02/22/2011 Intraday Watering

[uempel]

The same chart, first an overview, then a close-up:

http://stockcharts.com/h-sc/ui?s=$SPX&p ... &listNum=3


http://stockcharts.com/h-sc/ui?s=$SPX&p ... &listNum=2

Uempel, how you found all those lines? Really amazing. You have lots of fans here, you know!

Technique is 100 years old, price tends to stay in the rhomboid. Gann did it with fixed angles of 30 or 45 degrees and horizontal lines at the crossing points, I do it by picking up existing angles which are visible in the chart pattern. But it's not my own creation, I've read too much, picked up this and that over the years from many people. But these grids tend to work. And they also work on a 1 minute chart!

[Cobra]

2 bar reversal then L2, let's see if bear get's 2 legs down here...

[Cobra]

Technique is 100 years old, price tends to stay in the rhomboid. Gann did it with fixed angles of 30 or 45 degrees and horizontal lines at the crossing points, I do it by picking up existing angles which are visible in the chart pattern. But it's not my own creation, I've read too much, picked up this and that over the years from many people. But these grids tend to work. And they also work on a 1 minute chart!

The problem is it's not easy to find which line really works, you have to try hundreds of times which is very very time consuming. I assume you have lots of such kind of chart in your chart book.

[simpletrader]

2 bar reversal then L2, let's see if bear get's 2 legs down here...

unlikely

[Dow Trader]

2 bar reversal then L2, let's see if bear get's 2 legs down here...

I would extra carfule shorting last hour of trading because it was for long time bull friendly

[BullBear52x]

Testing,

Thanks Cobra, new here.

[Cobra]

2 bar reversal then L2, let's see if bear get's 2 legs down here...

I would extra carfule shorting last hour of trading because it was for long time bull friendly

Well, maybe this time is different? It's been long long time and everyone is used to a strong close, so maybe this time is different?

[koolblue]

Careful boyz! Justin Bieber cut his hair yesterday! 1310 coming soon!...

[Cobra]

Testing,

Thanks Cobra, new here.

Welcome!

[maldini]

Jus curious, anyone plans to short the coming L2 at EMA20?

I did, don't know it is a good decision or not //pray

[uempel]

Technique is 100 years old, price tends to stay in the rhomboid. Gann did it with fixed angles of 30 or 45 degrees and horizontal lines at the crossing points, I do it by picking up existing angles which are visible in the chart pattern. But it's not my own creation, I've read too much, picked up this and that over the years from many people. But these grids tend to work. And they also work on a 1 minute chart!

The problem is it's not easy to find which line really works, you have to try hundreds of times which is very very time consuming. I assume you have lots of such kind of chart in your chart book.

No, no. The patterns are very consistent. The only explanation of the phenomenon is that Newton's 3rd law actio/reactio works for both price (up and down) and time (left/right). I have not other explanation, nor do I know "why" the 3rd motion law works in charts. I've never gone into it scientifically, as I'm less interested in the scientific aspect. But there are people who have been doing research. By the way, T-theory and Andrew's Forks apply the same theoretical basis, as do channels.

[Cobra]

I believe this is a successful L2 short, L3 offers better chance but since it's a bull bar, not easy to take L3. The L2 pullback is weak, so this looks like a consolidation in stead of a 2 (small) leg down.

[Cobra]

Good L2 short, but not easy to hold that long. Now it looks likea a small bear flag breakdown, we need see if the current support holds. The pattern usually like this: breakdown and go lower for a few bars then may (sharply) reverse back to the bear flag area.

[Me XMan]

HAHAHAHA! Good one.

Careful boyz! Justin Bieber cut his hair yesterday! 1310 coming soon!...

[Cobra]

By the way, a strong down trend day, you don't have to wait until L2 at EMA to short, any micro-trendline overshot is a good short or you can use 1 min chart.

[Cobra]

Yes, sharp breakdown. Now let's see if we get sharp reversal. We may or may not get it, this part is not guaranteed.

[uempel]

SPX broke the red trendline intraday. If SPX stays beneath the 20 DMA (now at 1314) at the closing bell and falls through the blue trendline, this correction will go on.

http://stockcharts.com/h-sc/ui?s=$SPX&p ... &listNum=2

[KENA]

1312 is coming if breaks down then like I said ...Maby lower low.

[maldini]

By the way, a strong down trend day, you don't have to wait until L2 at EMA to short, any micro-trendline overshot is a good short or you can use 1 min chart.

There were so many great chances to short in that slope, but my comcast went down!!!!

[maldini]

SPX broke the red trendline intraday. If SPX stays beneath the 20 DMA (now at 1314) at the closing bell and falls through the blue trendline, this correction will go on.

http://stockcharts.com/h-sc/ui?s=$SPX&p ... &listNum=2

thanks