Sunday, May 18, 2008
RedDirt's Weekly Update
Was I wrong or was I early with last weeks call that the bear still has some bite left in him? Only another week tell.
Now on to the business at hand. "Multiple time frames". As you can tell by looking at my Macro to Micro time frame charts for the majors at RedDirtTraderCharts you can see that I've been trading with that mind frame for some time. Although, I never thought to write a book about it like Brian Shannon of alphatrends did. kirkreport.com reviewed the book and had some come-back questions for Mr. Shannon. Looks like he is passing the test. Basically I look at 5 time frames although depending on overall market conditions I may only be trading 3 or 4 of them.
As for what the market will do this week, your guess is as good as mine. Week before last I missed the downside on the SP500 by 7 points with my call of 1377. This past week I totally blew it with my call for another bite by the bear. So, depending on what your time frame was, last week was either good(1 minute,60minute,daily) or bad(weekly, monthly).
What I saw on the 1 minute chart late Friday tells me, I was probably early on my call.
I guess I'll have to order Brian's Book and read it for myself. I'm most interested in what his allocations are for each time frame. The longer time frame=more allocation v. shorter time frame=less allocation would be my guess.
Be sure to click on the links in the left sidebar to see what the latest updates are from the DecisionMoose, RedDirt's BricTrade, and all my other favorites.
Now on to the business at hand. "Multiple time frames". As you can tell by looking at my Macro to Micro time frame charts for the majors at RedDirtTraderCharts you can see that I've been trading with that mind frame for some time. Although, I never thought to write a book about it like Brian Shannon of alphatrends did. kirkreport.com reviewed the book and had some come-back questions for Mr. Shannon. Looks like he is passing the test. Basically I look at 5 time frames although depending on overall market conditions I may only be trading 3 or 4 of them.
As for what the market will do this week, your guess is as good as mine. Week before last I missed the downside on the SP500 by 7 points with my call of 1377. This past week I totally blew it with my call for another bite by the bear. So, depending on what your time frame was, last week was either good(1 minute,60minute,daily) or bad(weekly, monthly).
What I saw on the 1 minute chart late Friday tells me, I was probably early on my call.
I guess I'll have to order Brian's Book and read it for myself. I'm most interested in what his allocations are for each time frame. The longer time frame=more allocation v. shorter time frame=less allocation would be my guess.
Be sure to click on the links in the left sidebar to see what the latest updates are from the DecisionMoose, RedDirt's BricTrade, and all my other favorites.
Labels: decisionmoose, RedDirts BRIC Trade, technical analysis, weekly update
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My pick for the near-term....GLNG...target $21...sell at $28 after it beats earnings on 5/30 and starts a sweet upward move.
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