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Pocketpivotanalysis

Pocket Pivot AnalysisPocket Pivots are described in the book ‘Trade Like an O’Neil Disciple’ of Dr. Chris Kacher and Gil Morales Actual idea was explained for daily charts ... I have adopted this to check on hourly charts to find if there is any advantage for short term trading ... Logic behind this is price should be above 200 ema and consoidating around 10 or 50 ema , and current bar is green (close > open ) and current volume is greater than Max of down volume of last 10 bars. If you look at the chart above , pocket pivots are highlighted in blue background. Take a look carefully, most of the next bars are gapped up ... or there is continued up rally took place ... Let me know what do you think of this idea ... your comments / feedback is appreciated ... Note : if pocket pivot appears too far from 10 ema OR already gapped up , wait for pull back to 10 ema ... more details can be found here www.newtraderu.com
AMEX:SPYLong
by mohanee
1