We went from an inside day yesterday to an outside day (barely) today on both the Nasdaq and S&P 500. Volume was once again on the low side. Despite the hawkish Fed commentary at 1:00 which caused a bit of a selloff, the bears couldn't do much damage. Chalk it up as just another consolidation day.
As far as day trades, AMD worked well for me. Trader X showed his trade in AMD off of a 15-minute chart. I entered above the 10:00 candle on the 30-minute chart. My risk was 22 cents and I made 53 cents on the trade for just over 2R. It might have been a really good one if not for that 1:00 selloff. :-<
XMSR was the one that got away today. It was front & center on my eSignal this morning but for some reason I took it off my screen after 10:00 and lost track of it. What was I smoking??? ~X( Look at that beautiful entry above the 10:30 candle. It was only 20 cents of risk and it would have made $1.06 if I'd held until the close.
Here's the Nasdaq:
These last few days look so similar that nobody even noticed that I accidentally re-posted the S&P chart from the 18th yesterday.
No changes today...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Lat | Lat |
| Intermediate | Lat | Up | Lat |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Hi TM,
Iran has just extended an offer to negotiate about it's nuclear program. This agreement is just to get more time, however, the real point for my post is, you & other daytraders should look to short OIH/XLE ETFs tomorrow, as they will be weak due to the recent headlines.
Happy Trading!
Yaser Anwar
Hi TM,
Recently came across your site and really enjoyed your style and analysis. I hope to be a regular here.
I see that you are using Slow Stochs and OBV, which I use myself. But I would be interested to know whether you also look at RSI, MFI and/or MACD? In both the charts you posted today ($COMPQ and $SPX), Slow Stochs give a sell signal and OBV is on the decline, thus strengthening the bearish case. But if you look at the MACD, it is rising. What would you make of this mixed signal scenario? Thanks,
Ash
Ash,
No, I dodn't use any of those indicators. I try to keep things as simple as posisble. It seems to me that the more indicators you use, the more likely you'll get conflicting signals.
As for OBV, I guess it depends on how you look at it. I've been drawing trendlines on OBV for weeks now. As you can see on the S&P chart above, OBV has broken its downtrend.