Patrick,
>>>>> Hank (the guy in Florida) and I were discussing the TICK readings that Don and Kiri were looking at. His opinion is that the TICK can be misleading and we may see a negative 1600 reading next week so he has next week playing out much the same as this. <<<<<<
A negative 1600 tick reading in a weakened market could do a bit of damage. Patrick, my new indicator is based on TICKS but it does not based on the actual number whether its positive 1600 or negative 1600. What it analyzes is the the amount of move per swing in the tick, and it is really only good for intraday plays by identifying trends within 30-60 minutes,or to identify a buy-in/sell point. For example, in the morning the trend had a negative bias, but at 1:36 my readings went strongly positive to .95, while the negative momentum dropped to .47. That was when the DOW went positive strongly.
That told me to get in at the next low of the day, and at the end of the day I could sense the upward bias until we had the shooting at the capital which made things confusing, so I stayed out.
While watching my new indicator over the last few weeks, I have noticed, at least for the interim, that a reading near 1 is a very strong direction indicator, especially if it reversed.
Talking about a 1600 tick reading, at about 1:00 there was a tick swing of 1550 points.
Hope I am making sense.
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