06/02/2011 Intraday Watering

[Cobra]

so cobra you expect another low before a real rebound?

not necessary and i'm not sure. the point is back tested the morning low then reversal, so chances are good the low was in or very close, we shall see a rebound lasting for awhile.

[alvian33]

too bad I sold right when I saw your graph pointing lower

[cletus]

Sold my SPY calls for a quick 5% at SPY 131.75 which was a measured target

[soku]

es is testing my line in sand 1306-1307. if break, ...
even as a perma bear, i don't want to expect too much

long to 1312

My answer just below was meant for you, posted it by mistake to Cobra...

my target reached, but shd i sell? i am getting greedy now

[StrikePrice]

I'm sure many of you noticed but for those who haven't:

/ES low today is 1304.50 which is NOT lower than 5/25.

I'll jump on the Bear-wagon when /ES breaks down.

[Cobra]

too bad I sold right when I saw your graph pointing lower

still hard to say. tough call here.

[alvian33]

judging by the 4h bar tail we should be close to a bottom, trying to get long here

[cougar]

Cletus: Yes, I do trade PALL! It moves very nicely...usually ahead of the main commodities herd. Your observation is correct: it is "indepoendent".
Unfortunately PALL does not have options!

[gabor]

Cobra, how do you count H1 ..Hn and L1 .. Ln? When the price is crossing EMA20 that is H1 or L1? or that's H0 or L0 and after the first touch back is called L1 H1?

[Cobra]

a little channel here. will temporarily maintain there's one more dip, either with lower low or higher low, not sure though. overall the price action is encouraging.

[cletus]

Cletus: Yes, I do trade PALL! It moves very nicely...usually ahead of the main commodities herd. Your observation is correct: it is "indepoendent".
Unfortunately PALL does not have options!

Cool. I'll add it to my list and study it tonight.

Indeed, as I've tried to learn, in order to become a true professional trader, one must treat trading like a job and spend many hours of study (unless your trading is automated, but even that requires hours of work and study to build a system). This means if you aren't spending hours each week studying the charts from different angles and trying to be selective in trade set ups, then a person has not yet become a true professional.

[Cobra]

Cobra, how do you count H1 ..Hn and L1 .. Ln? When the price is crossing EMA20 that is H1 or L1? or that's H0 or L0 and after the first touch back is called L1 H1?

go see "Getting Start". It's another forum other then this one.

[uempel]

Soku, I don't think it will go higher than 1314-15 today, but I have been mistaken...

[cougar]

Thanks Cletus!

[pablorynx]

anyone else see the o/n ES session as a bear flag, broke this morning, just traced back in the last hour to back test it?

[oldpigwang]

Cobra: u said "back tested the morning low then reversal". Is this reversal just very short term? or a bite meaningful reversal?
$6k question.

[alphahorn]

not to say I told you so, but I did

[99er]

SPX
Going down again.
http://99ercharts.blogspot.com/2011/06/spx_3693.html

[alphahorn]

also, I love me some RUT/IWM!!!!!

[StrikePrice]

23.6% retrace met with a big Bear paw. Swat!