02/06/2017 Live Update

[Mr. BachNut]

A couple of things:

As noted last Friday, an overbought setup came into play for me.
Per the setup, I sold the attempt to close the opening gap this morning.
I wanted to sell at the Friday closing price, but the index really seemed to be struggling to get there and Cobra posted a red hollow bar.
So, I pulled the trigger at what now looks like a good level. I have a tight stop.
Also as noted on Friday, the odds on this are just a bit better than a coin flip (55%). So, I don't have much conviction on how it will turn out.
However, the rewards on winners more than cover the losers on this setup over time.
Also worth mentioning just in case, this setup includes a reload under certain conditions if stopped out. Sometimes overbought markets push a bit higher before rolling over if they roll over...
We'll see what happens.

I think this trade comes at an interesting time as we are testing the island top from two weeks ago as well as the upper zone of the magenta wedge in my last NYMO chart.
Also, eumpel's ellipses have a time signal on deck. So, there is a confluence of things.
While the setup is designed to capture price working off overbought conditions over a few days, maybe just maybe it happens to catch a turn for something bigger.
Thus, I figure it is worth posting about even though there is a good chance it will fail or not pay much.
Worst case, it goes into the trash heap of failed trades, and we wait for the next setup.
I haven't a clue what will happen.

I won't be posting this Friday as I am headed to FL to play some golf.
Big market moves seem to happen when I am unavailable. So, Friday (or Thursday when I am on a plane) could be a big day.
If I am still in this trade by then, I will have scaled out some profit and will try to advance my stop to BE by the time I leave.
Might post Thursday morning.

[Trades with cats]

I won't be posting this Friday as I am headed to FL to play some golf.

Say hello to Donald and Shinzo for us as they are following your lead.

[Mr. BachNut]

To avoid any bias that may be present in my last post, just note that we are painting an inside day so far today.
Mr. Market may just as easily decide to break that up rather than down tomorrow.
My setup has little predictive value.

[te_fern]

To avoid any bias that may be present in my last post, just note that we are painting an inside day so far today.
Mr. Market may just as easily decide to break that up rather than down tomorrow.
My setup has little predictive value.

Thanks Boss, appreciate your posts. Have fun down here in Florida and spend lots of money, we need it in Florida!! LOL!

[Mr. BachNut]

I won't be posting this Friday as I am headed to FL to play some golf.

Say hello to Donald and Shinzo for us as they are following your lead.

They neglected to invite me to play in their group for some reason.

I think they don't want me to hear them share their thoughts on the USD/Yen cross...

[Al_Dente]

HAPPY HOUR

[Al_Dente]

Daily, short term, not intraday
I don’t have overbought momentum (stochastics-9) here on charts #1, #2, #5, #6, #7, #8
Almost all are above 20ema (cyan), all could go higher

[ALdaytrade]

I H&S on the one hour chart with target at 2329?

Wonder if this pattern will work out!

[Trades with cats]

Standing on the platform waiting to see if the 3:30 Ramp Express runs today. Haven't bought a ticket. Put my ear on the rail and couldn't feel a thing.

[ALdaytrade]

koakd.png

sdsd.png

On your second diagram, there is another dotted line. What date is that one for?

Maybe we will get the I H&S on the one hour to work out and then have a turn down.

[Cobra]

members only update at 3:50 pm
http://www.cobrasmarketview.com/2017/02 ... ay-update/

[Cobra]

well, guess that's it for today. Tuesday tomorrow has been very very bull friendly recently. thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp

[BullBear52x]

Chart for the road: complacent are we? will see what after market will show on $CPC. Peace!

[ALdaytrade]

Close up of Tuesday's time signal. This is not a slam dunk, but these kind of signals tend to be valid i.e. the market ought to make a good move.

TS.png

My guess is up, the I H&S on the one hour chart might play out. If it does we will head to 2329.

[Junior Buffett]

Close up of Tuesday's time signal. This is not a slam dunk, but these kind of signals tend to be valid i.e. the market ought to make a good move.

TS.png

My guess is up, the I H&S on the one hour chart might play out. If it does we will head to 2329.

That was very easy call... try you luck with tough call...

[ALdaytrade]

Close up of Tuesday's time signal. This is not a slam dunk, but these kind of signals tend to be valid i.e. the market ought to make a good move.

TS.png

My guess is up, the I H&S on the one hour chart might play out. If it does we will head to 2329.

That was very easy call... try you luck with tough call...

You are very rude.

[Junior Buffett]

Close up of Tuesday's time signal. This is not a slam dunk, but these kind of signals tend to be valid i.e. the market ought to make a good move.

TS.png

My guess is up, the I H&S on the one hour chart might play out. If it does we will head to 2329.

That was very easy call... try you luck with tough call...

You are very rude.

Sorry if you got offended, that was not intention. It was sarcastic quote...based on how market is going up up and up...sorry again..cheers

[ALdaytrade]

Close up of Tuesday's time signal. This is not a slam dunk, but these kind of signals tend to be valid i.e. the market ought to make a good move.

TS.png

My guess is up, the I H&S on the one hour chart might play out. If it does we will head to 2329.

That was very easy call... try you luck with tough call...

You are very rude.

Sorry if you got offended, that was not intention. It was sarcastic quote...based on how market is going up up and up...sorry again..cheers

Thank you for your apology. I was too defensive. For some reason I momentarily lost my sense of humour. Cheers.