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!
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.