08/23/2011 Intraday Watering

[cougar]

Right, Tabby!

[cougar]

$DXY daily, 3LB:

[alvian33]

cobra, is it bullish the fact that we can not break to the downside, we tried few times already and still no break?

[Cobra]

cobra, is it bullish the fact that we can not break to the downside, we tried few times already and still no break?

Too early to say this. Bears still are attacking. And don't forget bulls cannot breakout as well, so it's a tie.

[silicon_beaver]

Morning everyone. I guess I've only looked at the regular hour ES. What is the global ES, and what is the symbol? On TS, I use @ES ....any idea what the global ES would be? I can't find it on google

Global ES, I mean ES includes overnight session. Nowadays maybe watch the whole session ES makes more sense because the world economy is tied together.

Thanks LaoDa for the info. same question here. I will check it.

[Michelle]

Copper looks good this morning.

[Cobra]

it's a tie (trading range). bears have the ball and now are attacking. The regular hour ES still looks like a Descending Triangle therefore is more likely to breakdown. Trading wise, we have to wait until the breakout (either upside or downside) to know the direction, so let's wait. Trading is mostly a waiting game, like fishing...

[jarbo456]

weak housing data, treasuries up, but EUR up and market up. -_-

[shumushu]

Channel resistance

[Mr. BachNut]

For followers of Tom DeMark's work, I believe yesterday was a TD Countdown buy set-up. It is defined as 13 closes (not necessarily sequential) that are less than or equal to the low 2 days prior. It is designed to capture the second exhaustion phase of a trend. So, followers would go long today. Conservative followers might follow a guideline of buying when we get a close higher than close four days prior to confirm a turn.
This is not a day trading signal but more intermediate term in nature.

The TD Sequential Buy setup (9 closes below close 4 bars earlier) caught the first exhaustion phase of the trend well week before last.
I am not familiar with DeMark but some institutions follow him, which might explain some buying today. So, I am watching to see how well this works.

I will put loose stops on my equity hedges, to be tightened with more data if appropriate, as this is one indicator that suggests a bottom could be near.

[cougar]

Thanx BachNut! Interesting... A cautious long today, for a short-term swing, is also my view...

[quientuves]

Rejecting?

[trader0303]

Rejecting?

Preparing for a second "siege" on the resistance the way I see it

DibujoSP1.jpg

[Cobra]

descending triangle resistance line.

[jarbo456]

testing the triangle and the channel...just above the channel line.

[biotrader]

$SPY - short @ 114.75 again?

[StrikePrice]

descending triangle resistance line.

Cobra,
Yesterday I mentioned SPX looks slightly different. I already see breakout, backtest, and go on SPX. What do you think?
Thanks.

[99er]

Honey,,,forget the crossword.
SPX http://99ercharts.blogspot.com/2011/08/spx_23.html

Look at the butterfly.

[KENA]

Anyone see the Fed's Mfg.Data this morn. I can't find it.Must have missed it.Thanks

[jarbo456]

$SPY - short @ 114.75 again?

nice short. i was going to write that you were being rather "ballsy".

but now you're just being right.

lol