If I remember correctly, a short term bounce back doesn't need spy forming RSI PD, let alone ES already formed one.
Cobra wrote:Well, here comes the retest. My instinct yesterday was right. Now we shall hope that we do have a lower low this time so the RSI positive divergence could thus form and therefore a potential rebound after that.
Was the chart wrongly placed? I cann't see anything except the spx daily chart. Thank you!
uempel wrote:Another chart I'd like to show you guys in regard to the next few days or weeks. It shows that shorting the bounces is the only strategy at the moment.
uempel wrote:1998 came to my mind this morning, and I now checked what happened then. This is nothing for DT, but if might be of interest for whoever is making short term bets:
Uempel. Who knows what will happen but why would you not move your yellow box left three months?
I'm looking at the shock in summer 1998. It's not my scenario for the next few weeks. I don't think the markets will tank 20% now. But I don't like to be surprised by events.
Last edited by uempel on Thu Feb 24, 2011 8:40 pm, edited 1 time in total.
nelsonbelchior wrote:Cobra, And after a possible rebound, do you still think that tomorrow will be a negative day? What do you think?
Tomorrow still could be negative unless I have other evidence.
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Volume surge plus exhaustion like bar and close enough to yesterday's low, so a rebound could be. No idea what's going the next next though.
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wyemlyy wrote:Was the chart wrongly placed? I cann't see anything except the spx daily chart. Thank you!
uempel wrote:Another chart I'd like to show you guys in regard to the next few days or weeks. It shows that shorting the bounces is the only strategy at the moment.
Cobra wrote:Volume surge plus exhaustion like bar and close enough to yesterday's low, so a rebound could be. No idea what's going the next next though.
I still consider it a intraday down trend and will short at L2 in this rebound, well if the setup bar is not bad
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Cobra wrote:Volume surge plus exhaustion like bar and close enough to yesterday's low, so a rebound could be. No idea what's going the next next though.
I still consider it a intraday down trend and will short at L2 in this rebound, well if the setup bar is not bad
Good call! Today I learnt this trick, thanks (although I knew what Martian said about just I skipped it. )
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StockCharts 5 min chart is dead. Let's switch to ES. A consolidation at support like now is bad for bulls generally.
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OK, here is a little bit bigger picture. We finally get the lower low and therefore RSI positive divergence. So there're chances that the market is bottomed here. Again, I don't mean you should long because the short-term trend is clear down as of now.
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trader wrote:Was the most recent high on 1 min chart H2?
Don't understand your question, which one?
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