The SP hourly futures follow stochastic levels 23 and 77 well and a glance shows me where we are at in the hourly cycle. Right now we only at 42 having come off of this morning's low reading of 17 and I'm paranoid of a rally because the normal cycle is to return to 77+ before the next downturn. I covered DJfutures short at 10,975. It looks like the market needs time to break SP 1170.
I don't normally comment on the specifics of my workflow, but 99er posted a question so as a courtesy to a helpful fellow....
My platform is Etrade Pro for ETFs and TTtrader for futures. Since I don't use intraday technical analysis to a great extent these are enough for me, as they allow me to track each market with stochastics and MACD as well as my world-famous moving averages. Keeping it simple allows me to inspect a wide variety of markets and obtain counts and pattern recognition in a few seconds. Since the markets that I follow are mostly correlated I can obtain a consensus picture of world bullishness/bearishness. So I just flip through screens and in 10 seconds I have a sense of where a market fits into the composite picture as well as support/resistance.
My proprietary tools are programs that I wrote over a period of time. These run against daily data. My philosophy is that monthly, daily, hourly, and 30-minute closing prices are important in that order of priority. So hourly stochastic is more important that shorter timeframes and I focus on that. Likewise moving averages speak louder if they are violated on an hourly or daily close. I have written some routines using real-time feed but have found that my mind processes short-term charts more efficiently.
Other than that I'm writing software through the day.
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