Wednesday, June 16, 2010

What part of the wave are we in

I thought the wave 5 on the Euro and the USD (DXY) were both really short looking, like 5 wasn’t done.   

That would put a world of hurt on the trained bulls.  


  1. Amen to that. I've also been of the belief this is and has been a wave 4 bounce.

    Keep up the great posts.

  2. I just have to teach myself to go back 1 and 2 weeks and re-read the posts....sometimes very enlightening as we get caught up in the minutia of the intra-day.

    Thanks for commenting and come back often.

  3. Yes, yes, yes. I commented on Daily Theta the other day, wondering if this was a iv of iii, in fact. That's ultimately even more bearish.....but just plain ol' iv would be just fine, thanks.

    A little site feedback....overall, great, but the white letters against the light blue on the sides are impossible to read. However, that may have been the intent to reduce visual clutter, since they become very readable when the cursor goes over them. I'd prefer something readable without rolling over it, just one guy's opinion.

    Thanks for all the work you put into this, Steve.

  4. TransworldDepravityJune 17, 2010 at 4:10 AM

    Fresh new layout to the page and it's quicker. Here is a couple of my thoughts on GLD, regardless of it's paper value, there have been large acquisitions of physical tonnage in recent weeks (bluffing?). I've been long for a while and will be for the near future.

    Intermediate Renko signal two bricks go long. Three would seal the deal. Clean signal.

    GLD looks to be testing that horizontal trendline of the recent highs. Now it really looks like an ascending triangle pattern. It follows Bulkowski's identification guidelines to a T. Price movement bound between two converging trend lines, top one horizontal, bottom upward sloping with decreasing volume. Patterns resolves upward 70% of the time....

  5. I have changed up the colors quite a bit. Funny thing is that on my computer all the old colors worked very well, so I guess I just have to keep asking for feedback. A "nice" look is great, but the price of admission is useability and functionality, so is anything is not easy to use or read, let me know and as time allows will work on it.

  6. I like the renko for sure, although have seen quite a bit of whipsaw of late on indices. My thoughts are to buy physical and keep forever.

  7. TransworldDepravityJune 17, 2010 at 4:32 AM

    I've been playing with strategies for a while and found that some of the Renko charts are good at cutting through noise, especially intraday. It's akin to the P&F chart where a couple days to a week of whipsaw, depending on your chart timeframe, will not upend the trend. It allows me to not overtrade and stick to my position. However, I find the 5 minute and 30 minute charts are good for short term trades when combined with a PSAR.

  8. Agreed on the 5 minute Renko, and I have seen the whipsaw right there, however, the long runs have made up for much of the whipsaw. Partly mechanicalises the method though, removing emotion since HBB is gaming everyone on these large sweeping/ramping moves.

    PSAR is?


Insightful and Useful Comment!