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The MIT Experiment - Day 2


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Welcome, students of the Stool division of Faber College. Those of you interested in a quiet atmosphere in which to pursue your studies may do so here at the Stool extension of the MIT library. Please limit posts in this thread to charts and technical analysis issues. No chit chat. We will open 1 thread for this purpose each day. Moderators will have the power to delete or move off topic posts.

 

Violators of the library quiet rules will be persecuted by the moderators.

 

Those who wish, can continue to posts charts and TA, along with all other manner of flora and fauna in the Faber College division if Intraday Stool. What is fauna, anyway?

 

Let's give this a try and see how it goes.

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Dr B, Nice chart. thanks.

 

I'm still inept at posting charts but will finish reading your thread on how to post. Very Helpful.

 

My thoughts are we stay within a smaller channel. If you could expand your chart to include early November. Draw a line from early november highs (first week November) to yesterdays high.

IMO yesterday would be it. We start 5 waves down today.

 

Early November after testing the breakout point to the upside (November 11ish) the market went up five waves. IMO yesterday we tested breakout to the downside yesterday and now we will start 5 waves down.

 

Of course if we take out yesterdays high significantly then my theroy is full of stool.

 

Thanks

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Vesselin

 

I get Fred goodman's stuff. Thought I'd try it for a while

 

It's kind of wishy washy and inconsistent. I think the only value are the Crocker charts.

 

Do you net-net think he's worthwhile. After trying for a while, I'm beginning to lean towards letting the servive expire

 

Cyclist

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Slink, I'm afraid don't understand you. Is this the chart you have in mind? That's not a valid resistance line by any meaning of that word. November 11 was a low - not a breakout point.

 

Regards,

Vesselin

post-3-1045665434_thumb.gif

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Cyclist, Goodman's stuff is... interesting. Especially his price/volume charts - they are so... different. :rolleyes: Now, whether they are actually useful - I'm not so sure. :lol: But while he was free, I was reading him regularly. Not any more, once he went into paid subscriptions. I am not familiar with "Crocker charts", sorry.

 

Regards,

Vesselin

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Playing the SPY today....

 

FWIW....1 minute wave is down, all larger are up. Therefore, rules say no shorting until at least the 5 minute turns down.

 

1 minute wave top is 85.44, bottom is 85.05

5 minute wave top is 87.89, bottom is 84.76

 

Am expecting sideways action for a while until we get closer to the 84.76 level (84.99 also bears watching) and then a pop.

 

Looks like it could be boring for a while.

 

Am participating in a free online conference trying to learn some new fib software so may not post too much.

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Dr B.

 

Yes it is what I was thinking.

 

But you have to complete the channel. Connecting the bottoms November 11 and lows last week = bottom channel.

 

Top would be connecting two heads with parallel lines to the two channels just drawn. I.m not sure if it is correct to ignore the one hour blowoff top on December 2. I used the open on December 2.

 

You will have formed two parallel channels approximately equal distance.

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Slink, like this? I still disagree. The channel was broken not just on December 2 - the price was outside it for weeks. I don't think that it is valid, sorry. The green support line - perhaps, but the red resistance line - nope, no way.

 

Regards,

Vesselin

post-3-1045667149_thumb.gif

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Slink, like this? I still disagree. The channel was broken not just on December 2 - the price was outside it for weeks. I don't think that it is valid, sorry. The green support line - perhaps, but the red resistance line - nope, no way.

 

Regards,

Vesselin

I agree VB...the red resistance must be redrawn...probably redrawn to 1430 or so.

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Doc, no, not equivolume. With equivolume, the thickness of the bars depends on the volume on that day:

 

engine.asp?skin=marketscreen&pri=&symbol=spy&dur=3m&freq=6&type=15&width=480&height=360&.gif

 

With Crocker charts, you draw price on the X axis and volume on the Y axis (or vice versa):

 

19derfS&P.gif

 

Regards,

Vesselin

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