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08/22/2011 Intraday Watering

Re: 08/22/2011 Intraday Watering

Postby JustTrading » Mon Aug 22, 2011 3:51 pm

Cobra,
Please update your view about your call for rally at the latest by tomorrow....still on track....or has today's market changed your mind? Thank you kindly.
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Re: 08/22/2011 Intraday Watering

Postby 99er » Mon Aug 22, 2011 3:52 pm

SPX
Update.
http://99ercharts.blogspot.com/2011/08/spx_5400.html

Hope tomorrow proves to be more exciting!
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Re: 08/22/2011 Intraday Watering

Postby kaiboliu » Mon Aug 22, 2011 3:53 pm

Cobra wrote:great, another phantom bar, now we all know the pullback target. :mrgreen:


Target hit already. WOW.
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Re: 08/22/2011 Intraday Watering

Postby jarbo456 » Mon Aug 22, 2011 3:53 pm

anyone else seeing rather wide spreads on SPY?
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Re: 08/22/2011 Intraday Watering

Postby 99er » Mon Aug 22, 2011 3:53 pm

littletiger

It's the same one.
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Re: 08/22/2011 Intraday Watering

Postby jarbo456 » Mon Aug 22, 2011 3:54 pm

ending negative today has to be a bad sign.
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Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 3:54 pm

difficult to hold the 3rd touch. cannot believe the market cannot hold green for just one day. :o
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Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 3:55 pm

JustTrading wrote:Cobra,
Please update your view about your call for rally at the latest by tomorrow....still on track....or has today's market changed your mind? Thank you kindly.


I need more evidences on bull side. So far two rebound attempts were failed, so I need more evidences to call rally.

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Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 3:59 pm

some may wonder why I use SPY instead of SPX.

SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.

Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.

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Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 4:00 pm

I think that's it for today. The chart pattern as I've been saying almost the half day is Descending Triangle therefore chances are high the market may continue down from here. Thank you guys, I'll see you tomorrow.
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Re: 08/22/2011 Intraday Watering

Postby StrikePrice » Mon Aug 22, 2011 4:03 pm

Cobra wrote:
StrikePrice wrote:Cobra,

Do you think just using SPY patterns is prudent? The reason I ask is that I see a slightly different pattern in SPX, more a Falling Wedge now turning with a Triangle than see the Descending Triangle. If SPY tracks SPX, wouldn't SPX patterns have more validity?

Thanks.


I see Descending Triangle or Symmetrical Triangle on SPX too. I think you refer to a little bit bigger pattern which could be a Falling Wedge but it has to wait until the smaller triangle to finish first. Plus Wedge normally is difficult to trade because the trading is always against the trend.


Makes sense. Thanks. Looks like we'll get no resolution just yet.
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Re: 08/22/2011 Intraday Watering

Postby jarbo456 » Mon Aug 22, 2011 4:03 pm

thanks cobra.

holding shorts into tom.
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Re: 08/22/2011 Intraday Watering

Postby Anaconda » Mon Aug 22, 2011 4:03 pm

Anaconda wrote:So, we know Friday's phantom target bars were hit today. I'm betting this one, to around 112.64 on the SPY will too (esp. since most everyone expects the pop) :mrgreen:


The phantom bar theory continues to hold. ;)

Expecting more downside tomorrow. SPX 1100 or <, to complete w5 down. Then looking for a strong bounce.
GL.
A
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Re: 08/22/2011 Intraday Watering

Postby SigmaEcho » Mon Aug 22, 2011 4:04 pm

Cobra wrote:some may wonder why I use SPY instead of SPX.

SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.

Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.


thanks Cobra.
ps: why not ES?
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Re: 08/22/2011 Intraday Watering

Postby Anaconda » Mon Aug 22, 2011 4:08 pm

Double gravestone (on blended basis)...reversal of a reversal (i.e. more down)? Bulls had no gas on Friday or today. More down, tomorrow.
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Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 4:08 pm

SigmaEcho wrote:
Cobra wrote:some may wonder why I use SPY instead of SPX.

SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.

Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.


thanks Cobra.
ps: why not ES?


Not convenient for me to watch ES.

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