06/08/2011 Intraday Watering

[PLUNGE]

Selling IWM. Fast RENKO:

Cougar, I'm also short IWM. Do you have a target? I'm looking for 77.75 which is the lower limit of 56 EMA channel with 5.6 width. Channel contains most prices over past 10 months.

[BullBear52x]

GM, close out all of my evil position. may not trade today. very confusing day for the market today.

[KENA]

So far up volume lot heaver then dn volume..could be good for green day. Lets see

[PurpleRosesLover]

Cobra , I have a question about your statistics for IWM weekly Bearish Engulfing:
http://lh6.ggpht.com/-dCEJd-JqBuk/TerJM ... 25255D.png
Your statistics in the table says “hold for 1.5 weekly bars, we win 11 times out of 11 times.”
What does “holding for 1.5 weeks” mean?
For example, if I shorted SPY @ 130.42 at last Friday (June 3) close, by definition of 1.5 bars,
does it mean:
A) I close position at any time during next next week (during June 13 and June 17)?
Or does it mean:
B) I close position on exact Wednesday next next week which is June 15?
Thanks !

That 1.5 week is just an average: some cases the IWM down straight for 2 more weeks but some cases the IWM up one more week then down 2 weeks in a row, so on average it's 1.5 meaning not necessarily the next week. By the way, the software treat that 2 weeks down in a row as one weekly bar, so that's why you see 1.5 weekly bar instead of 2.5 or 3 weekly bar something - just let you know that nothing wrong here.

Thanks. I think I got it.
So if I shorted Friday close(June 3), I should see profit either in 1 week or in 2 weeks. Am I right?

[BullBear52x]

cletus - i am short NG as well .. but will cover before the inventory report, which I suspect will be very bullish since some areas of the country have heat waves - and we love our air conditioning

I am so long UNG, a pure TA, wait for break out.

[BullBear52x]

Dip buyers last chance, I am not buying but......this is as good buy as it can get intraday

[agnosia]

LOOK AT CRUDE RUN

hey cletus, next time you enter a trade let the group know real time, i would like to see what kind of entries you are getting. thanks. ru short gold? i am planning on at some point but am not too familiar with it..

[Anaconda]

Shorted oil at 100.50/bbl. Massive manipulation. U.S. crude futures for delivery at 10x monthly needs. Same old pump 'em and roll 'em behavior, with silly talk from OPEC. When have these clowns ever stuck to what they said they would do? I'm betting the demand decline continues to bring prices down.
Good luck, whichever side of the trade you're on.

[cletus]

cletus - i am short NG as well .. but will cover before the inventory report, which I suspect will be very bullish since some areas of the country have heat waves - and we love our air conditioning

Well, my stop is that it shouldn't make too big of a higher high from these levels. If so, I'd be out of that short with losses. I'm just playing the recent cyclicality.

[cougar]

Selling IWM. Fast RENKO:

Cougar, I'm also short IWM. Do you have a target? I'm looking for 77.75 which is the lower limit of 56 EMA channel with 5.6 width. Channel contains most prices over past 10 months.

Yes PLUNGE, your target makes sense = 3/15 low... Perhaps the 78.5 area will be a solid support, even higher than 77.75.

[cletus]

LOOK AT CRUDE RUN

hey cletus, next time you enter a trade let the group know real time, i would like to see what kind of entries you are getting. thanks. ru short gold? i am planning on at some point but am not too familiar with it..

Some of my calls have gone bad. Maybe no one should listen anymore lol.

I shorted UNG with some puts this morning. This is a trade I'm not hugely confident in but I'm trading cyclicality on it. My stop will be if UNG presses well above the current recent high.

[soku]

1279.25 long half position.

[uempel]

1279.25 long half position.

Yeah, I'm expecting a bounce, but if support fails, I'm out immediately.

[BullBear52x]

Nice Positive D here

[BullBear52x]

UNG inraday

[agnosia]

Some of my calls have gone bad. Maybe no one should listen anymore lol.

I shorted UNG with some puts this morning. This is a trade I'm not hugely confident in but I'm trading cyclicality on it. My stop will be if UNG presses well above the current recent high.

yeah whatever man, we all get some wrong, part of the game... you seemed to be nailing the silver trade lately and i thought u mentioned something about shorting gold. keep us up to date on that one as i am interested as well.

i don't trade options but a good strategy would be to buy out of the money puts on UNG since it decays massively month over month. good luck on it.

[cletus]

There is a cyclical turn on SPY at 10:15 EST today. I won't be saying whether it's a top or bottom because I'm noticing that sometimes these turns can be highs or lows and that the time might be more important that whether the system predicts a high or low.

[cletus]

Some of my calls have gone bad. Maybe no one should listen anymore lol.

I shorted UNG with some puts this morning. This is a trade I'm not hugely confident in but I'm trading cyclicality on it. My stop will be if UNG presses well above the current recent high.

yeah whatever man, we all get some wrong, part of the game... you seemed to be nailing the silver trade lately and i thought u mentioned something about shorting gold. keep us up to date on that one as i am interested as well.

i don't trade options but a good strategy would be to buy out of the money puts on UNG since it decays massively month over month. good luck on it.

I'm still short gold but honestly the trade is probably too far against me at this point. However, I'm trading options and I think I have July or Aug puts so I'm fine holding since the technicals are working against it. I see a move out of gold and into stocks. I think people have fled into gold out of fear.

[99er]

SPX
Targeting 1273 or so.
http://99ercharts.blogspot.com/2011/06/spx_08.html

[agnosia]

I'm still short gold but honestly the trade is probably too far against me at this point. However, I'm trading options and I think I have July or Aug puts so I'm fine holding since the technicals are working against it. I see a move out of gold and into stocks. I think people have fled into gold out of fear.

gotcha. i've been a little scared to pull the trigger myself because of how well it has held up... probably because of the fear thing like you mentioned. i will put off on it then.