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Thursday, October 05, 2006

Thursday's action

Take a look at the "Comments" on the previous post. We dissect a few charts from today, and talk about using the 5 period MA. Good stuff.

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4 comments:

QQQBall said...

BUSY TODAY.

paper traded the retraces on DIOD & IKAN...

OXM was a great "Leaner" - caught all teh shorts leaning the wrong way & just ripped upward after gapping down... big tail first 15m, weird spike on 2nf and then consolidated near 15m open/high and when it broke, it didnt really look back

Anonymous said...

X, are u using SMA or EMA? Thks

LP said...

X,

Why do use an 8 period for the 15 min charts vs. a 5 period for the 30 min charts.

Also, why a 34 period on those charts vs the commonly use 20 period?

Your comments would be much appreciated.

Thanks
LP

Trader-X said...

I experimented with the 8 and 5, but have now settled on the 5 as my short-term MA of choice - regardless of timeframe.

I have always used a 34 - again it is what has worked best for me. Everyone needs to experiment to find what fits their style. Any MA is going to offer support/resistance on charts at one time or another.

anonymous (I will not publish anonyomous quotes any more) - right now the 5 is EMA, the 34 is SMA. Again, see the above explanation...