12/02/2011 Intraday Watering

[keesa]

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

simple pattern is always 50/50

[uempel]

Jarbo, I guess I'm not going to trade this afternoon so I'm less stressed now.

To explain CHF/USD:

Exports/tourism extremely important for Switz and main export/import activity is with EUR countries.

Means that weakness of EUR is very bad for Swiss exports, they get too expensive, which is disastrous for the whole country. So the SNB is doing everything to adjust CHF to EUR, it's the primary goal of Hildebrand (Swiss Bernanke...).

He is trying to weaken the CHF from 1.20 EUR to 1.25 and perhaps even further. It's a strictly Swiss problem and an aftermath of the EUR crisis. Swiss rigidity with expenditure did not help much (they have a budget surplus), but indirectly they have been pulled down due to the close ties with EUR countries... Neither CHF/EUR or CHF/USD are meaningful as indicators for other purposes as long as EUR crisis is not solved...

this chart is worrisome.

totally recovered from the bank intervention.

No Jarbo, totally different context with CHF. At the mom you cannot use it as an indicator. Don't have time to explain.

i spoke a little too soon. it's worrisome, but not overtly broken. the currency markets have calmed down, and i don't see a lot of technical damage. the daily picture looks better on both the USD/CHF and EUR/USD. both are indicating future dollar weakness IMO...no?

[fulkdaddy]

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

Carlos, when I took my emphasis off my P/L and put it on discipline...to trade my plan, the P/L took care of itself.

Things I know for sure:
1) never regret taking a profit or say, "I should have..."
2) Never, ever, ever let a winning trade turn into a loser
3) be humble...it is just not about you. This is a biggie...ego and the need to be right has cost me a lot of coin.
4) try for singles and not home runs. It is a lot easier to get into the Hall of Fame by hitting singles.
5) when you wife asks you how you are doing, don't tell her..this is all about ego! Tell her how good your discipline is.
6) when the market God's are good to you, share some of it with those who are less fortunate. Get 10 $20 bills and go give them to the homeless...to pay homage to the market God's for the good fortune they bestowed upon you.
7) keep it humble...real humble...like Cobra teaches us so well.

I hope this helps! These lessons resulted in a paradigm shift in my trading were I went from survival mode to making money.

[chickencoop]

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

Carlos, when I took my emphasis off my P/L and put it on discipline...to trade my plan, the P/L took care of itself.

Things I know for sure:
1) never regret taking a profit or say, "I should have..."
2) Never, ever, ever let a winning trade turn into a loser
3) be humble...it is just not about you. This is a biggie...ego and the need to be right has cost me a lot of coin.
4) try for singles and not home runs. It is a lot easier to get into the Hall of Fame by hitting singles.
5) when you wife asks you how you are doing, don't tell her..this is all about ego! Tell her how good your discipline is.
6) when the market God's are good to you, share some of it with those who are less fortunate. Get 10 $20 bills and go give them to the homeless...to pay homage to the market God's for the good fortune they bestowed upon you.
7) keep it humble...real humble...like Cobra teaches us so well.

I hope this helps! These lessons resulted in a paradigm shift in my trading were I went from survival mode to making money.

very good

[heavenskrow]

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

Carlos, when I took my emphasis off my P/L and put it on discipline...to trade my plan, the P/L took care of itself.

Things I know for sure:
1) never regret taking a profit or say, "I should have..."
2) Never, ever, ever let a winning trade turn into a loser
3) be humble...it is just not about you. This is a biggie...ego and the need to be right has cost me a lot of coin.
4) try for singles and not home runs. It is a lot easier to get into the Hall of Fame by hitting singles.
5) when you wife asks you how you are doing, don't tell her..this is all about ego! Tell her how good your discipline is.
6) when the market God's are good to you, share some of it with those who are less fortunate. Get 10 $20 bills and go give them to the homeless...to pay homage to the market God's for the good fortune they bestowed upon you.
7) keep it humble...real humble...like Cobra teaches us so well.

I hope this helps! These lessons resulted in a paradigm shift in my trading were I went from survival mode to making money.

I am doing everything wrong.

[soku]

wow it's getting hotter. projecting a pause between 1245.5-1248.5

not sure if i covered too early or not. fighting around 1250 is not in my plan. i feel equilibrium around 1255

[uempel]

cobra, do you trade futures in your account?

yes.

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

Alvian, stockcharts does not provide ES... And by the way, do you still doubt the validity of ellipses?

[Cobra]

multiple resistances, key time.

[tdo722]

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

Carlos, when I took my emphasis off my P/L and put it on discipline...to trade my plan, the P/L took care of itself.

Things I know for sure:
1) never regret taking a profit or say, "I should have..."
2) Never, ever, ever let a winning trade turn into a loser
3) be humble...it is just not about you. This is a biggie...ego and the need to be right has cost me a lot of coin.
4) try for singles and not home runs. It is a lot easier to get into the Hall of Fame by hitting singles.
5) when you wife asks you how you are doing, don't tell her..this is all about ego! Tell her how good your discipline is.
6) when the market God's are good to you, share some of it with those who are less fortunate. Get 10 $20 bills and go give them to the homeless...to pay homage to the market God's for the good fortune they bestowed upon you.
7) keep it humble...real humble...like Cobra teaches us so well.

I hope this helps! These lessons resulted in a paradigm shift in my trading were I went from survival mode to making money.

Excellent advice. Unfortunately I still don't have a system in place and still rely on emails, newsletters, advices from other. Hopefully, I'll have my own system soon. Now hit/miss 60/40.

[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?

Alvian, stockcharts does not provide ES... And by the way, do you still doubt the validity of ellipses?

uempel, I do not doubt you or your charts, all I said is that there are too many lines in the charts and it's confusing, may be I do not understand the elipses, I try to keep it simple, but that's just me

[keesa]

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

Carlos, when I took my emphasis off my P/L and put it on discipline...to trade my plan, the P/L took care of itself.

Things I know for sure:
1) never regret taking a profit or say, "I should have..." agree
2) Never, ever, ever let a winning trade turn into a loser depends on time frame of your strategy
3) be humble...it is just not about you. This is a biggie...ego and the need to be right has cost me a lot of coin. after all, it is a probability game no matter how you cut it.
4) try for singles and not home runs. It is a lot easier to get into the Hall of Fame by hitting singles. sometimes you have to bet on home runs
5) when you wife asks you how you are doing, don't tell her..this is all about ego! Tell her how good your discipline is. Be open, be honest, you don't want to get family life ruined.
6) when the market God's are good to you, share some of it with those who are less fortunate. Get 10 $20 bills and go give them to the homeless...to pay homage to the market God's for the good fortune they bestowed upon you. God is not blessing you, it is the probability.
7) keep it humble...real humble...like Cobra teaches us so well. Cobra is the king.

I hope this helps! These lessons resulted in a paradigm shift in my trading were I went from survival mode to making money.

very good

[heavenskrow]

cobra, do you trade futures in your account?

yes.

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

Alvian, stockcharts does not provide ES... And by the way, do you still doubt the validity of ellipses?

uempel, I do not doubt you or your charts, all I said is that there are too many lines in the charts and it's confusing, may be I do not understand the elipses, I try to keep it simple, but that's just me

Me too I like simplicty. I don't understand elipses either, but sometimes I do see some crazy coincidences on his chart. Thats why he needs to write a book on it.

[Al_Dente]

PAGING UEMPEL and any others following 1min internals
As you know, we have a “real estate” problem on stockcharts.com, they only allow six symbols per chart, and with the internals we need seven minimum.
It’s always a toss up; I alternate bonds, vix on other charts as they won’t all fit on one.

I’VE NOW CHANGED THE READINGS on my one minute internals, as noted in this chart.
If anyone has found a back-door which allows more than 6 symbols on stockcharts, please post.
And, thanks for watching the internals
[edit: see most current post]

[fulkdaddy]

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

Carlos, when I took my emphasis off my P/L and put it on discipline...to trade my plan, the P/L took care of itself.

Things I know for sure:
1) never regret taking a profit or say, "I should have..."
2) Never, ever, ever let a winning trade turn into a loser
3) be humble...it is just not about you. This is a biggie...ego and the need to be right has cost me a lot of coin.
4) try for singles and not home runs. It is a lot easier to get into the Hall of Fame by hitting singles.
5) when you wife asks you how you are doing, don't tell her..this is all about ego! Tell her how good your discipline is.
6) when the market God's are good to you, share some of it with those who are less fortunate. Get 10 $20 bills and go give them to the homeless...to pay homage to the market God's for the good fortune they bestowed upon you.
7) keep it humble...real humble...like Cobra teaches us so well.

I hope this helps! These lessons resulted in a paradigm shift in my trading were I went from survival mode to making money.

Excellent advice. Unfortunately I still don't have a system in place and still rely on emails, newsletters, advices from other. Hopefully, I'll have my own system soon. Now hit/miss 60/40.

Trade small...very small. At the very least use your own stops to define your risk.

[quatzl]

cobra, do you trade futures in your account?

yes.

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

Alvian, stockcharts does not provide ES... And by the way, do you still doubt the validity of ellipses?

I for one am fascinated by your ellipses and have started playing with them on my charts. I would like to understand better the logic behind their placement. Thanks.

[hutongerchuanzi]

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

Carlos, when I took my emphasis off my P/L and put it on discipline...to trade my plan, the P/L took care of itself.

Things I know for sure:
1) never regret taking a profit or say, "I should have..."
2) Never, ever, ever let a winning trade turn into a loser
3) be humble...it is just not about you. This is a biggie...ego and the need to be right has cost me a lot of coin.
4) try for singles and not home runs. It is a lot easier to get into the Hall of Fame by hitting singles.
5) when you wife asks you how you are doing, don't tell her..this is all about ego! Tell her how good your discipline is.
6) when the market God's are good to you, share some of it with those who are less fortunate. Get 10 $20 bills and go give them to the homeless...to pay homage to the market God's for the good fortune they bestowed upon you.
7) keep it humble...real humble...like Cobra teaches us so well.

I hope this helps! These lessons resulted in a paradigm shift in my trading were I went from survival mode to making money.

I like the wife part...

[chickencoop]

cobra, do you trade futures in your account?

yes.

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

Alvian, stockcharts does not provide ES... And by the way, do you still doubt the validity of ellipses?

I for one am fascinated by your ellipses and have started playing with them on my charts. I would like to understand better the logic behind their placement. Thanks.

I second this!

[CognitiveDissonance]

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

Carlos, when I took my emphasis off my P/L and put it on discipline...to trade my plan, the P/L took care of itself.

Things I know for sure:
1) never regret taking a profit or say, "I should have..."
2) Never, ever, ever let a winning trade turn into a loser
3) be humble...it is just not about you. This is a biggie...ego and the need to be right has cost me a lot of coin.
4) try for singles and not home runs. It is a lot easier to get into the Hall of Fame by hitting singles.
5) when you wife asks you how you are doing, don't tell her..this is all about ego! Tell her how good your discipline is.
6) when the market God's are good to you, share some of it with those who are less fortunate. Get 10 $20 bills and go give them to the homeless...to pay homage to the market God's for the good fortune they bestowed upon you.
7) keep it humble...real humble...like Cobra teaches us so well.

I hope this helps! These lessons resulted in a paradigm shift in my trading were I went from survival mode to making money.

Excellent advice. Unfortunately I still don't have a system in place and still rely on emails, newsletters, advices from other. Hopefully, I'll have my own system soon. Now hit/miss 60/40.

TDO, I'm just beginning to move out of that stage and it's tough. But there is some clarity in testing your own system, for one thing, you reduce the info overload.

[uempel]

Last chart for today, bye guys:

[heavenskrow]

Portugal Daily Channel looks bearish, but the weekly RSI has registered a buy signal...
Now the question is which one will you believe?