I've always been a bit wary about any mass predictions on the direction of the market. Especially if I've seen it on CNBC!
I try not to have any expectations of what the market will do next. If everyone is expecting something to occur then I believe it generally won't or at least not in the time frame they are expecting it will. The market will move in the direction that will cause the most pain to the most people.
The most reliable "tool" that I use is just plain old trendlines as it relates to swing highs and swing lows and breaks of those trendlines.
This is a good book if you haven't read it I would recommend it. It's not about automation but it does give some good insight on price actions and recognizing patterns in price bars. It's a bit of a tough read though. Only couple of the chapters are the most useful.
On Sep 24, 2010, at 9:14 AM, Max wrote:
A buddy of mine recently told me about the Hindenburg Omen, which supposedly is able to predict or warn of upcoming crashes. Have any of you worked with it or recommend any other useful tools?
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