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08/22/2011 Intraday Watering

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Cobra
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Re: 08/22/2011 Intraday Watering

Post by Cobra »

great, another phantom bar, now we all know the pullback target. :mrgreen:
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Cobra
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Re: 08/22/2011 Intraday Watering

Post by Cobra »

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.

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alvian33
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Re: 08/22/2011 Intraday Watering

Post by alvian33 »

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
dantehigh
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Re: 08/22/2011 Intraday Watering

Post by dantehigh »

Cobra,

Trying to learn here. Triangle forming on the 5min chart on SPY?
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dantehigh
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Re: 08/22/2011 Intraday Watering

Post by dantehigh »

And in case of breakdown, target would be ~111.50? Thanks.
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Cobra
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Re: 08/22/2011 Intraday Watering

Post by Cobra »

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.

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Cobra
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Re: 08/22/2011 Intraday Watering

Post by Cobra »

dantehigh wrote:Cobra,

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

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Cobra
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Re: 08/22/2011 Intraday Watering

Post by Cobra »

still looks like a Descending Triangle.
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biotrader
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Re: 08/22/2011 Intraday Watering

Post by biotrader »

Looks more like a downward channel, no?
PRI
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Re: 08/22/2011 Intraday Watering

Post by PRI »

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.
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jarbo456
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Re: 08/22/2011 Intraday Watering

Post by jarbo456 »

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.
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Cobra
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Re: 08/22/2011 Intraday Watering

Post by Cobra »

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.

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jarbo456
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Re: 08/22/2011 Intraday Watering

Post by jarbo456 »

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?
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Cobra
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Re: 08/22/2011 Intraday Watering

Post by Cobra »

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.

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StrikePrice
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Re: 08/22/2011 Intraday Watering

Post by StrikePrice »

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.
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99er
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Re: 08/22/2011 Intraday Watering

Post by 99er »

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Petsamo
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Re: 08/22/2011 Intraday Watering

Post by Petsamo »

Unless we rally enough from here, I'll be surprised if overseas markets give us another gap up tomorrow. Image
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littletiger
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Re: 08/22/2011 Intraday Watering

Post by littletiger »

99er,

is that another bearish one?

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Cobra
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Re: 08/22/2011 Intraday Watering

Post by Cobra »

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.

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