Dublin CK 01:16 GMT April 1, 2004
Reply
Livingston nh 17:08 GMT March 31, 2004
Howdo, I agree with you in relation to Greenspan, jobs, inflation, baby boomers and social secuirity. All these things loom large. This market rally may not last as long as the last. But it should continue for the rest of the year. Once earnings season is over, i expect a lull, but between now and then 11,000 may be breached.
As for my DJ investments -
I use an Irish spread betting website to take out positions in the DJ, im only small fry. They offer a competitive spread compared to other spread betting sites.
Plus there is no commission and more importantly no taxes on any gains.
For some strange reason the charts on yahoo finance are very helpful in assisting on when to enter and exit positioins. U need some imagination to fill in the gaps by ticker reading, whilst the page refreshes, but i find it useful.
Some of the indicators i use are EMA's,Candlesticks, MACD, Slow Stoch's, RSI, ROC,MFI,Volume, ticker monitoring and my knowledge of support/resistance levels.
I am the first to admit its an archaic system and I wouldnt recommend it, but for short term pip raiding, it does. I want to back test the theory, but im not sure how to.
People should have a look at two charts.
DJ basic daily - of just a line chart &
DJ technical - with the above indicators.
Its a bit of a cliche, but in an upward trending market, good entry points for a pip raid would be when the:
RSI - is under 20 and is starting to swing upwards
Slow Stochs - is under 20 and the blue line has crossed over the red line, a bullish sign
MACD - red trend line is trending upwards and pointing upwards and when the MACD blue histogram lines are above zero and increasing.
EMA - 5&10 cross over and above the line 20.
Candlesticks - showing reversal and bullish patterns.
Healthy knowledge of support/resistance lines is also needed and where the Nasdaq & S&P's support/resistance is also. In case one of them is deviating from the daily waltz, which might disrupt the daily dance.
Not forgetting fundamental analysis and what announcements are expected - very important point.
The first and last hour of trading days also offer the best opportunity for r/r raiding.
I must warn anybody who might use this system, it hasnt been back tested and could be potentially dangerous and financially damaging.
Its just my two cents.
Kind Rgds,
CK
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