Yes, that is what I mean. A descending 60 minute chart with a 15 min hitting teen numbers on RSI and Stochs. The downtrend can continue but you will get short oversold bounces to the 3 or 5 on the 15 min before it gets turned back . .most of the time. Of course it is just busted, you have to wait. You can see it. I have sat out up to 4 days before waiting on the 60 minute to go positive. I enjoy the positive 60 more than trading the 15 off a negative 60. At some point of course, you catch the teen readings on the 15 min and the 60 has responded and you run onto at least midline if not to UBB on 15. Just depends. An unwinding 60 in an uptrend of the daily is the best and that is what we have experienced since 8/30.
This thread is too long :-) Right now we need to get the MACD unwound on the daily chart. Good luck with your trades.
Not sure what you mean by playing a negative 60 chart - is that buying on the oversold condition (like the open of 10/19 where the RSI went down to around 15 on the 15-minute chart) and then selling after the bounce which hopefully comes? That seems to be a more risky strategy, but I'm sure you have a method to take some of the risk out.
It seems that the market wants to go higher ... and FCX probably will retest the 100 level since stocks are drawn there, once they get close ... by magic.
Yes, it can but you take the trade you get. It can run 3 bucks or more easy, but you don't get that all the time. And what goes up comes down. The 60 minute chart is a nice chart to play off the 15 minute with entry on 5. I will play a negative 60 chart if I get teen readings on the 15 min. as in oversold. It is a lot of fun if you enjoy paying attention to such things.
Hi Chris, what I meant by looking for the chart with the trouble is this . . .if 60 is clear and 15 is clear then the first place it will show up is 5 minute chart. So you just keeping moving back until you find the chart that will bring the move down.
Hi Mark, yes, I do and it all depends on the mood of the charts, where support is, futures, etc. Paper trade premarket and see how you do. I do not trade it all the time at all . . and only when the circumstances seem right to me. It gapped and pulled into support and level 2 seemed to support the move. Lots of stuff to consider premarket. There are not always deals to be had pre or post, but I look just in case. Pre and post are very different from normal hours. Best way to experience it is to paper trade it. It is not called rodeo time for no reason :-) and it has to be a really good deal.
"That premarket chart is really important in daytrade setup."
Mary---you once told me in a conversation we had that you often will buy stock during pre-market hours. Does that imply that you have a lot of faith in your charts during that time (given the relative sparsity of trades)? I often see that buying (or selling) stock in pre-market can be wrong-headed move once the market opens and then you suddenly find yourself in the red. In other words, what conditions will enable you to buy pre-market? Are they any different than during normal trading hours?