10/07/2011 Intraday Watering

[SB73]

Fun to listen to CNBC talking about a Bazooka of bailouts to come this weekend. Nothing better than a rumor of good news. Still holding shorts. My desck neighbor that is always wrong is still long and strong so I am waiting for his capitualation. Cobra you mentioned that Bears safe zone was this week and next on the weekend rport. How do you feel about next week.

[Cobra]

New here, thanks for Cobra and everyone!

Can not post the chart now, just want to say, it seems the SPX daily chart and MACD have positive divergence from 08/09 to 10/04. The chance of bottom is high...

Welcome aboard!

You can check "Getting Started" to get how to post images.

[Michelle]

Michelle, your weekly A/D cumulative chart gave an intraday sell yesterday, now it's back up.

ADS.png

What is the ma it's closest to on your chart?

[BullBear52x]

Teens unemployment 26%? free doughnut in NY.

[tdo722]

SPX is now inside the down channel from 09/20-09/27. Anymore proof? This is gonna go down before it can go up again.

[Al_Dente]

green line the next support but as I said before RSP leads down, so not a good sign.

KING COBRA
Yr measured move calculations ALWAYS astonishing
Hope u feeling better today?
U da man

[Al_Dente]

UUP
TLT

[tdo722]

Wow /ES is now down to 1145. I was expecting below 1150 and this is gonna go down faster than a Thai hooker.

[BullBear52x]

all, keep us post if you smell something in the air that will profit everyone. TIA.

[Cobra]

green line the next support but as I said before RSP leads down, so not a good sign.

KING COBRA
Yr measured move calculations ALWAYS astonishing
Hope u feeling better today?
U da man

thanks, I feel better day by day. The past 2 weeks were really difficult time for me. Glad I managed that. Now my daughter and wife got the cough.

[EvilTrader]

I shorted the market in the morning after the spike, but got out too early and missed the good part of the down move.

Now i think its too risky to short.

Trading can be frustrating sometimes.

Wont do any other trade today because im very upset and emotional right now, so 100% guaranteed to lose money.

But i think Bulls still have the ball.

Just a minor correction to shakeout people.

[seekingknowledge]

Russell Dailly.png

Russell Dailly.png

TZA 1 Minute.png

Went short on TZA a little past 10:30. For newbies to intraday trading, see chart and here was what I waited for:

* Pullback on fib to 61.28
* MACD crossover (this happened about 10:33). You'll see it on chart
* Breakdown of the Russell (movement below 50 MA). Note: I didn't wait to go under, just hit the 50. Got aggressive based on above 2 bullets. This was risky, better to wait to officially break below 50MA

Disclosure: Entry at 44.45 based on 61.28 fib

Now, go Bears go! Hope it works today. Got stopped out yesterday with small loss. GLTA.

Thanks, ULTRAMARINE, for teaching me how to properly attach an image. You now created a monster! I'm addicted.

Cheers, buddy! The intraday charts are what make this forum what it is. That and Cobra and all the other great people on there, of course.

Nice chart. What is your planned exit strategy?

Thanks!! Still learning, but consistently making gains -- nothing like Cobra, though. I am about 20% of him. I learn so much from him and the rest of you on this forum. My exit target (momentum trade) is 634.71. See chart I attached for Russell Daily. However, if it wants to go lower, cool! In the meantime, I'll be watching the following like a hawk:
* Want to see TZA remain above the 10MA on both the 5minute and 15 minute chart ... and, of course, correspondingly, this means the Russell is staying below the 10MA. I should also note I need to see the 10MA > than the 20MA and the 20MA > 50MA on the TZA 5 min and 15 min chart.
* Watching MACD for divergence signals or not
* Watching to see if we jump above the 10MA on the TZA 60 min chart. We need to get there soon.
* Watching the green drawn dotted trendline on Russell 15MA chart (attached).

Sorry it took me so long to respond, but I didn't see your note until now as I was busy updating charts and watching them sooo carefully. I'm not as good as you guys with the multitasking yet. Too afraid to take my eye off the ball. Did that before and got a rude surprise. Although my objective is to stay in for a couple of days or more momentum trade, this could always turn out to be just an intraday trade.

Actually. I'm only half paying attention to the markets today. Too busy with work. I'm learning a lot too. But I'm not a day trader. I take a longer term perspective. But the ideas here are really valuable and help with entry and exit strategies.

Keep us posted on the TZA trade! I think it wants to rise today. I may sell some of my TZA once the 60 min gets overbought on STO. I think the market is less bearish generally here.

Yes, I will keep you posted! Your target is a good one, too! Take some profits and then get back in. I may do just what you said. I like that idea! I think I'll sell the gains and hold the rest when TZA on STO oversold. Like you, Stochastics is a key indicator for me. Good luck!!! Thanks for sharing!

[Michelle]

[Cobra]

fighting on the support, let's wait.

[waverider]

SPX is now inside the down channel from 09/20-09/27. Anymore proof? This is gonna go down before it can go up again.

Nice trading, great charts all. We don't need anymore with the news catastrophes in combination. Notice we're well below the 233 MA as well, holding shorts over the weekend.

[soku]

risk off cross board. people unloading for the weekend. i see 1130s

[jarbo456]

I shorted the market in the morning after the spike, but got out too early and missed the good part of the down move.

Now i think its too risky to short.

Trading can be frustrating sometimes.

Wont do any other trade today because im very upset and emotional right now, so 100% guaranteed to lose money.

But i think Bulls still have the ball.

Just a minor correction to shakeout people.

sorry to hear about your tough day. and glad you're going to live to fight another day. smart trading is often not trading at all!

[coralla]

No idea of where is spy going. Maybe 114.72?

[99er]

ES
IH&S.
http://99ercharts.blogspot.com/2011/10/es_5703.html

[SB73]

fighting on the support, let's wait.

Sorry to bother Cobra...any comment on bear safe zone from weekend report?