04/07/2011 Intraday Watering

[Cobra]

the problem is still ChiOsc too high, so I kind think the market may continue down from here.

Cobra: I also noticed ChiOsc doesn't respond to sudden drop (spike down) well, I think it's because of ChiOsc its (3, 10) smooth factor
Today's high level could be a delayed reaction to yesterday afternoon's buying.

It's not about smooth. ChiOsc is MACD(3,10,1) on AD line. The AD is basically OBV but depends on how the bar closes. The closer the close to the bar high, the more bullish volume assigned. So, as for today, the sudden drop, yes, but it came with long shadow, so AD assigns the most volume to bulls (which makes sense), therefore you see even the market drops, AD still rises and so ChiOsc. So I think basically ChiOsc correctly reflects what's going on now.

[Cobra]

interesting, didn't see a resistance here.

[silverharp]

the cycle says when... hopefully!...

out of curiosity, do you class a double bottom as a secondary low? and is the SL normally your entry point?

[DaWay]

Thanks. kind hope this intraday thing could change our lonely trading life.

What a foresight! Yea, it sure did that, but the SOLID Technical Insights from you and the board is even more appreciated, BAR NONE!

I hope to see a break down of the channel, but a rebound from exactly the bottom trend line is looking so "Yes we can!" do more channel tradings....

[koolblue]

well, i dont really always buy (or sell) the secondary highs and lows ,i just work off of my projections, although i suppose that might be a safer strategy!..ie: i had no way of knowing how far back we'd retrace to get that secondary bottom unless i go to the smaller one min chart to see!.. and since i was already in the trade, i was more concerned with at what point i'd know i was wrong!(for me a touch of the start of a projection negates the projection since then you would have a new low(even if its the same 132.95 price)... does any of this make any sense? the secondary low did,however make a nice cycle which i pointed out!...hope this helps..

[koolblue]

nice little triangle tho shown on my last chart,(5 min) eh?

[Cobra]

hmm, a perfect triangle here.

[BullBear52x]

the turn

[AK84]

hmm, a perfect triangle here.

Does this mean we break to the upside of the downside?

[koolblue]

I never trade the cycles, just my projections,but as you can see i do pay attention to them. tHEY CAN BE USEFUL!.. For instance this long im in from 132.98, if it goes to 3:10-3:15 the expected short term cycle peak and my price of 133.37 is not approached or very close, i'll likely take whatever profit i have.

[koolblue]

hmm, a perfect triangle here.

Does this mean we break to the upside of the downside?

.. to be perfectly honest i dont know, i'll defer to the master(COBRA) for that..tho one could call this the d leg up ,i suppose!

[Cobra]

hmm, a perfect triangle here.

Does this mean we break to the upside of the downside?

No idea. didn't you see I didn't say much about the market today other than the general support and resistance? That's because I'm clueless.

[koolblue]

Captain! WE NEED MORE POWER!

[Cobra]

still cannot believe that nobody complains about oil price those days?

[koolblue]

long from 132.98 and getting nervous! will hold for ten more min!..stop raised to 133.12

[jamesmith]

still cannot believe that nobody complains about oil price those days?

i have to spend $50 to fill up my car's gas now :(

[koolblue]

Warp drive!!! lol covering now

[agnosia]

still cannot believe that nobody complains about oil price those days?

cobra, haven't you heard? oil prices are up because the economy is doing well

[PRI]

Again, very short term,looking for 133.37 exit...

SCORE! Nice trade, congratulations!

[koolblue]

SO CONCLUDES TODAYS LESSON!.. objective hit(within one cent) and triangle channel hit tho about 2-3 min later than i expected!... out at 133.35 from 132.98..