05/24/2011 Intraday Watering

[bbc]

this market should be trading down right now, take a look at the RSI on the hourly.. it is screaming DROP.. but there is a huge bidder down 1311-1312... i am covering my short. i believe the selling will happen after the market closes in the futures market...

don't take *huge bidder* seriously. it's more often *bait and switch* Most likely an AOC, IOC order from HFT.

[alvian33]

cobra any thoughts on the market so far?

[agnosia]

this market should be trading down right now, take a look at the RSI on the hourly.. it is screaming DROP.. but there is a huge bidder down 1311-1312... i am covering my short. i believe the selling will happen after the market closes in the futures market...

don't take *huge bidder* seriously. it's more often *bait and switch* Most likely an AOC, IOC order from HFT.

interesting, thanks.. that happens all the time in the after hours with thin markets.... a mysterious bidder comes in to show 3x normal volume for support then is pulled right before it gets there. very annoying not being able to rely on L2

i am short crude 98.83, the touch of the 10ema on the hourly. stop at even.

[silverharp]

hard to see a big down now with silver still up 3% plus and poised for a new intraday high, its not a buy dollar sell everything else day

[BullBear52x]

I am out, 100% with king.

[StrikePrice]

Key minutes here. TLT at support and SPX at resistance. Who will win?

[99er]

SPX
Down to the channel line.
http://99ercharts.blogspot.com/2011/05/spx_2701.html
In an accelerated way.

[BullBear52x]

a day like today is good for ice cream have a great trading day everyone.

[silverharp]

financials are weak, the SPDR KBW Bank ETF sort a has a bear flag look about it, if not corrected soon

[jpearl]

My timing did not kick in immediately, and went lower than 1313.50. But globex lows have held and the next larger move was up. Targets here are 1317.25 and max high 1320.

[bbc]

this market should be trading down right now, take a look at the RSI on the hourly.. it is screaming DROP.. but there is a huge bidder down 1311-1312... i am covering my short. i believe the selling will happen after the market closes in the futures market...

don't take *huge bidder* seriously. it's more often *bait and switch* Most likely an AOC, IOC order from HFT.

interesting, thanks.. that happens all the time in the after hours with thin markets.... a mysterious bidder comes in to show 3x normal volume for support then is pulled right before it gets there. very annoying not being able to rely on L2

i am short crude 98.83, the touch of the 10ema on the hourly. stop at even.

I play CL too, shorted around 100 last friday, too scared to have them covered around 99.30. It happened on me a lot. I shorted at 114 level, covered 2 hours before the -15% show, and 110 level, each time I didn't have guts to let profit run, it's too volatile for me to endure.

I won and lose on CL, one of the simple strategies is to limit sell short 3-5 ticks below critical integer level. In a lot of cases, the momentum is strong close to that level, you can catch like 30 ticks or so safely. I often set stop at 10 ticks above that level in case the market hesitate.

BO works well on most commodities, as it tends to have huge momentum than stocks.

[bbc]

this market should be trading down right now, take a look at the RSI on the hourly.. it is screaming DROP.. but there is a huge bidder down 1311-1312... i am covering my short. i believe the selling will happen after the market closes in the futures market...

don't take *huge bidder* seriously. it's more often *bait and switch* Most likely an AOC, IOC order from HFT.

interesting, thanks.. that happens all the time in the after hours with thin markets.... a mysterious bidder comes in to show 3x normal volume for support then is pulled right before it gets there. very annoying not being able to rely on L2

i am short crude 98.83, the touch of the 10ema on the hourly. stop at even.

L2 is informative, but only for those HFT players, especially market maker type, For retailers, it's less and less informative for highly liquid products now as
it's too tricky and too fast for human to read, a lot of hidden volumes on order book and a lot of probing quotes too.

[Cobra]

cobra any thoughts on the market so far?

no idea. got mixed signals here.

[Cobra]

could be a pullback of some kind here.

[agnosia]

I play CL too, shorted around 100 last friday, too scared to have them covered around 99.30. It happened on me a lot. I shorted at 114 level, covered 2 hours before the -15% show, and 110 level, each time I didn't have guts to let profit run, it's too volatile for me to endure.

I won and lose on CL, one of the simple strategies is to limit sell short 3-5 ticks below critical integer level. In a lot of cases, the momentum is strong close to that level, you can catch like 30 ticks or so safely. I often set stop at 10 ticks above that level in case the market hesitate.

BO works well on most commodities, as it tends to have huge momentum than stocks.

yeah there is too much liquidity floating around to short the market with success these days and i rarely do it. for the most part i play it from the long side and use 2 contracts that way i can take 1 off when i made a little money and let the other one run, keeping the other at break even. mostly playing breakouts like you say.

i make 90% of my money trading crude... i use very big stops on my swing trades. up to 1-2... that has helped me become better trading crude.

damn too bad you missed that show, it would have been great for you but i get why u covered...

[Cobra]

i really hope this kind of rebound is simply because of ChiOsc. otherwise the action is bullish because yesterday's low was tested, with a strong rebound thereafter, so this leaves the possibility of 2 legged up on 60 min chart I mentioned last night. I'm not quite convinced yet, but it's possible.

[bbc]

I play CL too, shorted around 100 last friday, too scared to have them covered around 99.30. It happened on me a lot. I shorted at 114 level, covered 2 hours before the -15% show, and 110 level, each time I didn't have guts to let profit run, it's too volatile for me to endure.

I won and lose on CL, one of the simple strategies is to limit sell short 3-5 ticks below critical integer level. In a lot of cases, the momentum is strong close to that level, you can catch like 30 ticks or so safely. I often set stop at 10 ticks above that level in case the market hesitate.

BO works well on most commodities, as it tends to have huge momentum than stocks.

yeah there is too much liquidity floating around to short the market with success these days and i rarely do it. for the most part i play it from the long side and use 2 contracts that way i can take 1 off when i made a little money and let the other one run, keeping the other at break even. mostly playing breakouts like you say.

i make 90% of my money trading crude... i use very big stops on my swing trades. up to 1-2... that has helped me become better trading crude.

damn too bad you missed that show, it would have been great for you but i get why u covered...

I guess for swing 1-2 is fine, but for me, I once used booktrader of IB without anything else, traded back and forth 20 rounds within 5 minutes.
I guess swing is better, DT is so tiresome.

[Cobra]

the rebound was strong, so this pullback should fail eventually, I expect more rebound.

[agnosia]

I guess for swing 1-2 is fine, but for me, I once used booktrader of IB without anything else, traded back and forth 20 rounds within 5 minutes.
I guess swing is better, DT is so tiresome.

yeah to be honest i break even on my scalp trades and make all my money with my swings. i scalp for intra-day fun it is hard to compete against the bots and phd's for scalping these days IMO.

also on in the crude market you have this to contend with -

"CFTC charges 3 firms with oil price manipulation"

just on the wire.... last night they manipulated it down to take everyone's stops out on no NEWS at all and then blasted it higher (the touch down to 96.61 after hours).

[agnosia]

today's magic pivot=close number is 1317.