Re: [RT] setups

["BobR" <bobrabcd@xxxxxxxxxxxxx>]

Good observation and good question.  Sentiment 
has been something I've worked on to better pick the trades than time and 
support/resistance and to add positon trading to the daytrading 
activity.  Here is one chart that might answer your 
question about sentiment from a contrary point of view.  
 
Another short setup occurs when the dollar weighted 
$C/($C+$P) composite(red line) reaches the 0.7 to 0.75 level as it did late on 
Tuesday.  Such a level can represent too much bullishness, or the end of 
bullishness if it occurs at the end of an uptrend.  In either case it 
increases the odds of consolidation and or price erosion in the near 
future.  This level comes after a less than 0.25 ratio low on 12/27.  
This also completes a 6 day runup in call premium and rundown in put 
premium.  Such high levels are seen at index high pivot 
points.  Its just kinda comforting to know what the environment 
is.
 
 
bobr
<BLOCKQUOTE 
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
  ----- Original Message ----- 
  <DIV 
  style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From: 
  Kent 
  Rollins 
  To: <A title=realtraders@xxxxxxxxxxxxxxx 
  href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx 
  
  Sent: Tuesday, January 07, 2003 2:22 
  PM
  Subject: Re: [RT] setups
  I've seen many, many people drawing head-and-shoulders 
  formations(non-inverted) on daily charts of the last month or so.  
  Not just in thisforum but also on free and pay sites.  Aren't H&S 
  formations supposed to betopping formations, not intermediate bear market 
  formations?  And if thosesame people tried, could they find and 
  inverted H&S formation on the currentdaily/weekly charts?  What 
  does this say about market sentiment?Kent----- Original 
  Message -----From: "BobR" <bobrabcd@xxxxxxxxxxxxx>To: 
  <MedianLine@xxxxxxxxxxxxxxx>; 
  <realtraders@xxxxxxxxxxxxxxx>Sent: Tuesday, January 07, 2003 2:19 
  PMSubject: [RT] setupsOK, this is the setup I am looking at 
  for a long exit/short entry.  Todaymarks the 4th day of a positive 
  NDX net percent up down volume (up -down)/total.  A lower high on the 
  4th bar of a 4 bar set with a higher highon the NDX may be a prelude to a 
  down day the next day...at least that isthe thesis being examined.  
  Perhaps it is reinventing the wheel, butdiscovery sure is fun as is the 
  journey.  I had an options system that couldquintuple the account in 
  5 weeks of OEX trading.  It was so boring I quitetrading it, |;-) 
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