As predicted yesterday, MFI is oversold but RSI is not there yet.
There's a chance that RSI might need to hit oversold as well, then we get a rally..... or we could rally from the gap, This is the final bit of "bad" news we were waiting for.
Comment
⋅
MFI is out of oversold territory, appears rally off the gap was the correct answer, lol.
Comment
⋅
Ya know.... it would be nice if you guys stopped by and gave me a pat on the back, lol.
Not really sure if it's just a breakout or if the big boys turned their algos back on.
Comment
⋅
Algos are back on obviously, but I'll post a plot for ES because it's more obvious.
@rickyrt, thanks bud. Seriously, who else provides a premarket update like I do? I didn't post all week because it was drifting sideways, then MFI goes oversold and BAM! Love it.
BoomerMo
⋅
Trying like hell too learn this stuff. I made a little today, but listened too hard to the headlines and the morning session didn't make the day look like a slam dunk. Had to leave the house around lunchtime, so never got a second chance in the afternoon when the delayed pump kicked in hard. Thanks for sharing the work that you do. It *is* much appreciated.
hungry_hippo
⋅
@BoomerMo, yeah, tough market to trade unless you can commit the whole day in front of a computer.
The nice thing about PCAR was it lead the market, so no heartburn today at all. I wasn't under water at all on the stock I bought yesterday or the options I bought today. Just decided to hold and watch.
BoomerMo
⋅
@hungry_hippo, Frick'n A man, those are the days I pray to see someday soon. Grats.
BoomerMo
⋅
@hungry_hippo, I'm angry at myself for essentially blowing off PCAR. I've been meaning to trade it for months now, and just never have. Today was going to be that day until I got distracted by the QQQ. I do have concerns considering PCAR is at the top of its range, but I should have more faith. It'd done you good for the months that I've been watching you talk about it.
hungry_hippo
⋅
@BoomerMo, yeah, I thought it might be topped out as well, but still have to do the gap play. Made money on that last year even when it was moving sideways.
I don't think I would've bought after the gap fill though, the reason I held was because I had a nice cushion already. It's easier to do a trailing stop than a stop loss from an initial position.
hungry_hippo
⋅
@BoomerMo, BTW, it doesn't have to be PCAR, you can pick your favorite stock and the method is basically the same. I like PCAR because of the gap fills. Fact of the matter is, I actually bought a day too early. My system is to wait until ES and NQ are oversold, then buy my favorite stock which just happens to be PCAR right now. I've traded GM the same way, APPL, SQ, ROKU, etc.