Back to www.cobrasmarketview.com

   

08/22/2011 Intraday Watering

Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 2:25 pm

great, another phantom bar, now we all know the pullback target. :mrgreen:
Attachments
1.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 38023
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 2:31 pm

janez wrote:Cobra,
Based on Mar's rule, a gap up like this morning can be seen as strong momentum?
If so, can we say that this morning's high should be revisited near term? Feel bad I did not set stops for my long or exit them then.
Thanks


No, to revisit this morning high is hard to say. Gap up with no follow through at all doesn't count as strong push up.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 38023
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Postby alvian33 » Mon Aug 22, 2011 2:33 pm

Cobra, you said expect a strong rebound as early as tuesday, after this actions on friday and today, do you think the probability is high to go long now for a swing trade? Still expect a rebound? thanx
alvian33
 
Posts: 282
Joined: Thu Mar 10, 2011 10:48 am

Re: 08/22/2011 Intraday Watering

Postby dantehigh » Mon Aug 22, 2011 2:34 pm

Cobra,

Trying to learn here. Triangle forming on the 5min chart on SPY?
Attachments
Untitled.png
dantehigh
 
Posts: 6
Joined: Tue Jul 26, 2011 2:55 pm

Re: 08/22/2011 Intraday Watering

Postby dantehigh » Mon Aug 22, 2011 2:41 pm

And in case of breakdown, target would be ~111.50? Thanks.
dantehigh
 
Posts: 6
Joined: Tue Jul 26, 2011 2:55 pm

Re: 08/22/2011 Intraday Watering

Postby 99er » Mon Aug 22, 2011 2:42 pm

User avatar
99er
 
Posts: 3686
Joined: Mon Feb 14, 2011 3:43 pm

Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 2:50 pm

alvian33 wrote:Cobra, you said expect a strong rebound as early as tuesday, after this actions on friday and today, do you think the probability is high to go long now for a swing trade? Still expect a rebound? thanx


After failed 2 rebound attempts (assume today we close right here), I'll need more evidences to call rebound.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 38023
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 2:57 pm

dantehigh wrote:Cobra,

Trying to learn here. Triangle forming on the 5min chart on SPY?


yes.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 38023
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 3:03 pm

still looks like a Descending Triangle.
Attachments
1.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 38023
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Postby biotrader » Mon Aug 22, 2011 3:06 pm

Looks more like a downward channel, no?
biotrader
 
Posts: 45
Joined: Mon Mar 21, 2011 6:58 pm

Re: 08/22/2011 Intraday Watering

Postby PRI » Mon Aug 22, 2011 3:08 pm

On the 30 min futures chart (ES) we are about to complete a head and shoulders top pattern.
I tried to post the image, but am having trouble and don't have time to figure it out now.

If you draw the line from last night's low of 1112.45 at 6pm to
the low at 1115.65 at 2:30 am to
this morning's low of 119.15 at 11:30 am
you will see that we are only a couple of pt.s away from completing the pattern.
PRI
 
Posts: 165
Joined: Wed Feb 16, 2011 10:26 am

Re: 08/22/2011 Intraday Watering

Postby jarbo456 » Mon Aug 22, 2011 3:12 pm

Cobra wrote:still looks like a Descending Triangle.


either way, it's bearish no?

i am short, and have been. holding on for the follow through on the pattern.
User avatar
jarbo456
 
Posts: 2218
Joined: Wed Aug 10, 2011 9:19 am
Location: New York, NY

Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 3:21 pm

jarbo456 wrote:
Cobra wrote:still looks like a Descending Triangle.


either way, it's bearish no?

i am short, and have been. holding on for the follow through on the pattern.


so far the chart doesn't look bullish.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 38023
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Postby jarbo456 » Mon Aug 22, 2011 3:29 pm

Cobra wrote:
jarbo456 wrote:
Cobra wrote:still looks like a Descending Triangle.


either way, it's bearish no?

i am short, and have been. holding on for the follow through on the pattern.


so far the chart doesn't look bullish.


we also did not break above Friday's high, did we?
User avatar
jarbo456
 
Posts: 2218
Joined: Wed Aug 10, 2011 9:19 am
Location: New York, NY

Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 3:32 pm

jarbo456 wrote:
Cobra wrote:
jarbo456 wrote:
Cobra wrote:still looks like a Descending Triangle.


either way, it's bearish no?

i am short, and have been. holding on for the follow through on the pattern.


so far the chart doesn't look bullish.


we also did not break above Friday's high, did we?


no we didn't. unless some miracle happens in the last 28 minutes.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 38023
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Postby StrikePrice » Mon Aug 22, 2011 3:32 pm

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.
StrikePrice
 
Posts: 770
Joined: Wed Mar 30, 2011 1:27 pm

Re: 08/22/2011 Intraday Watering

Postby 99er » Mon Aug 22, 2011 3:33 pm

User avatar
99er
 
Posts: 3686
Joined: Mon Feb 14, 2011 3:43 pm

Re: 08/22/2011 Intraday Watering

Postby Petsamo » Mon Aug 22, 2011 3:37 pm

Unless we rally enough from here, I'll be surprised if overseas markets give us another gap up tomorrow. Image
Twitter @jackwag0n
User avatar
Petsamo
 
Posts: 3339
Joined: Thu Jun 30, 2011 2:22 pm

Re: 08/22/2011 Intraday Watering

Postby littletiger » Mon Aug 22, 2011 3:40 pm

99er,

is that another bearish one?



littletiger
 
Posts: 1
Joined: Mon Aug 22, 2011 9:29 am

Re: 08/22/2011 Intraday Watering

Postby Cobra » Mon Aug 22, 2011 3:49 pm

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.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 38023
Joined: Sat Feb 12, 2011 10:29 pm

PreviousNext

Return to Traders Lounge

Who is online

Users browsing this forum: Bing [Bot] and 12 guests