This is an important chart ! Thanks for the post.
Matt/Steve - When this guy (chart) changes direction you've got to
include it in the news letter. The pain trade is clearly
higher and it's a perfect storm for a whipsaw so I expect good
volatility the next couple days.
yes the BPSPSX is a nice clean chart. You have to remember
that we have 1000's of charts, 100's of indicator charts like that,
I don't always remember to look at them all and forget to check
them at times. That's why it's nice that we share our 'live'
chart URL's so that if you guys see something cool like that, you
can click the 'view live chart' from the newsletters or the trading
community and them save the chart URL so that you can check it any
time you like! And if you have
Stockcharts.commembership you can
save them into your personal chart lists.
also responding to a comment about the BPSPX Renko having
whipsaws, yes it will have whipsaw signals from time to time just
like anything. The last short signal was good because you had
divergence to support it. Signals on this indicator tend to
be back and forth i.e. it will give monster trades and whipsaws.
like anything it's not a magic one all chart, best to try and
use other things to confirm or disregard signals. Also being a
BPSPX it will always lag, which is both good and bad. Lag is
good in strong trends because it will ignore noise and simply keep
you in a strong trend for a long period of time. However in
choppy market conditions where you have fast trends both up and
down, it can produce a lot of whipsaws in that environment.
In terms of Elliot Wave basically it will do best with wave 1,
3, 5, and maybe A and C waves, but it will chop you up in
corrective waves 2, 4, and B waves.
Again nice tool but not to be used for every signal and market
condition all the time
It is prone to whip saws like in oct and nov 2018.
Newsletter today did state bpt deluxe gone green. Guess
need to keep an open mind on market direction from here. But
many breadth indicators are bearish
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This is an important chart
$BPSPX chart of Steve's/Matt's has gone on a buy signal
Posted by deep on 6th of Jun 2019 at 01:43 am
This is an important chart ! Thanks for the post. Matt/Steve - When this guy (chart) changes direction you've got to include it in the news letter. The pain trade is clearly higher and it's a perfect storm for a whipsaw so I expect good volatility the next couple days.
yes the BPSPSX is a
Posted by matt on 6th of Jun 2019 at 09:54 am
yes the BPSPSX is a nice clean chart. You have to remember that we have 1000's of charts, 100's of indicator charts like that, I don't always remember to look at them all and forget to check them at times. That's why it's nice that we share our 'live' chart URL's so that if you guys see something cool like that, you can click the 'view live chart' from the newsletters or the trading community and them save the chart URL so that you can check it any time you like! And if you have Stockcharts.commembership you can save them into your personal chart lists.
also responding to a comment about the BPSPX Renko having whipsaws, yes it will have whipsaw signals from time to time just like anything. The last short signal was good because you had divergence to support it. Signals on this indicator tend to be back and forth i.e. it will give monster trades and whipsaws. like anything it's not a magic one all chart, best to try and use other things to confirm or disregard signals. Also being a BPSPX it will always lag, which is both good and bad. Lag is good in strong trends because it will ignore noise and simply keep you in a strong trend for a long period of time. However in choppy market conditions where you have fast trends both up and down, it can produce a lot of whipsaws in that environment. In terms of Elliot Wave basically it will do best with wave 1, 3, 5, and maybe A and C waves, but it will chop you up in corrective waves 2, 4, and B waves.
Again nice tool but not to be used for every signal and market condition all the time
Thanks!
Posted by deep on 6th of Jun 2019 at 10:44 am
Thanks!
It is prone to whip
Posted by elliotw on 6th of Jun 2019 at 06:52 am
It is prone to whip saws like in oct and nov 2018. Newsletter today did state bpt deluxe gone green. Guess need to keep an open mind on market direction from here. But many breadth indicators are bearish