Back to www.cobrasmarketview.com

09/02/2011 Intraday Watering

cougar
Posts: 1914
Joined: Fri May 20, 2011 9:25 am

Re: 09/02/2011 Intraday Watering

Post by cougar »

Tuna1889 wrote: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.

Tuna: apparently Churchill once said: “If you put 12 economists in a room and you ask a question, you will have 12 different answers…except if one of them Maynard Keynes, in which case you will get 13 distinct answers…”
User avatar
99er
Posts: 3686
Joined: Mon Feb 14, 2011 3:43 pm
Contact:

Re: 09/02/2011 Intraday Watering

Post by 99er »

Hey honey...
RUT http://99ercharts.blogspot.com/2011/09/rut_02.html

Raw beef for lunch?
User avatar
heavenskrow
Posts: 1030
Joined: Tue Aug 16, 2011 11:17 am
Contact:

Re: 09/02/2011 Intraday Watering

Post by heavenskrow »

99er wrote:Hey honey...
RUT http://99ercharts.blogspot.com/2011/09/rut_02.html

Raw beef for lunch?
Yes sir!!
lilitulip
Posts: 71
Joined: Thu Apr 28, 2011 10:37 am

Re: 09/02/2011 Intraday Watering

Post by lilitulip »

99er wrote:Hey honey...
RUT http://99ercharts.blogspot.com/2011/09/rut_02.html

Raw beef for lunch?
raw beef, that's not palatable.
User avatar
ramram
Posts: 60
Joined: Thu Sep 01, 2011 2:22 pm

Re: 09/02/2011 Intraday Watering

Post by ramram »

Hi Cobra
Thank you for this site - it is real sweet.
StrikePrice
Posts: 770
Joined: Wed Mar 30, 2011 1:27 pm

Re: 09/02/2011 Intraday Watering

Post by StrikePrice »

jarbo456 wrote: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. tried to catch the counter rally, but the bulls were still sleeping. failed and stopped out of the trade at -500. saw what looked like it was going to break below 118, shorted near the bottom at 118.15. stopped out again, -500. then did 3-4 more frivolous trades pretty much in counterpoint to the range formation of around 119.04-118.66.

net net, screwed up my 4k profits, and cut them in half.

lesson...overtrade = overkill.

i have my own system in place for trading, but i benefit A LOT from this board, sometimes helping me confirm, but more often keeping me aware of aspects that i don't always think about. my particular view is to keep your system fairly simple and repeatable. if you can do that, then i think you can move towards the higher level "optimization" process which is where i feel like cobra is. even with that being said, sometimes, like this morning, your system says up, you think up, and the market goes down and vice a versa, over and over again. i've been at this for 8 years, 5 professionally, 3 for myself, and i can tell you that you are still vulnerable to even the basic mantras of profitable trading.

hate myself for pissing away what i generally target as 2 days of profits, but...we learn and learn, and learn again.

i'm short a small position into the weekend.

good luck trading, and thanks for everyone out their's time and efforts in posting up their ideas, thoughts, and most especially charts.

have a great holiday weekend,
john
Great post because so true. I'm still new at this too and my list of what has burned me since I started goes like this:

Overtrading
Greed
Not following my system
No System
Too tight Stops
Too emotional
Not Paying Attention
No goal
Lack of Plan
No analysis of Mistakes
Preconceived Ideas
Going Against Pros (Why being here at Cobra's board rules!)

Looks like the week will end flat since we closed at 1173.43 last Friday.

Have a great long weekend guys & gals!
JustTrading
Posts: 39
Joined: Fri Feb 25, 2011 3:45 pm

Re: 09/02/2011 Intraday Watering

Post by JustTrading »

Hi Cobra,

Could you please update your thoughts about whether you still expect another push up before wave 5 down... your target last night was 1150 then wave 4 up. do you still hold this view? Also what is your view about todays selloff....does it feel strong to you? Thanks much!!
pady
Posts: 382
Joined: Mon Aug 29, 2011 3:22 am

Re: 09/02/2011 Intraday Watering

Post by pady »

StrikePrice wrote: Overtrading
Greed
Not following my system
No System
Too tight Stops
Too emotional
Not Paying Attention
No goal
Lack of Plan
No analysis of Mistakes
Preconceived Ideas
Going Against Pros (Why being here at Cobra's board rules!)

Have a great long weekend guys & gals!
You pretty much listed all issues I have with trading :)

Have a nice one...

pady
StrikePrice
Posts: 770
Joined: Wed Mar 30, 2011 1:27 pm

Re: 09/02/2011 Intraday Watering

Post by StrikePrice »

ramram wrote:Does anyone think wave 4 is done? and we head up on wave 5 to about 1240-1250 range
Can you be more clear about your count. I run a short-term count and have S&P in Wave 5 down from 1231. It sounds like you're talking a larger degree and an Alternate Count that is Bullish. My larger degree count is Bearish and it's heading to 1160 area.
Rezito
Posts: 102
Joined: Fri Feb 25, 2011 1:07 pm

Re: 09/02/2011 Intraday Watering

Post by Rezito »

heavenskrow wrote: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......
Gold and silver are playing into the hands of those that are thinking either safe haven or QE3, aka more inflation. Gold has already taken but silver hasn't confirmed the move, so now that it's over the $43 range it should hit $50 or even more.
User avatar
heavenskrow
Posts: 1030
Joined: Tue Aug 16, 2011 11:17 am
Contact:

Re: 09/02/2011 Intraday Watering

Post by heavenskrow »

hmmmm thats what I figured...but lets say the dollar rallies hard from here....it doesnt matter?
And I understand gold as safe haven...but silver as safe haven????
Or the traders are speculating that there will definently be QE3....ahhhh fundamentals dont make sense....

thats why I stick to TA lol
User avatar
Cobra
Site Admin
Posts: 58338
Joined: Sat Feb 12, 2011 10:29 pm

Re: 09/02/2011 Intraday Watering

Post by Cobra »

JustTrading wrote:Hi Cobra,

Could you please update your thoughts about whether you still expect another push up before wave 5 down... your target last night was 1150 then wave 4 up. do you still hold this view? Also what is your view about todays selloff....does it feel strong to you? Thanks much!!
I didn't give target, the chart is for direction only.

As whether there's one last push up, I have to check my charts, don't know yet.

hard to see whether the selling is strong today, need see the close. statistically, big gap down, lower low after 10:30am ET, 90% chances Open > Close, so I'll assume we close low of day today? really not sure.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Roadrunner
Posts: 85
Joined: Wed Feb 23, 2011 5:04 pm

Re: 09/02/2011 Intraday Watering

Post by Roadrunner »

pady wrote:
StrikePrice wrote: Overtrading
Greed
Not following my system
No System
Too tight Stops
Too emotional
Not Paying Attention
No goal
Lack of Plan
No analysis of Mistakes
Preconceived Ideas
Going Against Pros (Why being here at Cobra's board rules!)

Have a great long weekend guys & gals!
You pretty much listed all issues I have with trading :)

Have a nice one...

pady
pady - my issues list is the same as yours except - too much listening to TV business news. i never watch it anymore.

GL
User avatar
jarbo456
Posts: 2218
Joined: Wed Aug 10, 2011 9:19 am
Location: New York, NY

Re: 09/02/2011 Intraday Watering

Post by jarbo456 »

going to hold my BAC shorts through the weekend.

not sure if this means all THAT much as it always tends to be a bit lagging in my experience, but i find it very interesting that there's NO buying on weakness in BAC today, even with it being down far more than other financials. in fact, there are no financials being bought on today's weakness (unless you count TRV).

does anyone else find that interesting?
User avatar
v1stock.com
Posts: 31
Joined: Fri Aug 05, 2011 1:22 pm
Location: South Padre Island, Texas
Contact:

Re: 09/02/2011 Intraday Watering

Post by v1stock.com »

gold & silver long , run up to 9/11/11 then sell?
spy short , run down to 9/11/11 then buy?

who will hold spy long over 9/11/11? not me

1st of month look at monthly charts of your holdings, trend is macd + or - 0.

now for bla bla, "In 2010 central banks began to buy gold rather than sell gold, as a group. If you think that is because of some “epiphany of understanding the nature of gold” :lol: , you are free to believe so, but the reality is that central banks are buying gold to devalue the dollar, and all paper money. These buy programs have only just started, and they are not going away."
kitco.com
if so, know your trend :mrgreen: and trade with the trend :evil:

alert for flash crash :shock: max pain is fast up clean shorts, then fast down run the stops :mrgreen: must be many stops at August low :lol:
User avatar
silicon_beaver
Posts: 524
Joined: Wed Feb 23, 2011 4:09 pm
Location: Beaverton OR

Re: 09/02/2011 Intraday Watering

Post by silicon_beaver »

I closed my silver today. but the FAS loaded today is under water.
StrikePrice
Posts: 770
Joined: Wed Mar 30, 2011 1:27 pm

Re: 09/02/2011 Intraday Watering

Post by StrikePrice »

Bears still have some room to go lower...just not the time...
Attachments
SPY15.png
User avatar
silicon_beaver
Posts: 524
Joined: Wed Feb 23, 2011 4:09 pm
Location: Beaverton OR

Re: 09/02/2011 Intraday Watering

Post by silicon_beaver »

D@mm
Why I read the posts on over-trading so late? Obviously it applied to me.

...
Learning.
User avatar
99er
Posts: 3686
Joined: Mon Feb 14, 2011 3:43 pm
Contact:

Re: 09/02/2011 Intraday Watering

Post by 99er »

Time to cover your shorts?
DWCF http://99ercharts.blogspot.com/2011/09/dwcf.html

Ah, honey...I was just getting comfy.
alvian33
Posts: 282
Joined: Thu Mar 10, 2011 10:48 am

Re: 09/02/2011 Intraday Watering

Post by alvian33 »

Cobra, wen trading is also your website?
Post Reply