10/07/2011 Intraday Watering

[BullBear52x]

Today's action only telling me that the high of this last run is getting closer, not to say that we will not see new high ( higher than today's) but good risk/reward for new bear entry here not so much for new bull entry, have a great weekend, HEDGING is a strategy not HOPE.

Thanks, Cobra and all of you snakes out there. GLTA.

[seekingknowledge]

biggest bar + volume surge, hopefully a pullback of some kind here. cannot believe bears cannot even hold for the last 30 min.

So phony baloney runup! Sorry, King, I wanted to be long but had to take profit. This little bear went back into the cave -- for a little bit anyway. Waiting to pounce again. Won't be a buyer long monthly and weekly confirm to go long.

[jaijailyc]

Being a Bear this week was rough, somehow I managed to come out of this stampede with a very modest profit. I am done for the week, this market is tiring. See ya next week.

[chickencoop]

Yes, Sir. I hedged the heck out of this market. So far so good.

[ddd]

I think this could still be in a wave 4, for one more day, before going higher.

[soku]

just post to post

What separates the 10% that make money from the 90% that don’t? by Aamar Shehzad

1. 10,000 hours.

In his recent book ‘Outliers’ Malcolm Gladwell describes the 10,000-Hour Rule, claiming that the key to success in any cognitively complex field is, to a large extent, a matter of practicing a specific task for a total of around 10,000 hours. 10,000 hours equates to around 4hrs a day for 10 years. For some reason most people that ‘try their hand’ at trading view it as a get rich quick scheme. That in a very short space of time, they will be able to turn $500 into $1 million! It is precisely this mindset that has resulted in the current economic mess, a bunch of 20-somethings being handed the red phone for financial weapons of mass destruction. The greatest traders understand that trading much like being a doctor, engineer or any other focused and technical endeavor requires time to develop and hone the skill set. Now you wouldn’t see a doctor performing open heart surgery after 3 months on a surgery simulator. Why would trading as a technical undertaking require less time?

Trading success, comes from screen time and experience, you have to put the hours in!

2. Education, education, education.
3. Think for yourself.
4. Adapt or Die.
5.Fail to plan, you plan to fail.

[jarbo456]

wow fireworks! up and downnnnnnnnnnnnnnnnnnnnnnnnnnnn....

[BullBear52x]

I held on to my shorts, she want me to take off but I can not stand being naked. have a great weekend

[heavenskrow]

VXX retests support 3x times today,
what do u guys think>???

[soku]

yo diego, i guess u owe me a beer?

[ultramarine]

As expected, all the bearish patterns failed yet again and we are now breaking back upwards.

The low earlier today was in fact a good time for trapped bears to get out of shorts, or to JBTFD.

We will be going back up into the 1200's.

In fact, we will get back to the 80 weekly SMA.

It is around there where I will flip and become a bear once more and start building short positions again.

Till then, I will remain a reluctant bull JBTFD.

Nice summary, BT. I think there will be another opportunity for trapped bears to escape next week but who knows what that level will be. The 60 min chart is overbought here and must eventually cycle lower.

[Cobra]

pullback as I said. bears just need a red day, still 17 min to go.

[SB73]

Cobra thoughts on 4 days of declining volume?

[ultramarine]

A cool chart -- head and shoulders on the QQQ.

http://chart.ly/jvd3ux5

[tdo722]

bull trap. careful.

[seekingknowledge]

target reached. again, as long as bears can make a red day, it's bears victory day. let's see the last 30 min.

Love ya, Cobra King! Thanks for posting this "as long as bears ...". Based on your comment, got back in TZA at 45.85. My heart is racing.

[Cobra]

multiple supports, 10 min to go.

[Cobra]

Cobra thoughts on 4 days of declining volume?

not closed, doesn't count. the close volume more often than not changes everything.

[soku]

risk off before weekend. all my previous numbers are now in play. 1154-1155, 1148

[heavenskrow]

Vxx has touched support 3x times today and held