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I think, Gitanshu, that it looks very much as if
the Spoo has made a false break out and we will see lower prices in the near
term. It can always turn a reversal on the trend line into a retracement,
and then attack the line again.... and again! As a day
trader, I am interested in the very, very near term and what the bonds are
doing... contra or with... I prefer their norm, because
it helps in the confirmation of one's trading. Today, on the bonds, it was
nice and readable, once the volatility from the employment numbers had settled
down - down being the operative word! After it went through
yesterday's low, it was a question of the retracement, which turned out to be
.618, so we 'knew' the market was probably not going to take out the intraday
low - but would be worth a trade back to it!
Like you, I do not know anything about these EW
waves and even trying the oscillator, kindly provided as an .ela for a mere
SuperCharts user, I cannot see what help it is going to give me over my eyesight
staring at the price action in front of me. However, the harm it can
do me is in the lag, which as far as I can make out is in all and every single
indicator I have ever tried - which now quite literally runs to
hundreds.
It is funny though how one is always game to try an
indicator, just in case... they never come to anything as a forecaster, as
a realistic trading tool - any more than the wonderful waves everyone
counts. A gap to follow or a gap to close or a head and shoulders or a
doji sandwich or something in the market as a fact rather than a prediction,
like support and resistance, are the only things that make sense - and that is
all within a day and within my eyesight and its ability to tell my
brain....!!!!
Good trading and have a nice weekend. Over
and out for a large whisky and ginger ale before sups... Good week
though!
Bill Eykyn
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
Bill you're on to something, but I am asking you to switch
gears now...
The recent disconnect between bonds and spoos (inverse
movements) - is something I've been researching as well,. though not nearly as
thoroughly or minutely as you do.
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