10/21/2011 Intraday Watering

[HighRev]

From a macro standpoint, this is what I would expect after this week's earnings numbers and the Philly Fed from yesterday. I just couldn't get my arms around yesterday's sell-off on the Philly Fed numbers. Nothing made sense. Bonds rallying? Stocks selling off? The USD rallying? When there are indications that the real economy may be turning higher?

You know what they say, the first move is often the wrong way . . .

[ultramarine]

SPX
I am bearish here, expecting prices to tumble from the upper channel line (purple) past the mid-channel and down to the lower channel line where the Wolfe Wave target (magenta) rests. This may prove to be a rapid descent.

Put another way..."Surf's up."

Which colour is magenta exactly? I see two different shades of purple?

[Al_Dente]

SPX
I am bearish here, expecting prices to tumble from the upper channel line (purple) past the mid-channel and down to the lower channel line where the Wolfe Wave target (magenta) rests. This may prove to be a rapid descent.
Put another way..."Surf's up."

Wow 99er, that is yr longest post explanation on record, so what u really mean is "surf's down"

[stucap]

It's interesting that it's a breakout day and most people are looking to short

lots of contrarians here....

[MrMiyagi]

Why "Intraday Comments" today and not "Intraday Watering"?

[Unique]

Here is SSO

Okay I'm with you. Just bought 500 shares sds. where's your stop loss? day high?

Dont you guys think there is one more high ? I feel so, because the last runup from 119.82 was like 4 hours. Wave 4 of this impulse ( which is playing now ) should also be same time frame ? One more runup after that for Wave 5 ???

SPY hourly chart is still bullish until 123.2 gets broken. Up we go baby.

[cougar]

VIX is very intriguing. Still strong. The fan line is now resistance. I am watching the VIX=33 level.
HOD= 32.76...so far.

When I posted that commentary (10 min ago) VIX vol. C/P was ~1. Now it is >2

[EvilTrader]

Thanks Cobra, made 7 grand today, i´d like to make a donation to you.

[wayne0708]

anyone feels like shorting here?

[99er]

Charts

Generally speaking, when looking at my charts, please look at the slope of a channel to determine where I think the trend is. Often, there will be a grid (grey) in the background which aims to capture the longer term channels going both up and down. Colored channels show my view of the shorter term trend with down in purple and up in blue. Gold is often used to highlight a specific pattern (e.g., Bear Flag) or an important line (e.g., possible Neck Line of H&S). I like Wolfe Waves and these are highlighted in blue and green when the direction is up and in purple or red when pointing down. A dotted grey line to meet the end of the WW is the target level.

Hope this helps.

[stockcycle]

With Europe markets' huge rallies on the hope of positive outcome from EU Summit, and EUR/USD breaking out the descending channel, and last but not least because of SPX making the new high in 11 trading weeks, I think I will maintain my long positions over weekend.

[GreedyKojiro]

It's interesting that it's a breakout day and most people are looking to short

lots of contrarians here....

Sailing against a strong wind is taking a risk to have your ship wrecked unless that is a part of your evil plan

[BullBear52x]

SSO update, for shorts, 45.25 is my stop, no but or is!

[Tabby]

SPX
I am bearish here, expecting prices to tumble from the upper channel line (purple) past the mid-channel and down to the lower channel line where the Wolfe Wave target (magenta) rests. This may prove to be a rapid descent.

Put another way..."Surf's up."

Are we taking surf board, car, bus, train, airplane? surly,It is a dizzy day. Maybe we should wait to get 1250 first. Y0ur dictionary getting fuzzy too. What happend to MACD guy on your chart?

[Rezito]

anyone feels like shorting here?

Do I ever, but it feels like there will be another higher high above 1240, like around 1250 or even 1270. I may take 30% of short position today and add to it if we go higher.

[seekingknowledge]

So, I am a novice trader. I'm trading ES mini intraday and I have developed a method that is PDG at catching turns. Although, many turns go by with out my method producing a signal. But when it does signal it's right more often than not.

I'm paper trading 95% of the time but gaining confidence...in part due to Cobra and others here. Thanks!

My problem with this method is Exits. So far, the most cautious exit gives 3-5 point (typically) but often I get out at such a poin only to watch what would have been a nice run. Still working on this part of my method.

Sounds fun. Everyone knows Exits are the hardest part. You figure something out, you let us know.

Ha! StrikePrice is sooo right! Let me reiterate his comment, "You figure something out, you let us know." This is truly, truly THE hardest part of trading ... and everyone has their own style. Some folks are momentum traders, some swing, some long, some intraday. Profit taking is different for each method. I, personally, let stochastics and moving averages tell me when to sell. When the moving average trio (10/20/50) roll-over and stochastics moving under 80, I'm out and sitting on sidelines. Otherwise, let her ride.

[tdo722]

SSO update, for shorts, 45.25 is my stop, no but or is!

lost $70 this morning following your footsteps. Live and learn and now I will wait for the trend change at least before trying to go against the wind buddy.

[coralla]

AAPL is so weak. sigh....

[BullBear52x]

It's interesting that it's a breakout day and most people are looking to short

lots of contrarians here....

Sailing against a strong wind is taking a risk to have your ship wrecked unless that is part of your evil plan

The southbound train is running into a wrong tunnel?

[jarbo456]

VIX doesn't seem to trust the new SPX highs...or else is holding out near 32 because we might have bad news over the weekend?