tag:blogger.com,1999:blog-6135767210188526078.post8908709080489181843..comments2023-07-28T11:28:55.153-04:00Comments on pebblewriter: Doodlingpebblewriterhttp://www.blogger.com/profile/11324367600914701000noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-6135767210188526078.post-55329639481924321682011-09-26T02:34:46.471-04:002011-09-26T02:34:46.471-04:00Correction, I'll throw it into the Monday intr...Correction, I'll throw it into the Monday intra-day post, just for grins. Stay tuned.pebblewriterhttps://www.blogger.com/profile/11324367600914701000noreply@blogger.comtag:blogger.com,1999:blog-6135767210188526078.post-33600126385217664652011-09-26T02:34:19.251-04:002011-09-26T02:34:19.251-04:00Good point, AR. I watch TL's on RSI very care...Good point, AR. I watch TL's on RSI very carefully, but rarely will use them as sole justification for a reversal. I DO use them to identify possible turning points, starting with the daily chart, and moving down the line with 60, 30, 15 and 5 minute charts. If I see, for instance, that we're about to hit the daily RSI TL, I'll check the 60 minute and see if it's also at a turning point, ditto for 15 and 5. Also, if I see a 5 or 15 about to hit a TL, I'll check the longer term charts and see where we are there. But, as you say, there's no guarantee the RSI TL will provide a reversal. That's where the price TL's, fan lines, other momentum indicators come in. And, my favorite, the harmonic picture. <br /><br />Take GC for instance. I'll add a section up above as an example, and we'll see what happens over the next day or two.pebblewriterhttps://www.blogger.com/profile/11324367600914701000noreply@blogger.comtag:blogger.com,1999:blog-6135767210188526078.post-82353341403729905262011-09-26T02:20:39.289-04:002011-09-26T02:20:39.289-04:00Pebble, that's kind of an interesting exercise...Pebble, that's kind of an interesting exercise that you've done. I personally have never been very convinced that it could help though because I never could figure out which line might come into play as support. I say that with total respect for your efforts though... please don't misunderstand me. <br /><br />Interestingly, Saboya does something similar with RSI's on a constant basis. He searches for a line which is 'touched' most often by the RSI and swears that it'll come into play in the future. I've challenged him a time or two on that when he 'misuses' it, in my humble opinion. For example, when he sees that an RSI has crept right up to, and is touching his line, he draws the conclusion that it has stopped there and will reverse immediately. I don't agree with that because it's speculative. In fact, I've often seen the RSI subsequently continue right on through his line as if it wasn't even there.<br /><br />But Saboya's a good character and kind of a fun guy, so I don't mean to be giving him a hard time. I think he's a good trader, so all the power to him.<br /><br />Please keep going with your great stuff. It's 'always' worth while seeing what you're working on. Thanks for sharing :-)Albertarockshttps://www.blogger.com/profile/01012817858746684681noreply@blogger.comtag:blogger.com,1999:blog-6135767210188526078.post-768529654134360912011-09-25T19:24:31.774-04:002011-09-25T19:24:31.774-04:00Good question, and way beyond my pay grade. I gue...Good question, and way beyond my pay grade. I guess it depends on your outlook on humanity's ability to muddle through. I just redrew the last couple of legs down - not wanting to violate EW and all. Even so, this shows P3 as being not much worse than P1. Throw in a puny P5 and we're still down to 4-500 for the Cycle level. So, I guess this would be the optimistic view, huh?pebblewriterhttps://www.blogger.com/profile/11324367600914701000noreply@blogger.comtag:blogger.com,1999:blog-6135767210188526078.post-76492643570721885072011-09-25T17:25:23.987-04:002011-09-25T17:25:23.987-04:00I like the doodles. So do you think we spend a cou...I like the doodles. So do you think we spend a couple of decades (or more) below that nice aqua line?hettygreenhttps://www.blogger.com/profile/02942359318618747424noreply@blogger.com