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this is an example of how using these indicators may prove as a benifit. Notice the patterns that form with OBV. Anyone use OBV for signals?
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Also note that the right shoulder and head will become resistance. The head or 13.20 could become target. I’m not considering this stock, but just wanted to show how OBV is an awesome indicatorComment
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Thanks for the info. Hope next week will the market will give us a nice bounce.Originally posted by RunnerYaoyao, I View the TRIN as a barometer of the market. It is an acronym for Trading Index, the TRIN is also called the Arms Index. Mainly the TRIN is used by day traders but I use it as it gives me a gauge of how well the internals of the market look. It simply measures the volatility in the market. Low TRIN means the Bulls are in control. High trin means the Bears rule. If you want more info on this indicator this is the link.
Hope this helps
http://www.investopedia.com/articles.../03/021203.aspComment
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AVX has just been added to my watch list.Comment
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Nice Work!
Runner,
I like your OBV indicator and chart work. Do us all a favor, will ya? Keep up the good work!Comment
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Joe Granville came up with the OBV indicator in 1963 , but it failed him in the late 1980's when he was 100% wrong on the market. He faded away and must have resurfaced years later. His market letter was devastated , but may have been revived in a different form. I used to listen to him on radio station WJR in Detroit calling in for several years. After it became obvious he was usually completely wrong on the overall market trend and kept pressing his predictions he eventually stopped being heard at least in our area. I specifically remember him regardless of what is now said about his record.
billyjoe
p.s. In his book "Granville's Last Stand" is a chapter titled "Earnings, the Worst of Indicators"Last edited by billyjoe; 01-10-2005, 11:23 PM.Comment
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Billyjoe, I take it you dislike this indicator. I have zero knowledge of Joe Granville or his market predictions. I know traders that swear by this indicator, but who knows. I’ve been looking into OBV as well as Full STO. I would not use any indicator as a stand-alone buy signal. Who can predict this thing called the market? Surely all anyone can give is his or her opinion. I have not a clue of Granville’s trading methods or mythology, what he did right for 20 years or what he did wrong.Comment
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Old Joe Granville always said the market tells its own story. All you have to do is read what it is saying. Unfortunately for him, he didn’t take his own advice.
Joe Granville was one of the pioneers of technical analysis. He used several novel methods of "reading the market." The most popular of which is On Balance Volume.
Initially, he was quite successful, and became the market "Guru" of the early 1980’s. He was so influential that his forecasts became selffulfilling prophecies. Then he missed the call on the greatest Bull market of all time. On August 16, 1982, the market broke out of a steep slump, and Joe Granville said it was a folly. He said that it was a Bull trap, rising stock prices were like balloons that were about to burst. He remained a Bear for over 14 years while the market soared. What went wrong?
Mr. Granville’s fatal error is that he went from timing the market to forecasting it.
Found out a little about Mr Granville
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Runner,
The OBV may be a great indicator, but as you know it's just one piece of the puzzle. I guess we're all trying to find what combination of pieces will put it all together. Keep up the good work.
billyjoeComment
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BillyJoe, thank you for bringing up the info on Mr. Granville. I found a little bit about his past. You sure got that right about trying too put the pieces of the puzzle together. I doubt one ever gets all the pieces to fit just right, but we sure try!!Comment
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Well looking over several charts I see some bullish Hammers, but how long will it last. I think the Bulls have a small window to try to regain some ground. I still think we are in a traders market with DT possibly having the edge. Tasr sure put on a show today dropped a little in AH trading. I’m seeing some intraday reversals occurring right now with decent bounces off support. In fact I think SIRI bounced off 6.00 after testing it twice. I'm still Cautiously optimistic for now and sitting on the fence with one foot long and the other short.Comment
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Some Warnings:
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My initial list for next week:
AACE ARS AMED AXL AFR ABR AUGT AUO BTHS CALM CENX CNET BOO SBS CTMI DTSI ELNK EIX GGB GFF KDN EWW OKE OPWV PHTN PVN RSYS REMC UNTD WR WDC
I still believe we are in a traders market and some of these may end up short plays. If I enter into position I’ll close it by the end of the day, at least for next week… I’m still on the fence with one leg short and the other long.. This market is crazy too say the least.Comment
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