09/02/2011 Intraday Watering

[pady]

for anyone fairly new out there, i'm a good example of what happens when you over-trade your account. held 20 SPY puts into this morning, up 4k to start the day.... john

Hi John,

Since you said your target is 1k a day what is the kind of money you are trading with ? 1k a day is a cool target to achieve.

Thx

pady

[Rezito]

Newbie to this site. Legit pattern? Could lead to a very ugly Tuesday.

Whatever happened to make the markets green before a long weekend so the retailers can have some good revenues over the weekend thing?

[heavenskrow]

All I have to say is dont try to pick bottoms today.... and to those who werent short from Wednesday...im sorry for u

[heavenskrow]

WTF I DO NOT UNDERSTAND SILVERS RALLY TODAY!!! IS silver now acting as a safe haven??? Even when the dollar is starting to breakout??
(I understand silver and golds fundamental long term....but dont understand this intermarket move currently....)
Sitting here stumped......

[cougar]

Hello Alpha_M & AK 84: Well…I think that, sometimes, some fortuitous technical observations can help us improve the “timing” of trades.
Here is PPO 30 min, a chart which indicated, based on a previous observation, that QQQ should follow PPO on its way down. I also mentioned that here on Aug 31, when I posted this signal. I would not have shorted QQQ only on this basis…but it was helpful.

Have a great weekend!

[biotrader]

Newbie to this site. Legit pattern? Could lead to a very ugly Tuesday.

IMO more of a rounded top.

[ramram]

Does anyone think wave 4 is done? and we head up on wave 5 to about 1240-1250 range

[ramram]

I'll take that as a no. lol

[hemlock21]

Looking to add to shorts at 1177 if we retrace in next 20 minutes. Otherwise waiting for 1167 to cover

[heavenskrow]

^ I don't know too much about Elliot Waves.... my dad who used to be a trader for Solomon Brothers uses it a lot....but I just find it too subjective personally.....

[soku]

rumor says ecb is likely to cut rate for 50 bps on 9/8
if it happens, then, what to trade?

[heavenskrow]

gold?

[ramram]

short fxe

[ramram]

Hi Hemlock -- why cover at 1167. what target does this represent?

[Cobra]

Newbie to this site. Legit pattern? Could lead to a very ugly Tuesday.

Welcome aboard!

Although I don't think it's H&S top, the shoulders are just too tiny and given the failure rate of H&S Top/bottom, for bears better this is not H&S top.

[Tuna1889]

Elliot Wave is like economists. They always agree after the fact but too many possibles for the future. If you put all the economists end to end around the world they would all point in different directions. EW counters are the same way.

[ramram]

I agree EW is a guide, another tool in the toolbox, and not a trading strategy.

[SigmaEcho]

Tinted area as Descending Triangle target.

still looks kinda bullish?

[parker]

fsp500 target 1165??????

[Cobra]

consolidation is no good for bulls here. let's see. pretty slow day though.