I don't see any buy signals or reverse signals on the chart that was shown from Fri. However, there was a tremendous sell entry signal using the 3.
Great thread guys...i have been trying to catch up .... just started today. I have a couple of quick questions....very stupid ones...just jargon i dont get. When you speak of "car's" is that contracts? As in 9 car's is 9 contracts? Does "spoos" only refer to the big SnP500 front month or can it be the emini SnP as well? Also, curious, but is the emini or big contract a leader in the Dow or SnP indicies, or are both pretty much lock step? Thanks for the help and happy trading
1) 1 contract = 1 car, because back in the day, corn was transported in rail road cars, and it was traded based on that as a unit. Thus the name "car" struck for 1 unit of any futures traded. 2) Spoos are the name of the big S&P. But, with the way the e-minis are taking over all the volume, it is only a matter of time before the name would stand for the mini S&Ps. 3) Both are lockstep. Whatever variation is trivial and insignificant to capitalize on.
Here is the deal with the Bollinger. It usually bounces between the bands for 4-5 times but after that you have to watch out. Just like yesterday we had a break out, we just had one today too. Well, I happened to predict in the chatroom at 2:15 that we would break down in 20 minutes. There was a giant descending triangle to warn. Here is the chart... Notice that the previous support became resistance and the Dow bounced back and went lower from there...