There is no silver bullet that will tell you which way it will go, it's one of many factors that decide the direction of the market. It's one of many methods to use for confirmation of a new direction.
"The only way to get a real education in the market is to invest cash, track your trade, and study your mistakes"
KENA wrote:Lots of support from 1180 to 1170.The mkt may not be able to break thru all of this at this time.The mkt may try to go up to the 1190/1195 level.May be a good buy short level again.Wait and see.Anyway time for breakfast.
Kena- didnt you mention the Bullish percent from dorsey wright turned positive which typically means several weeks of upside. If this is the case shouldnt this put us in buy the dip mode over the next sevral weeks? Newbie trying to learn. Thanks in advance.
support around 1175-1180. what kena yelled already? that bastard stole my fun!
if this field lost, the next one will be 1150-1155. i don't think we will go there.
The goal is not uniformity. It is understanding and idea exchange.
soku wrote:support around 1175-1180. what kena yelled already? that bastard stole my fun!
if this field lost, the next one will be 1150-1155. i don't think we will go there.
Backfrom breakfast..Ha, you have to be quick to get ahead of me.
Thanks Guys. I will be reshorting NFLX on any pop (im still holding my puts but will close sometime today to lock in gains for the wekeend) . I dont see support till 185-190! The trade was super clear on the weekly. Bear Flag!
Will keep you updated on new ideas! Not going to be super active today (and by that I mean no posts every 5 mins ...lol) as I'm trying to take care of some stuff! Looking forward to the weekend!!
Thank you Cobra for being the BESTTTTTTTTTTTTTTTTT!!!!!
KENA wrote:Lots of support from 1180 to 1170.The mkt may not be able to break thru all of this at this time.The mkt may try to go up to the 1190/1195 level.May be a good buy short level again.Wait and see.Anyway time for breakfast.
Kena- didnt you mention the Bullish percent from dorsey wright turned positive which typically means several weeks of upside. If this is the case shouldnt this put us in buy the dip mode over the next sevral weeks? Newbie trying to learn. Thanks in advance.
Yes., They are green until they loose 6%,then the trend changes to dn.You have to watch them as they go dn to see what direction they take.The direction changes only when the 6% is acomplished.Depending on the up & dn mkt internals,this ususlly takes a few weeks.The mkt now seems to make changes a lot faster so the time frame can get a lot shorter.I post the info. every so often on this site.
kind of key time, any time back test of the previous low there's a chance of reversal, but statistically, if breakdown the morning low, then 90% chances Open > Close today, so maybe this test is nothing.
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AK84 wrote:Thanks Guys. I will be reshorting NFLX on any pop (im still holding my puts but will close sometime today to lock in gains for the wekeend) . I dont see support till 185-190! The trade was super clear on the weekly. Bear Flag!
Will keep you updated on new ideas! Not going to be super active today (and by that I mean no posts every 5 mins ...lol) as I'm trying to take care of some stuff! Looking forward to the weekend!!
Thank you Cobra for being the BESTTTTTTTTTTTTTTTTT!!!!!
Cheers on the NFLX short, lost contract with Starz last night made me smile. I have the same near term target range.
Technical breakdown and fundamentals both in the same direction. Excellent.
Gone for the weekend, GL everyone and enjoy the last weekend of summer.
Mongoose wrote:Cobra, After following your blog for nearly a year, and your most recent Market Outlook, 9/1, is the best I have seen. It is concise, comprehensive and well balanced. I like the TA with the stats. I also like the "if this, then that scenario". The Market Outlook is balanced with market psychology and economic indicators.
Brilliant. Thanks for sharing your insight.
Cobra rules. I've been following the blog for over a year. A must read for me.
I wanted to say I do kinda miss the old way where Bullish and Bearish signals built up in a table. That was what really turned me on to technical analysis.
Got your idea, let me think what to do, thanks.
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hemlock21 wrote:Greek bond yields are back to high of day at 18.28. All time high is 18.53, so this could be a harbinger of further breakdown in Euroland...
But during the weekend they will figure something "new" regarding solution of Euro problems!!
KENA wrote:The Government is going to SUE the Banks.Can you think what this will do to the Banks that are already in poor shape.Boy we sure need a change.
The government bailed out the banks, and now they're going to sue them. So, after they sue them, will the government bail them out again? Talk about not making any sense........