|
PureBytes Links
Trading Reference Links
|
okay, it's a wrap...will support hold? two guys I respect a lot [larry pesavento and bob carver] are both very bullish as of today...while I am not sold yet, I have to concede that this game is always full of surprises. a final thrust up would likely catch the most traders with their pants down...and that being the biggest joke the mkt likes to play, it could very well happen. but first things first...in spite of all the super-duper techniques we have to forecast direction, price always has the final word...and what it's saying right now is not decisive, either way...teetering on the precipice as it is.
the attached chart shows my bottom-line litmus test and it is a simple one...a swing low printed on the hourly chart today (actually printed in the first hour and then dropped lower still as the day progressed!) must be confirmed...and it ain't happened yet! I want to see the RSI up--straight as an arrow--to convince me that we really have this swing low in place. it simply does not fail if we're gonna get more that a 25-30 pt move.....which is fine, but I'm not daytrading right now so I'm personally looking for a more sustainable move.
a final note: the mkt has been reacting to war drums for the past 2 weeks...even if GW says he's going in personally to off sadam, we could get a small relief rally this week, just because the tension will break...that's all I can forsee in the bullish scenario--the possibility of higher prices from which to go short!
anyway...blah-blah-blah...here's the chart...
VDo you Yahoo!?
Yahoo! Mail Plus - Powerful. Affordable. Sign up now
Yahoo! Groups Sponsor
ADVERTISEMENT
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Attachment:
Description: ""
|