08/11/2011 Intraday Watering

[AK84]

symmetrical triangle, more likely another push up.

seems we r betting beers again. i believe top in and went short at 1150.25. first stop at 1139.75, and i hope to see 1125 today

can u explain why u think 1150 is the top please?
thanks

[nonabear]

Cobra,

Isn't this consolidation in the last 1 1/2 hours usually bullish if the market is moving up during the day...and would be bearish if it were consolidating after a move down.

[StrikePrice]

symmetrical triangle, more likely another push up.

seems we r betting beers again. i believe top in and went short at 1150.25. first stop at 1139.75, and i hope to see 1125 today

Why trade before the breakout?

Cobra shows the pattern, maybe it will breakdown, I always feel patience is a major key to trading...

[up666]

The MACD histogram is too extreme?

viewtopic.php?f=2&t=264#p20639

symmetrical triangle, more likely another push up.

seems we r betting beers again. i believe top in and went short at 1150.25. first stop at 1139.75, and i hope to see 1125 today

can u explain why u think 1150 is the top please?
thanks

[Cobra]

still in Triangle, now bulls attacking, this is the 3rd touch.

[nonabear]

I watch the options a little, but today was the first day in more than 2 weeks when the market was only up a few points (early today), and the call options for Sept. were positive...in prior days the options were negative by 10-20% when the market was flat from the prior day. Would this be short covering people who sold call options, or panic buying of call options.

Also, the Sept. options aren't moving down, while the futures have went down from 1154 to 1145, and the options only went down a little...mean anything?

[Cobra]

Cobra,

Isn't this consolidation in the last 1 1/2 hours usually bullish if the market is moving up during the day...and would be bearish if it were consolidating after a move down.

yes, that's right. so we need wait until the breakout to make our next move.

[uempel]

Soku, the diamond which was formed these last days does have bullish implications - for the short term at least. Here an update:

[soku]

see how vulnerable the market is.
xom, the largest US company (let's forget aapl's aggressive chasing for this moment), could be fat-fingered like this. look at that algo's behavior. it is amazing.

http://www.zerohedge.com/news/visualizi ... hft-glitch

[Cobra]

bulls only concern for now is MACD HIST too high, this kind of momentum cannot be sustained. It don't mean when momentum goes down the price will go down too, just it means the push up strength is more likely to get weaker and weaker.

[Michelle]

The MACD histogram is too extreme?

Would like to mention that sideways movement works off extremes.

[stucap]

Cobra,

Isn't this consolidation in the last 1 1/2 hours usually bullish if the market is moving up during the day...and would be bearish if it were consolidating after a move down.

yes, that's right. so we need wait until the breakout to make our next move.

looks pretty bullish to me.

also declining volume throughout the day and no sign of any bear-strength tells me that the market is headed up until further notice.

[champix]

Hi All,
Long time since my last post but always a pleasure to read everybody here.

Went long 2 crude @ 82.88; target 1 = 83.88, target 2 = 84.88 stop now placed @ 82.90
Just need Spi to help me further...

[Cobra]

here comes the breakout. Let's see how far it could go this time. dashed line is text book target and red line is the first resistance, and don't forget the phantom bar formed yesterday, could be the target.

[AK84]

Long GOOG OCt 555 calls. Stop at 555. GOOG has entered the weekly trendline again and looks good to run till 580 again. Then we'll see.

[grachu]

hey cobra can u show the macd set up that shows this ? in the chart if you do n mind,, with the arrow....

[soku]

symmetrical triangle, more likely another push up.

seems we r betting beers again. i believe top in and went short at 1150.25. first stop at 1139.75, and i hope to see 1125 today

damn. guess wrong this time. stopped out at 1156. maybe i enter too early. this is still a typical topping process to me. will enter some time later

[Cobra]

hey cobra can u show the macd set up that shows this ? in the chart if you do n mind,, with the arrow....

don't understand your question. Didn't I show the MACD HIST already?

[Cobra]

maintain the target, tinted area plus phantom bar.

[grachu]

when you say it is to high . ? that shows the momumentum can not be sustained. i want if you could please show how to read this. in the MCB histogram thks