| skibumm2006 |
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Gold User, Member, TeleChart
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| Registered User |
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| Unsure |
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| Sunday, August 20, 2006 |
| Sunday, August 21, 2011 4:07:05 PM |
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I predict that spot gold will hit $4000 an ounce, when that will happen no one knows. I feel if we experience another 40% retracement which is possible, it will present lasting bear tendencies to the market. Many things will have to take place for that to happen, and they are not currently present.
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Wow! Its a good thing that everyone kept to the original topic of the stock market! Whats next the health care plan initiative?
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Wow! I'm Loving this forum! Where is Rush Limbaugh?
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Bruce;
I was wondering if you could write a pcf for the following; the 10day SMA crossing up and through the 20day SMA. Then conversly the opposite, the 10 day SMA crossing down through the 20day SMA. So we have two formulas, one uptrending and one downtrending price movement.
Thanks,
Skibumm2006
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APSII---still working on the chart, may need some more assistance
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APSII; Thanks for the info on the settings and the "Look" , I will check it out. A good case for vodoo charting is with the GLD. It recently broke its L/T trend line, took out the BB and then headed straight up. So I agree many times technical analysis is just a crap shoot. Basically when the selling stops the buying takes over-its that simple. No just go out there and figure out when the selling stops!
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APSLL; I see you are in Telechart. I have played with several comparisons including the tick index and couldnt get them to chart properly. Care to share your settings on the tick index?
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Peter the great raised a very good issue, one that i will take a look at, I focus on the SPX in all time frames starting with a 5 minute chart and forward. I believe if the market was going to go down it would have last week. Aside from the chart patterns, the market has recently sold off several times and ended up in the 1000-1045 area and rebounded. Politics aside, in my opinion, the only relevent factor that elections bring to the table is the 3rd year of the presidential term when its time to hit the offer for re-election. In the end its all about supply and demand, as well as who has the meatballs to step into a declinning maket on the long side.
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We all have all been watching the market and you can pick your methodology as well as your favorite indicies to follow. Naturally no one has a crystal ball, if I did I certainly wouldnt be typing this thread or be subscribing to Worden. In recent weeks theres been a calling for a head and shoulders breakdown, which obviously hasnt (yet) occurred. Going into September the media personalities were telling people to brace for September as it has historically been one of the worst months of the year. Then came last week with the market oversold it posted one of the best weeks in September in many years as the market was ripe for some solid swing trades.
So the questions remain; Are we set for a solid down leg from here? Are we going to see a series of bear flags like last week for the next 12 months? Or was last weeks bottom the start of a solid intermediate bull run?
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Bruce; thanks for seeking additional clarity on my scan formula. Answers below;
1. Period equals one trading day.
2. Price movement will be based upon average true range (trading price range) over last 20 trading days.
3. Price movement (ATR) is based upon price movement up or down.
4. Above average trading range (ATR) would equate to 50% to 500% above the 20 day average.
5. Volume would follow the same criteria.
6. Not trying to create an indicator or realize any technical patterns whatsover, just looking for big price and volume moves in stocks trading on the NYSE and the NASDAQ.
7. I requesting two scans; one for advancing, one for declining stocks.
8. Thank you again
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