Here is another look at the 60 min chart and you can see that significant buying came into the market Unfortunately I missed this signal because I was putzing around posting....as if I need to learn that lesson again..
subterfuge and deception are primary tenets of the market. the microcosm of et reflects it quite well..... nice trading, by the way, steve46.
Yes, Connors has a lot of system based on short term overbought/oversold mainly applied to futures markets as I remember. I'm not going to really argue on this point, just point out that I am talking about major trend and not 7 day reversal systems. I do not have proof other than anecdotal evidence / what I have read from several traders/authors I respect. I am rather young (at 19) and at this point really have little interest in academic papers regarding the market - I get enough efficient market bullshit at the university I go to. I am interested in being a good trader and making money, not in seeing academics attempt to prove/disprove methods. As far as that goes, I don't even want to argue whether its possible to have an edge or not (through TA). Check my post 1st page for a little insight into my edge. Is it money management that makes it work? Partially, but without a sound methodology you will only get so far.