5 Min Index Trading

interesting, i'll be on the online chat feature this evening , if your around when can discuss further ?

in the meantime 6335

also take a look at the weekly gold chart what do you see ?

No worries WS - have fun at the grind

Here's the sell signal I was referring to:



dl.dropbox.com/u/20815047/FTSE5minRSIsystem19_02_13.gif

Thanks mate - i'll taker closer look later this evening, got busy afternoon with work...

dont think so imo - the longer timeframes have taken a grip and remain a buy, as long your as 5 min macd remain abv 0, it wont confirm a true sell signal. that's the key confirmation here. or if we look at price, a bar close below 6335 - scene of crime 12 feb Doji & 15 Feb, followed by another, you may miss a few points but what you have is confirmation.

I dont do true EW jackozy, not my thing, i do the unconventional when it come with waves and remain objective, i just like to surf em and ride the rips.

you could says it's an abcde down from the recent highs accounting for out of hours, also 50% fib retracement looks decent enough, looking beyond the future times of trading you have a straight abc (zig zag) in my view. it wont be confirmed though until the highs are taken out....so we see and go with direction of the trend....

PS It looks like that system is about to produce a sell signal.

PPS Also, let me know if you want me to look at the system on any other instruments or timeframes.

Thanks WS. That's got very odd subwaves of C though hasn't it? I'm not saying you're wrong but it looks odd to me and normally (in my experience) that means it's probably unfinished.

We'll see.

Anyway, I forgot to point out the parameters for that RSI MA system. The MAs used on the RSI(14) line are 9 and 27 and there's the additional check that buy signals when RSI(14) is above 65 are discounted as are sell signals with an RSI(14) below 35.

Let me know if you want me to produce results for any other parameters - it's a piece of cake so no need to worry about it taking time!