06/04/2012 Live Update

[Cobra]

Cobra: are we still in the first leg up or is this the 2nd one? thanks

2nd leg up on 5 min chart.
1st leg up on 15 min chart.

depends on your time frame.

[CarlosDK]

Cobra have you looked at SPY daily chart ? hit MA200 and going up ?

[MrMiyagi]

Cobra - I have been struggling with learning charting for some time. Is there a course (online or classes) that will teach me charting?

I think almost all of us have learned by piecing together information from different websites, Dummies books and each other.

[louie]

L_T, pragcap is into MMR not MMT.

Huh?

Just what I said. Cullen dropped out of the MMT camp long time ago. Into MMR. MMT had way too many flaws.

[Cobra]

a consolidation here would be prefect.

[nicha]

Cobra - I have been struggling with learning charting for some time. Is there a course (online or classes) that will teach me charting?

I think almost all of us have learned by piecing together information from different websites, Dummies books and each other.

That could be a long time. I know practice and experience helps!

[BullBear52x]

This is where sell the rally is at.

[Cobra]

Cobra - I have been struggling with learning charting for some time. Is there a course (online or classes) that will teach me charting?

I think almost all of us have learned by piecing together information from different websites, Dummies books and each other.

yeap, that's my answer too, I just don't know how to say it in English even in Chinese. Well said, thanks.

[taggard]

Cobra - what would be best today for bulls ,, if closing high into close of close near lows ? (Sometimes I saw you say its good when it closes near lows)

again, depends on the chart pattern. TA is an art. you cannot apply a fixed rule on it. After many years trading and reading thousands of chart, you'll have the feeling.

it's worth concentrating on this idea. to speed up this process you have a tricky mental process. first at the start you cannot rely too much on your feelings and need to apply "rules". the problem is your feelings at the start are usually unsound and often more attached to desired outcome than what is going on. later you must get rid of the "rules" and rely more on feelings. there is this hideous point in the middle where you are crossing over. and there is a sort of no-mans land.

so it's tricky starting off with the idea that "i am looking to feel things out--but i cannot do this yet". But i always liked it a teacher gave a clue.

at this point (and we may not get it) i would vote for a washout spike down about 25-60 spx points--ideally in the next 6 trading days. maybe just before or after the Spanish bond auction on Thur i think.

maybe cover a bit going into the middle of the week assuming a euro solution--and then get bummed later in the week or very early next week if there is none after it was expected.

[Petsamo]

I thought the open was a long way up

[EvilTrader]

Cobra - what would be best today for bulls ,, if closing high into close of close near lows ? (Sometimes I saw you say its good when it closes near lows)

again, depends on the chart pattern.

TA is an art. you cannot apply a fixed rule on it.

After many years trading and reading thousands of chart, you'll have the feeling.

All Your Base Are Belong to Us

[louie]

This is one very impressive "squeeze"

[Richarab]

This is one very impressive "squeeze"

this is may not be a squeeze
But rather the "solution"?!?


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I am here: http://tapatalk.com/map.php?wcpo30

[Cobra]

volume surge, let's see any pullback here first.

[BullBear52x]

EEM is strongest link, well, JPM almost make a run LOL.....

[taggard]

Cobra - I have been struggling with learning charting for some time. Is there a course (online or classes) that will teach me charting?

I think almost all of us have learned by piecing together information from different websites, Dummies books and each other.

yeap, that's my answer too, I just don't know how to say it in English even in Chinese. Well said, thanks.

my largest mistakes in learning were making things complicated and learning hundreds of different ideas indicators and so on. the temptation is to believe that there is some correct way to go using many indicators that create a confluence which is usually correct. or i thought that. this all turned out to be totally wrong and just very very simple price action has worked better. often in martial arts or some other competitive situation knowing tons of techniques is not the issue just being able to do maybe 3 things very well is more useful. esp when under pressure.

so i would offer (1) keep things simple. (2) do not worry too much about tons of indicators. (3) as above try to grasp the feel behind the charts.

charts are clues. just as a word is a clue in a conversation not an end itself. use rules but look for clues such as momentum of the move (strong or weak) and so on. so it's not just what is said it is how it is said. For short term chart reading if you can stand it--try al brooks--he tries to get across how to read each price bar and that is a good place to start. or try just reading cobra and not anyone else for a while--there is less detail but you will slowly get exposed over and over to very useful chart stuff.

bottom line? just as in anything--

try esp at the start to keep it real simple

concentrate on one chart in one time frame with the fewest possible indicators and build outward as far as you think you have to slowly over time.

it's like learning musical stuff or athletics etc--the stronger the base (eg suffer at the start on simple ideas and making them default reactions or habit) the easier later.

[louie]

This is one very impressive "squeeze"

this is may not be a squeeze
But rather the "solution"?!?


---
I am here: http://tapatalk.com/map.php?wcpo30

I respect that opinion & am certainly openminded

[Petsamo]

So who's shortin?

[nicha]

Thanks!!

[Cobra]

normally, should be another leg up.