12/02/2011 Intraday Watering

[tdo722]

Out of my short, profit a measly $0.28 pennies on 1000 shares. Not too shabby. If this slut gets back up to $125.61, I'd short again.

[jarbo456]

i'm a little confused today. financials and consumer non-staples are way over performing the market. strange.

[uempel]

Chart suggests a big move at noon, not sure yet but I might go long.

[tdo722]

see lots of positive bull possibilities, but who is holding long over the weekend? yellow line need to hold for today.

Hi bb52x,

I hope you don't mind if I ask you this. Do you buy based on your RSI/MACD signal? Or based merely on your yellow lines?

I mean, for example, you sell if RSI is below 50?

I map multi time frames chart pattern down to 1min. to make my move, RSI/MACD are my fav indicator to assist my decision. price pays mentality bring in yellow lines. I don't like to project price but I talk about it as road map, to come or not to come never surprised me, I try to learn and understand the market so I can flow with her not to doubt or fight against her intentions. chart patterns, short term moving averages is where the most profitable move in today's market.

Thank you BB52x. I'd wish I can be trading next to you so I can take your advice.

[jaijailyc]

Out of my short, profit a measly $0.28 pennies on 1000 shares. Not too shabby. If this slut gets back up to $125.61, I'd short again.

profit is profit!

[Petsamo]

i'm a little confused today. financials and consumer non-staples are way over performing the market. strange.

I dunno about consumer non-staples, but the financials are very oversold, so it's time for them to outperform.

[jaijailyc]

very good move shorting around/at the top.

some resistance at around 1248... will close out half my TZA

thank you, we all get lucky sometimes.

[Cobra]

one cent shy of my target at $125.21, but my cover limit was at $125.22 I covered half, let's see what's the next.

[tdo722]

looks like $125.61 is intraday resistance for now.

[alvian33]

cobra, do you trade futures in your account?

[jarbo456]

i'm a little confused today. financials and consumer non-staples are way over performing the market. strange.

I dunno about consumer non-staples, but the financials are very oversold, so it's time for them to outperform.

market is basically flat:

JPM - 8%
MS - 7%
GS - 6%
BAC - 3.5%
DB- 3%
etc. etc.

not to be argumentative, but i'm not sure where you're getting the idea that financials are "very oversold". financials are actually pretty much flat or maybe even overbought on the shorter time frame. if you were saying this say, last friday, i would agree. but i have to disagree very much here.

so i'm curious as to what this is saying about the broader market direction.

[Carlos]

I'm out of my short as well. Could have made more but at least I see my mistake. Profit is Profit!

[Cobra]

cobra, do you trade futures in your account?

yes.

[viewer]

one cent shy of my target at $125.21, but my cover limit was at $125.22 I covered half, let's see what's the next.

Guess it will go lower as usually you will regret, right?

[alvian33]

cobra, do you trade futures in your account?

yes.

why don't you post /es chart then, or you think spy is more reliable?

[Carlos]

Cobra, I'm new to your site and love it! Keep up the good work! I have a question and I apologize as you have probably covered this before. but... How do set your targets? Fibonacci Retracements? Secret sauce?

[fehro]

could be a bearish rising wedge.. but seems a bit steep

[Cobra]

Cobra, I'm new to your site and love it! Keep up the good work! I have a question and I apologize as you have probably covered this before. but... How do set your targets? Fibonacci Retracements? Secret sauce?

Thanks and welcome aboard!

For the target, it's Measured Move. The 2 tinted area are of the same size. I just draw the first rect then copy that rect, that's it. As for why, some are from experiences, but most are text book target if you know the pattern.

[alvian33]

could be a bearish rising wedge.. but seems a bit steep

could also be a bull flag on the larger frame on you chart, hard to say

[heavenskrow]

Just finished up doing a weekly analysis on European market closes..... All I can say is 50/50 honestly.
Some have broken weekly RSI although still in their daily down channels. Some closed right at weekly RSI resistance.
Here is an exclusive sample before I do the weekend report.