09/07/2011 Intraday Watering

[cowboy]

I shorted again now, have some charts which show resistance, but odds are 50/50 and frontrunning is a no-no.

SPX7.png

Hi uempel,
I am an amateur here, just like to know how and when do you decide to short the stock/index? based on the trend and resistance?
When you do short, is it consider "frontrunning"? Or it still follow the "big" trend and short when there is a "small" rebound?
thx

[agnosia]

ok guys looks like 1192 resistance is gonna be taken out..... gonna be adding more contracts soon, thanks for selling to me

[lazytrader]

We have Fed Beige Book at 2:00 PM...could provide some action...

not enough action for you today yet ?

Most of the stocks are trading around the open price...if u exclude morning volatility not a big move in option prices..

[agnosia]

i am short crude 89.40 ... party is over for now .. stop is even just in case it's not though

[agnosia]

We have Fed Beige Book at 2:00 PM...could provide some action...

not enough action for you today yet ?

Most of the stocks are trading around the open price...if u exclude morning volatility not a big move in option prices..

ah ok. i am not familiar with options .. never got my head around them. plus there are too many other smarter people trading them for me to compete.

[Cobra]

lunch time, will be back. I see a clear rising wedge, just no weakness sign yet.

[BullBear52x]

are we there yet?

[StrikePrice]

This market has been all about buying the weakness and selling the strength. If going long here is better for rest of week than clearly we may not stop until we hit the upper bear flag to keep forcing shorts to cover. Remember the pros want to bust you out just before the move you were waiting for so you give up trading in disgust and never come back for that money they took.

Bottom-line the Bear Flag trading range is the in-play and we're moving to 1210-1250 range by Friday if the pros feel like that will get everyone to flip long too late and then they'll sell you right out again. This appears to be a 3-5 day max trend environment and those that don't anticipate but hop on day 3 or 4 get burned big time.

[agnosia]

ok too much overhead supply in /es i think.. saw the DOM and i don't think we get through today.. selling all my /es longs . flat now. my guess is we hang around these levels and gap higher overnight... i will stop posting now, sorry for posting so much today guys i hope some of you followed me in my crude trades and made some money.

[uempel]

I shorted again now, have some charts which show resistance, but odds are 50/50 and frontrunning is a no-no.

SPX7.png

Hi uempel,
I am an amateur here, just like to know how and when do you decide to short the stock/index? based on the trend and resistance?
When you do short, is it consider "frontrunning"? Or it still follow the "big" trend and short when there is a "small" rebound?
thx

I believe the main trend is down and maximum upside here is 1210/1225. Entry points: going aganst the trend at certain resistance level is a no-no, if you want to make money go with the trend. I'm just playing around at resistances because this is a crazy market and the main trend is down. Going short at 1190 was a mistake - I did not see the circle and the breakout to the upside. But presumably I'm not going to cover and I'll just wait. The next big leg down should come soon and as it will be very fast and I don't want to miss...

[JustTrading]

Hi Everyone,

Does anyone know what time the president is speaking tomorrow about the so called jobs plan? Also heard something about Bernake speaking Friday...is that true? Any othe events the next few days we need to know and consider in our trading plans?

[uempel]

This market has been all about buying the weakness and selling the strength. If going long here is better for rest of week than clearly we may not stop until we hit the upper bear flag to keep forcing shorts to cover. Remember the pros want to bust you out just before the move you were waiting for so you give up trading in disgust and never come back for that money they took.

Bottom-line the Bear Flag trading range is the in-play and we're moving to 1210-1250 range by Friday if the pros feel like that will get everyone to flip long too late and then they'll sell you right out again. This appears to be a 3-5 day max trend environment and those that don't anticipate but hop on day 3 or 4 get burned big time.

1250

[StrikePrice]

Sorry, been lazy with the posting of charts.

Here's what I've been trading.

I see a new Diagonal/Wedge in the forming, aka Deja Vu next Tuesday could start all over again at the top of the Bear Flag.

[99er]

Look honey...
SPX http://99ercharts.blogspot.com/2011/09/spx_5763.html

No cavities!

[jarbo456]

ok guys looks like 1192 resistance is gonna be taken out..... gonna be adding more contracts soon, thanks for selling to me

Good trading agnosia. However I think it's important to remember there r people on this board losing money. No need to rub salt into open wounds. I've been on both sides before. I think we should keep this board as friendly and professional as possible. This isn't some intramural sports game, there r real people losing real money and feeling real stress over it. This isn't to single you out per se, nor am I some sort or site police, just trying to give an opinion. I am also long the market today, but have been on the wrong side plenty of times before. Let's be more informative, and less gloaty.

Sorry if this offends you, but it's actually something I've been wanting to write to the board (not just because of you) for awhile. I think the best traders here rarely if ever let us know when they r up big or not.

John

[uempel]

This rally might bust 1205, but 1210? This grid chart shows resistances quite well. The idea of the grid was developed by W. D. Gann 80 years ago...

[HappyFriday]

Push harder, all the way to 120.7

[sgregs]

I for one traded on the crude recommendation in futures contracts and appreciate agnosia's commentary. His commentary was a form of his position commitment.

[quientuves]

jarbo, IMO the comment of Agnosia is quite innocent. If someone can't accept even a light comment, i think it could be better for him/her to be out of this game... it can cost your wealth, but it's only up to each one to avoid it cost you health too. Sorry my bad english...

[mac769]

ok guys looks like 1192 resistance is gonna be taken out..... gonna be adding more contracts soon, thanks for selling to me

agreed, if 1992 is taken out, then we will most probably see 1998-1200

may depend on the color of the beige book