Re: Dec Crude/Testing Support.again/Silverbear. *PIC*
Yes Rule $7 is a good one. At least this board gives you time to 'think' and respond when needed as the posts are continuous and can be answered the next day. Good book of Bernsteins. I've got other stuff of his including a manual on futures trading from many years ago. Thanks for that site and I do see the mov av of the RSI 21. I guess I would need bigger charts and more interactive ability to seriously check it out. But the RSI 21 is an excellent indicator and is better yet on Weekly charts. But when it is above the 50 line and the rising 20ema is above the rising 50ema the trend is definately up and your friend and all trades should be long with high odds of success. And the opposite when reversed. I just happen to notice the MACD 9-18-1 in his book that I've used on intraday charts for years and matched it up with the RSI 21 and noticed how closely they track. Would be nice to have the smoothness of the MACD on the RSI 21 as with the MACD one has more than one number to tweek that smoothness either way. But the RSI 21 has the 70 and 30 line for overbought and oversold warning points that MACD doesn't have. I'll play around with the MACD and see if I can create a similar overbought and oversold area. Not sure if that is possible with its construction so its back to the drawing board with that one. But it would be nice to smooth out the RSI 21 and just increasing the number wont do it.
I see Dec CRUDE is holding at support and bouncing. Price is still trapped between support and resistance until a breakout or breakdown. Seasonals are weak into December.