12/29/2011 Intraday Watering

[KENA]

OK, now a P BAR at 124.85..Lets see.

[BullTart]

LOL, 5 minutes until the rug gets pulled at 3:30pm?

[waverider]

Why do I get this sense that the rug is going to pulled out from under the bulls at 3:30pm?

Ha, could be because I am short!

I must say, this looks so scrumptiously good to go long on this break out... so temptingly and mouthwateringly good... heart-palpitatingly good... sweaty hands good...

that the nefarious side of me yells "bull trap!"

I think your right.

[jarbo456]

the bulls need an injection of IWM to help them with this breakout...IWM yet to break. need to see it get above 74.30

RSP also not breaking out yet.

[Petsamo]

OK, now a P BAR at 124.85..Lets see.

I don't see one

[silicon_beaver]

Last 30-min to go.

Really boring and wasting time.

[wayne0708]

there we go?

8 more pennies, gotta be patience.

MDD then MAD, next is RED?

Not MAD yet, but very close now, if we close HOD today then definitely MAD.

do you have any stat for third day, after MAD?

[SB73]

there we go?

8 more pennies, gotta be patience.

volume confirmed on /es and spy. it is indeed breakout.

hard for me to call anything decisive today. Discolusre no positions waiting for a decent setup.

[Al_Dente]

Weak squeeze started BAC, GM, DIS, XOM, little bit PG
Not many other DOWs yet
No squeeze follow thru yet

[Cobra]

breakout finally, but not confirmed yet, so let's wait...

laoda, what constitute a conformation in this case? my point is if one waits, maybe already to late.

no better way but wait. all about follow through or consolidation. If breakout with strong bar and follow through then it's real or breakout then consolidating above the breakout point, it's real. The trading is different, you always buy breakout, no matter real or false, you rely on the winning rate to win in the long run, assume the pattern you're trading does have the odds. Don't believe whatever books claimed, you have to test yourself whether indeed the pattern has the odds.

[Petsamo]

Assuming we finish at these levels, what kind of candlestick formation do we have on the daily?

[Cobra]

Assuming we finish at these levels, what kind of candlestick formation do we have on the daily?

Harami

[johnnywa]

1265 e.o.d than gap up to test 1270 if we break thru to 1276 bears are toast.Next step 1320.Melt up here like Friday nearly indentical in time n price

[TraderGirl]

Why do I get this sense that the rug is going to pulled out from under the bulls at 3:30pm?

Ha, could be because I am short!

I must say, this looks so scrumptiously good to go long on this break out... so temptingly and mouthwateringly good... heart-palpitatingly good... sweaty hands good...

that the nefarious side of me yells "bull trap!"

I think your right.

Looks like bulls can't decide whether to stay or go... but kinda looks like Dec 9 where the following day had a sell-off...

[Tabby]

Update

SPX http://99ercharts.blogspot.com/2011/12/spx_5704.html

We're there.

Call the SPX DUCKtor, Spx is atrial fibrilation/flutter.

[Cobra]

there we go?

8 more pennies, gotta be patience.

MDD then MAD, next is RED?

Not MAD yet, but very close now, if we close HOD today then definitely MAD.

do you have any stat for third day, after MAD?

You forgot so quickly ha. Normally, red day tomorrow if MAD follow MDD and the MDD day low will be revisited soon. The market owns us a revisit 12/19 lows still.

[SB73]

Cobra,

Are my eyes playing tricks with me or do I see a 3 push up finished.

[SB73]

Cobra,

Are my eyes playing tricks with me or do I see a 3 push up finished.

SPY 125.90, 125.97, 126.10

[Petsamo]

Assuming we finish at these levels, what kind of candlestick formation do we have on the daily?

Harami

OK thanks!

[bokchoy888]

breakout finally, but not confirmed yet, so let's wait...

laoda, what constitute a conformation in this case? my point is if one waits, maybe already to late.

no better way but wait. all about follow through or consolidation. If breakout with strong bar and follow through then it's real or breakout then consolidating above the breakout point, it's real. The trading is different, you always buy breakout, no matter real or false, you rely on the winning rate to win in the long run, assume the pattern you're trading does have the odds. Don't believe whatever books claimed, you have to test yourself whether indeed the pattern has the odds.

got it, so in this case, the right way is to chase and put a stop little below the breakout point. good thing, I follow your previous call and cut my sds right before the breakout. thx