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Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:30 pm
by rhight
Another perspective. This is a very simple (perhaps too simple) sector rotation chart between two "risk-on" and "risk-off" sectors. Note that divergences tend to be short and sweet. The double divergence in late April proved to be quite telling. As you can see, there is no divergence yet, although I'm sure there are cases where no divergence would be observed.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:31 pm
by BullBear52x
Tabby wrote:BullBear52x wrote:Define Buy the DIP
my take based on my time frame:
1. 1min RSI 50 dip below 30 and turning back up
2. price dip to 5dma
simple, why beat yourself so hard.
next intraday play...minimize your risk, know the exit.
I don't think there is a buying the dip at this point. The choo choo train has already took off. It seems to me some companies buying back their own shares to increase the value of their stocks just prior the earning seasons starting Monday.For example TNA had matket cap 944M on 7/5, 805M on 7/6 and today 815M today. What happened to 129M market cap on this etf? Wait till they push to 120 and split TNA in 3 shares. I rather to be in cash for next train than jump in front of the train.
RSI dip below 30 or dip to 5 dma is not easy to come by, look at FAS for example it land yesterday. check my exit you got time to get out before any surprise move.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:34 pm
by KENA
UTIL is now dn to only .19up ...The mkt is going up util is going dn....Mkt change in direction is coming.imho..Lets see.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:37 pm
by BBFinance
Happy days are here again.
Irish, Italian borrowing costs hit record
http://www.eubusiness.com/news-eu/eurozone-ireland.b63
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:38 pm
by 99er
BBFinance:
This is what I mean about a "3" versus a "5."
SPX
http://99ercharts.blogspot.com/2011/07/spx_6342.html
"But if six turned out to be nine, well...I don't mind."
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:38 pm
by Tabby
BB52X,
I am out of FAS/FAZ, ERX/ERY, TNA/TZA long time ago. Just looking and studying some retail and coffee (JVA) stocks for now. I don't need to trade everyday.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:39 pm
by cougar
"rhight': very interesting! Good to know!
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:41 pm
by Petsamo
Any opinions on UNG?
Natural gas was hammered today because actual bcf is 95, expected was 80, which to me wasn't that bad.
If UNG drops to 10.25 intraday, I think I'll bite.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:45 pm
by DaWay
Oh Boy, I love this board for everything plus entertaining. This and Traders Talk just compliment every min of all the whole boring trading days! Keep 'em coming guys! Love ya!
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:53 pm
by MajorEasy
15 minute ES
i don't trade divergences, maybe i should????>
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 12:57 pm
by BullBear52x
Petsamo wrote:Any opinions on UNG?
Natural gas was hammered today because actual bcf is 95, expected was 80, which to me wasn't that bad.
If UNG drops to 10.25 intraday, I think I'll bite.
I trade UNG and few friends of mine in and out with me. right now it's bearish, to trade on the up side you are countering the trend. risky business. but if UNG is your beef to go long here is what I will do, wait for it to trade above 200ma 1min. to enter. I am not right now because a fresh break down at 10.55 is very bearish, trade back above 10.55 before I will look for entry again.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:04 pm
by BBFinance
You forgot to give a six alternate counts
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:05 pm
by cougar
These twin Gann Squares are defined by a diagonal = the 1x1 Time/Price line of the Gann Fan (m=1).
They suggest a “free ride” for SPX to the top of the square = 1377.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:08 pm
by Petsamo
Thanks BullBear52x
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:09 pm
by BullBear52x
If you are a bull, this is very healthy, it's like your health chart after yearly checking with your physician.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:13 pm
by Cobra
breakout as I said, maintain the target, still not much to say.
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:14 pm
by Anaconda
cougar wrote:These twin Gann Squares are defined by a diagonal = the 1x1 Time/Price line of the Gann Fan (m=1).
They suggest a “free ride” for SPX to the top of the square = 1377.
Great chart, Cougar. As an aside, this would comport with an elliott wave count to a new high (5), for those still looking for it.
Thanks and have a good one.
A
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:14 pm
by 99er
Gotta get me some goat for breakfast tomorrow.
Or is that simply inspiration from Jimi?
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:15 pm
by StrikePrice
Cobra wrote:breakout as I said, maintain the target, still not much to say.
Love your targets, Cobra. Looks like we could get there by 2:30 to 3pm. Then I guess some selling into the close?
Thanks. Great day!
Re: 07/07/2011 Intraday Watering
Posted: Thu Jul 07, 2011 1:17 pm
by StrikePrice
cougar wrote:These twin Gann Squares are defined by a diagonal = the 1x1 Time/Price line of the Gann Fan (m=1).
They suggest a “free ride” for SPX to the top of the square = 1377.
I read "Price, Pattern, and Time" Do you know of any other good Gann Theory books?