09/12/2011 Intraday Watering

[heavenskrow]

EURUSD
Update.
http://99ercharts.blogspot.com/2011/09/eurusd_8811.html

that looks rather sexy!

[CognitiveDissonance]

Cobra,

Thanks for the site and the great materials in getting started.

So, I got excited when you said it was a triangle bottom, but if it's a triangle support then do you see it as a downtrend day with a lower close?


Thanks!

[waverider]

Cobra,

Thanks for the site and the great materials in getting started.

So, I got excited when you said it was a triangle bottom, but if it's a triangle support then do you see it as a downtrend day with a lower close?


Thanks!

Look at his chart on the previous page, if it breaks out of the lines he drew it should go in that direction.

[Cobra]

Cobra,

Thanks for the site and the great materials in getting started.

So, I got excited when you said it was a triangle bottom, but if it's a triangle support then do you see it as a downtrend day with a lower close?


Thanks!

Sorry, I meant Triangle Bottom Line Support, not the bottom. Usually a Triangle means a continuation, so it more like to breakdown. I unconsciously think everyone knows it. Sorry again.

[stucap]

triangle bottom.

cobra - what would your target be for a triangle bottom breakout?

just curious as any bullish breakout lately has pretty much done the "minimum" and flipped immediately into a shorting opportunity. i.e. the gap fill this morning.

just clarified. I didn't mean bottom. sorry.

thanks!

[Cobra]

Sorry for not making things clearly. I'm tired, drove family to Safari Sunday, had a bad dream about fighting with boss at night, so very sleepy now as the market looks sleepy too.

Anyway, the bottom line, as I said a moment ago, a consolidation here is generally no good for bulls. If the market had a breakdown at the open, I'd suspect that the breakdown would be a head fade because bears traveled too long before breaking something important which usually means a head fake. but since now the market simply consolidates here, so the feeling is not good.

[KENA]

Yo KENA,

You get in any of those option trades I posted this morning ?

Been working out now a little rest time..No I didn't. I looked at them but went with short Spy.Timing was bad the mkt went back up but I doubled up so I'm ok now.I may stick with the SPY for now, don't know how much more dn there is.Lots I hope.

[cougar]

Sorry for not making things clearly. I'm tired, drove family to Safari Sunday, had a bad dream about fighting with boss at night, so very sleepy now as the market looks sleepy too.

Anyway, the bottom line, as I said a moment ago, a consolidation here is generally no good for bulls. If the market had a breakdown at the open, I'd suspect that the breakdown would be a head fade because bears traveled too long before breaking something important which usually means a head fake. but since now the market simply consolidates here, so the feeling is not good.

Good thoughts, Cobra! I am with you!

[agnosia]

damn got short crude too early , covered to early... falling like a rock now finally. i am very confused and this time for real i am not trading anymore today

my mechanical crude system is on a "buy" signal. taking that with a grain of salt.

[Al_Dente]

triangle bottom.

It's about time everyone sees your watermark LOUD and CLEAR

[Cobra]

just look at a little bigger picture, usually a consolidation above an important support means a breakdown eventually, but the previous 2 times the break was on the upside. Now the question is: Will the 3rd time be different? And if so, then consolidation is no longer a continuation pattern anymore, isn't it? Because the odds are too low for a so called continuation pattern, aren't it?

[heavenskrow]

just look at a little bigger picture, usually a consolidation above an important support means a breakdown eventually, but the previous 2 times the break was on the upside. Now the question is: Will the 3rd time be different? And if so, then consolidation is no longer a continuation pattern anymore, isn't it? Because the odds are too low for a so called continuation pattern, aren't it?

yay I <3 bigger picture.. Bulls=you die.

[Cobra]

triangle bottom.

It's about time everyone sees your watermark LOUD and CLEAR

yes, I'll make sure what I said very clear.

And this also means in most cases, I'd say something like this: it probably will go ___, but ___, so we'll have to wait and see.

[StrikePrice]

BTW, now that I want to share with this great community, the name of the platform is ProRealtime. You get free end of data, and IMO its one of the best charting platforms out there. You also get 1week free realtime data.... Check it out when u have time.

-But on a side note, F !!!!

heavens: you used the F word. There are children here.

IMHO freestockcharts is really worth the effort, it can go so much deeper than you first think.
You just have to endlessly adjust scaling, and save carefully so they don't dump your hard work, and etc etc

Any chance you can share how you scale your charts in freestockcharts.com? This is an area I feel I still need work on. Daily and hourly are my preferred timeframes.

[BullTart]

Intraday 1-minute - SPY looking like it's locked in a descending triangle formation.

If this thing cracks down, it would coincide with the MACD crossover in the daily time frame.

Multiple corroborating signs in different time frames make the probability of more down this afternoon the higher probability outcome.

Watching closely here. This is a do or die moment for the bulls!

[JustTrading]

Cobra,

I see four touches not 3....so now is the fourth time....right? Does that change your view?

Thanks for your insight.

[Cobra]

I think UUP confirmed the breakout today (assuming we close right here) instead of the previous "exhaustion" case. And this is the reason I didn't mention the UUP daily chart in the weekend report, because I'm afraid someone might point that out. A breakout with volume surge doesn't necessarily mean a real breakout, sometimes it can be an exhaustion especially if it travels a long distance before the breakout.

[heavenskrow]

I think UUP confirmed the breakout today (assuming we close right here) instead of the previous "exhaustion" case. And this is the reason I didn't mention the UUP daily chart in the weekend report, because I'm afraid someone might point that out. A breakout with volume surge doesn't necessarily mean a real breakout, sometimes it can be an exhaustion especially if it travels a long distance before the breakout.

UUPT has been an awesome trade since last week.

[Cobra]

Cobra,

I see four touches not 3....so now is the fourth time....right? Does that change your view?

Thanks for your insight.

the trend line was the 4th touch so broken. but the consolidation area below just had 2 touches. Our current one even consolidates above the previous consolidation area, so really hard to call bear here. so guess we'll have to wait.

[Al_Dente]

triangle bottom.

It's about time everyone sees your watermark LOUD and CLEAR

yes, I'll make sure what I said very clear.

And this also means in most cases, I'd say something like this: it probably will go ___, but ___, so we'll have to wait and see.

no, no, I meant your LOGO watermark BIG on one of the last charts, so creeps can't steal your work and call it their own