Thursday, May 27, 2010

Green light from Jay

Here is my latest post on "The Art of Contrarian Trading".


DMA said...

For the first time since Nov. 5, the majority goes bearish in the American Association of Individual Investors survey. Bearish sentiment rose to 50.9%, up 17.2 points, while bullish investors fell to 29.8% and neutral to 19.3%

Adsense said...

Hey carl
i started doing something different this year based on some things i looked at last year .
basically im using a 30 minute
chart that i put in excell
if the 30 minute bar is up i put in plus 1 if down minus 1
from the april 26 peak we have been in a down trend ( obviously )
yet on from 0930 to 1230 we went down and since that time frame the market based on this has been in a trading range of up for about 5 30 minute bars and then down for about 5 30 minute bars like clock work. at this moment we just reached the top of the range and if this next bar is an up bar then there is a case to be made that the market at least time wise is turning to the upside. if we are going to stick in the range then we are due for 5 30 minute down bars . we are at interesting juncture .

Adsense said...

ill follow up on this a bit
frm may 24 at 0930 to 1230
pst we have been in a sideway range up up 5 30 min bars and down 5 30 min bars . the last bar this morning at 0900 pst was a down bar
hence the range is still in tack .
how ever depending on how price reacts once we see 5 30 min bars down we would then look for 5 30 min up bars . so far 2 bars have been down . if all 5 in a row were down bars we would be looking for a swing low at 1100 pst today followed by a rally into the close
and probably early friday .