Posted by yankee19 on 28th of Aug 2008 at 05:37 pm
Fair enough Matt.
I like your service here - I am on the 2 week trial but will
probably subscribe. I want to be able to do my research, make
my trades, put in my stops and let things go intelligently. I
don't have time during the day to sit in front of a screen and
watch the ups and downs. In fact, I have lost more doing that
rather than picking good entry points, putting in intelligent stops
and letting things go and review them at the end of the day.
It helps to remove the emotion.
What's your take on the 60 minute stochastics being extremely
overbought on $SPX as opposed to the slow stochastics being
mid-range?. Not sure I really understand the distinction
between the two but based on Swanson's charts the 60min looks like
a pretty good indicator of where things are headed.
yankee19- trading only off Stochastics is pretty simplistic.
You can't really position for long term swing trades on 60 min
charts except near inflection points.
Now in the very short term, stochastics are overbought and they
are overbought on my custom 60 period stochastics on a 15 min
chart, however the market could have one more day up, but then I
think a pullback occurs.
If you want to take a short, feel free, but make sure to have a
logical stop.
The top may be in or it may not, hard to say. We can
always re-put on our shorts at a later date and re-draw an uptrend
lines on the daily charts and re-enter if those are
broken.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
SDS
Posted by yankee19 on 28th of Aug 2008 at 05:37 pm
Fair enough Matt.
I like your service here - I am on the 2 week trial but will probably subscribe. I want to be able to do my research, make my trades, put in my stops and let things go intelligently. I don't have time during the day to sit in front of a screen and watch the ups and downs. In fact, I have lost more doing that rather than picking good entry points, putting in intelligent stops and letting things go and review them at the end of the day. It helps to remove the emotion.
What's your take on the 60 minute stochastics being extremely overbought on $SPX as opposed to the slow stochastics being mid-range?. Not sure I really understand the distinction between the two but based on Swanson's charts the 60min looks like a pretty good indicator of where things are headed.
Thanks for your time.
yankee19 - trading only off Stochastics
Posted by matt on 28th of Aug 2008 at 06:26 pm
yankee19 - trading only off Stochastics is pretty simplistic. You can't really position for long term swing trades on 60 min charts except near inflection points.
Now in the very short term, stochastics are overbought and they are overbought on my custom 60 period stochastics on a 15 min chart, however the market could have one more day up, but then I think a pullback occurs.
If you want to take a short, feel free, but make sure to have a logical stop.
The top may be in or it may not, hard to say. We can always re-put on our shorts at a later date and re-draw an uptrend lines on the daily charts and re-enter if those are broken.