07/07/2011 Intraday Watering

[keesa]

Is today the first day outside BB line since the rally start?

nothing to say, here's why the market stalls here...

[uempel]

breakout as I said, maintain the target, still not much to say.

My target is slightly higher, but perhaps it's not for today; I've got 1357 for today or 1359 for tomorrow

what would you do after hitting the target?

Sell tons of minis and cover them when they drop a few handles (either at midnight or sometime Friday). I believe it's safe. The market has to digest some of the gains and will pause soon...

just as I thought you'd do. thanks.

Targeting ES Sept at about 1353 - 1354... I've got to go know, bye Cobra

[rhight]

Second variant:

Interesting charts. How about a third variant as follows :

Feb '11 Hi = wave 3
Mar '11 Lo = wave 4
April '11 Hi = wave 5 of C
June Lo = wave A or 1
currently in wave B or 2 working towards double Top in cyclical uptrend?

I'm not an elliot wave expert, and do not trade waves since I'm somewhat concerned with developing a trade bias based on wave count. But I do use waves to arrive at price projections, as paradoxical as that sounds.
The reason I offer that variant is based on how the projections on this archived chart turned out.

[Cobra]

Is today the first day outside BB line since the rally start?

nothing to say, here's why the market stalls here...

not first day. you should check my Tuesday update, good statistics there.

[uempel]

.[/quote]

just as I thought you'd do. thanks.[/quote]

Targeting ES Sept at about 1353 - 1354... I've got to go now, bye Cobra[/quote][/quote]

[The Hook]

EM's continue to grossly underperform. TLT rallying all day.

[Cobra]

EM's continue to grossly underperform. TLT rallying all day.

I see Bear Flag on TLT, should continue lower eventually.

[cougar]

Second variant:

Interesting charts. How about a third variant as follows :

Feb '11 Hi = wave 3
Mar '11 Lo = wave 4
April '11 Hi = wave 5 of C
June Lo = wave A or 1
currently in wave B or 2 working towards double Top in cyclical uptrend?

I'm not an elliot wave expert, and do not trade waves since I'm somewhat concerned with developing a trade bias based on wave count. But I do use waves to arrive at price projections, as paradoxical as that sounds.

I am no EW expert either. Using EW toward price projections actually makes sense. I am often doing the same.

[shumushu]

I shorted NDX just now at 2416.50, NDX's all time high. I see a lot of overhead resistance. Let see if it works.

[rhight]

Second variant:

I'm not an elliot wave expert, and do not trade waves since I'm somewhat concerned with developing a trade bias based on wave count. But I do use waves to arrive at price projections, as paradoxical as that sounds.

I am no EW expert either. Using EW toward price projections actually makes sense. I am often doing the same.

Please see my previous post. I editted it to include a historical chart with projections that turned out well.

[agnosia]

you guys still waiting for that pull back ? lol

[jamesmith]

.

just as I thought you'd do. thanks.[/quote]

Targeting ES Sept at about 1353 - 1354... I've got to go now, bye Cobra[/quote][/quote][/quote]
goodbye, enjoy the sunny weather :mrgreen:

[BullBear52x]

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.

Hi Bull Bear52: I am in UNG and betting for the upside. Still holding and hope today is a bottom date but quite nervures now. When you trade the UNG, are you day trading or swing trade? Your 200 ma 1 min is more for a day trading for my understanding. I would like to follow on UNG to learn the way. Thanks

day trade or swing trade? well, I would consider day trade at critical point, but more time than not I have position run, so at the run stage is a swing trade I guess. where to get in and when to get out is an art of discipline and when to add more or reduce position size is not as easy as 1, 2, 3...and so on but could be simplified. my time frame is based on 5 daily moving average, a major market turn will pass that line up or down (this is guaranteed part), maximum risk should not be more than 3 std for the over night surprise gap, rare but possible. want more?

[Cobra]

target reached, overshot, volume surge, I believe we'll see a pullback soon.

[The Hook]

Cobra, why the persistant underperformance of SOX, Banks, and EM's/EMZ/FXI?

Edit, lets add gold miners to the list.

[BullBear52x]

Some thing fishy, look at IWM leaving the party ?

[Anaconda]

you guys still waiting for that pull back ? lol

I just pulled the trigger on the QQQ's. Might be a little early. But, I set my buy/sell points a little below/above likely bot triggers.

[Cobra]

Cobra, why the persistant underperformance of SOX, Banks, and EM's/EMZ/FXI?

Edit, lets add gold miners to the list.

any signs of divergence or lagging etc etc would eventually work or catch up but when trend is strong, you can pretty much ignore everything for awhile. For now, bears even cannot have a Bull Flag on the SPY 60 min chart, so it's far away from big pullback yet.

[agnosia]

you guys still waiting for that pull back ? lol

I just pulled the trigger on the QQQ's. Might be a little early. But, I set my buy/sell points a little below/above likely bot triggers.

nice. i have been long since /es 1260.. sometimes the best thing to do is nothing. we're headed to 1400 /es....

[shumushu]

vix is not confirming the move today.

you guys still waiting for that pull back ? lol

I just pulled the trigger on the QQQ's. Might be a little early. But, I set my buy/sell points a little below/above likely bot triggers.

nice. i have been long since /es 1260.. sometimes the best thing to do is nothing. we're headed to 1400 /es....

Wow nice, good stuff