The system signalled a short at the end of the 8.42 bar at 1295.75 2nd RSI peak lower than previous and also inside the OB line--bearih divergence as well.
=================== ES, YM Weekly chart is down also; still looks like , as you mentioned mechTrader, a nice pullback ,more than a nice uptrend. XLE [oil gas sector] looks like a nice uptrend by most any measure; not a prediction.
yes--the new system I am working on just at the moment is paper trade. I'll be back to real money soon. Of course I am still short in the positional account with real funds.
B1S2, brave man, but be prepared for a possible leg up, by conventional charttechnic many see a buy signal and a lot think, heee the last 2 times before, a break under MA 50 was a nice buy so why not yet too.. indeed a nice upwards channel, CAN go up to ~ 1300 index or ~1310 ES for a few days before the next leg down , hope not we are all wrong with our shortbias for my optionposition...
today the 12 and the 60 are not agreeing. The 60 has a clear buy signal at 5.30 AM bar (6.30) at 1294.00 that has not been negated yet.
How can it be brave when I am testing on paper? Bulls have to make attempts at 1300 as I noted several times previously--this is very expected.
RSI on the 12 minute chart has just completed a first peak. we don't take a short until we see the second peak equal or lower than the first. The earlier short calls would have been stopped out with a 2 point stop but would still be live with a 5 pt stop.