11/04/2011 Intraday Watering

[soku]

u know what bothers me now? i think i am the first person calling for a 3 of 3 of 3 of ...
but now everybody is saying it. in general i expect 15 counts from 10 wave guys. if all 10 of them are telling the same thing, the stats usually is not too good
it's weekend here. i will just hold couple puts over.

[jarbo456]

Would anyone care to explain why 1243 ES daily pivot got the knife despite being aligned with 5 minute VWAP?

And then why it kept going down until 1235.75 before it bounced?

Just trying to figure out where I went wrong?

I think this chart will answer your question

looks like we need to significantly take out 1236 for you to be bearish dow?

yes, I agree .. and the first sign of weakness will be if YM went below 11780

so take out yesterday's lows. that would be nice...

[nelsonbelchior]

it was a good L3 short, now volume surge, looks horrible for BEARS, so rebound. I still cannot believe we're once again only 1 legged down!!!

Cobra, it was not a 3 push down and now we are seeing a rebound of 2 legged up?

[jarbo456]

jeez. bears really suck. rebound and potential small double bottom forming.

[pady]

u know what bothers me now? i think i am the first person calling for a 3 of 3 of 3 of ...
but now everybody is saying it. in general i expect 15 counts from 10 wave guys. if all 10 of them are telling the same thing, the stats usually is not too good
it's weekend here. i will just hold couple puts over.

LOL...i agree. But then trading is not simple. We are talking people's behavior. I like the MA-crossover ( most simple trading system i think ) and EW ( most complex ??? ).

[BullBear52x]

u know what bothers me now? i think i am the first person calling for a 3 of 3 of 3 of ...
but now everybody is saying it. in general i expect 15 counts from 10 wave guys. if all 10 of them are telling the same thing, the stats usually is not too good
it's weekend here. i will just hold couple puts over.

You called it,

[EvilTrader]

I hate art. When art is involved, emotion is also in play. I lost a lot of money in the past because of emotion.

Totally agree. This is where PREPARATION and PATIENCE comes in. Habits of highly successful people. I still dont do it. I read somewhere that the number one mistake traders do is they dont know when to exit. ( Like me holding Lucent from 2000 ).

Art is a personal expression of a set of techniques.

A martial art is an art, yet deadly, and usually the emotionless martial artist win most of the fights.

Got it folks ??

[wayne0708]

L3 short. not perfect signal bar, but better than that L2 short which was a failure because the signal bar was a bull bar.

Looks like double bottom on 1min. If so this will align with your prediction open low close high on this date.

General question: if today closes higher do you think rally will carry to monday?

[stockcycle]

Seems that 1239 was the LOD and SPX may try to breakout the 1245 in an hour or two.

[Dow Trader]

Would anyone care to explain why 1243 ES daily pivot got the knife despite being aligned with 5 minute VWAP?

And then why it kept going down until 1235.75 before it bounced?

Just trying to figure out where I went wrong?

I think this chart will answer your question

looks like we need to significantly take out 1236 for you to be bearish dow?

Thanks all for your opinions. I'm trying to take emotion out of the game but it seems that the trades that I don't take---go my way, and the ones that I do---don't. I need to trade them all with a reasonable stop. Anyone have any suggestions for where to place a stop when trading ES?

it depends on many things like : kind of strategy, risk, chart time frame, day trade, swing ... etc

[xfradnex]

Would anyone care to explain why 1243 ES daily pivot got the knife despite being aligned with 5 minute VWAP?

And then why it kept going down until 1235.75 before it bounced?

Just trying to figure out where I went wrong?

I think this chart will answer your question

alot of H-L -Close support level- over last 3 days in this area. Center value hit instead of High of group. and luck

[fehro]

a Diamond top?... or H&S?.. or break up... then just a triangle.... target 1310.

http://thepatternsite.com/diamondt.html

[Al_Dente]

So my spy 5min quote on freestockcharts.com is totally wacky… had to toggle to 3min...anyone else?

[BullBear52x]

DT, now we are in the box mode. you know what to do.

[doda74]

jeez. bears really suck. rebound and potential small double bottom forming.

Or this could just be a "2" before "3" down? (added some QQQ puts just now)

[Dow Trader]

based on Euro actions, if YM stays above 11780 then we will slowly go to the HOD from here

[jarbo456]

QQQ pulling the US market up. But Euroland is really dragging. DAX down over 3%.

[Cobra]

resistance, key time, a little break though is OK, absolutely not much. so far bears still look ok.

[pady]

My next 2-3 days target...if this is an A=C scenario...

[Cobra]

L3 short. not perfect signal bar, but better than that L2 short which was a failure because the signal bar was a bull bar.

Looks like double bottom on 1min. If so this will align with your prediction open low close high on this date.

General question: if today closes higher do you think rally will carry to monday?

for such a terrible morning, the market can still rally hard into green, the I'll see sky is the limit.