FXP Buy on Open: $62.56
Thursday, April 24, 2008 at 9:58 am
RSI(2) buy signal was generated yesterday for (FXP: 8.1863 +1.07%).
This will be sold on the open following the day when RSI(2) crosses 80.
for lack of a better word, is good.
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Probably, but maybe not. China’s market has been down for so long - this is the kinda lame excuse the bulls will use to try to prolong the run. The next few weeks could surprise the bears yet.
Fundy- what is “probably” referring to?
What lame excuse?
Sorry, I’m just a tad confused.
I banked some coin today from 63 to 65 on your recommendation yesterday, even after telling you I would not do it.
And now … It just feels to me like we are fighting the trend and trying to time market. Down here at 61.50 I do not really feel like taking the gamble on FXP..
Good luck anyways.
SDaddy, good for you. It was hard to not take profits this morning.
Although, I am trying to time the market. IMO, it is all about timing.
One thing I’ve noticed about this system is that when the trend turns, you get punished. However, it will catch the next several more bounces that come after the trend turns. That’s where you make your money.
Sorry, Wood. Was writing too fast and seeing too many screens. I respect your approach to timing the market, but I feel that we shouldn’t be fighting this short-term bullish trend. My own regret is that I have not been able to turn with this trend fast enough - then again, if one could turn ahead of the trend, one wouldn’t be following it, rite? :-p
Fundy, I agree about not fighting the bullish trend.
FXP is the only short I have left. Probably got rid of all of them right at the very top….
OK, OK, OK … So 61.50 turned out to be the perfect entry point.
Never go against the RSI(2) …. oh the power. Feels like a silver bullet just passed through my heart.
I hope you did not close at the open and are still holding.
SDaddy- lol… I tell you that my testing of this strategy is in its infancy, but I’ve been kept awake at night thinking of the possibilities. It really really really does test well…
I’m still holding FXP.