment.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.