06/09/2011 Intraday Watering

[cletus]

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TRADE ALERT
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I have been stopped out of my long oil position. The calls were good for about 5%. Not too great but better than losing.

[alvian33]

well, last few weeks, dollar was down and the market was down, and euro was up but market down, so could be that market might go up with dollar, and euro could go down, its not alway 100% correlation

[BullBear52x]

I am selling this market for now until spy trades >128.85

[stocks9000]

HI Cletus,

Trying to learn from those who know more than me. You mentioned cyclical lows and highs for cotton, oil and the market. If it is not too much trouble, what is the methodology that you used to determine these cycles?

Thanks

[agnosia]

Yeah, I'm getting nervous long oil and have put a stop at yesterday's close to lock in the gains...but the cycle is still bullish for crude for another day or two.

Nice. i took one contract off last night near 101.70 and still have one on. got my stop at the 50% retracement of the move and daily pivot , 100. I'm guessing we will see the top of the triangle formation on the daily which is currently @ 102.85ish

[Cobra]

QQQ, IWM still look like a breakdown is in the card. I still see Descending Triangle here.

[cletus]

HI Cletus,

Trying to learn from those who know more than me. You mentioned cyclical lows and highs for cotton, oil and the market. If it is not too much trouble, what is the methodology that you used to determine these cycles?

Thanks

Many traders use some sort of sine wave to get the cyclicality of an instrument. Like this one

http://emini-watch.com/products/hilbert-sine-wave/

I have found them extremely useful because it helps you manage the time component of a trade, since one of the biggest mistakes many traders make is getting out too soon in a profitable trade, so a properly fitted sine wave will give you likely turning points. Combine that with other technical indicators like RSI divergences and support/resistance levels, and you have a powerful trading system.

[Anaconda]

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TRADE ALERT
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I have been stopped out of my long oil position. The calls were good for about 5%. Not too great but better than losing.

Wise move, I think, Cletus. I doubled down short at 101.5. With U.S.$ up and supply/demand fundamentals completely out of whack (way more supply at Cush, OK. than needed on monthly basis), this is a high probability play, in my view.
Good luck.
A

[cougar]

QQQ, IWM still look like a breakdown is in the card. I still see Descending Triangle here.

Thanks Cobra. It's good to know your opinion!

[alphahorn]

quick look at all the major indexes, yes the Nasdaq and RUT are lagging, but for how long? Though I think the odds favor the break out as the end of a wave 3 with another wave to follow this small correction

[stocks9000]

Thank you Cletus

[alphahorn]

fun scalps this morning are the Irish Banks on the noise coming out of Europe, AIB and IRE

[cletus]

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TRADE ALERT
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I have closed out my COW calls for a 25% gain. This trade took forever but paid off as it had painted a clear 5 waves down. I remember someone saying you shouldn't trade options on this because it's not liquid. Liquidity was fine as I was able to liquidate my position today with no problem. Spreads are high but it doesn't matter when you actually trade it. The market makers are there to fill you.

[dr659]

I was looking at the Futures charts 5 Min on the S&P, After 4:00 yest afternoon what was going on that would cause all those long bars that went on till this AM?, I never saw that before to that extreme. Anyone?

[alphahorn]

something for the bulls to potentially get excited about is the potential end of the pullback for financials. XLF has found some support for now at its 61.8% retracement level, after what appears to be a nice 3,3,5 flat correction. If it holds, it could be the catalyst for a move higher

[Cobra]

OK, I believe I said 2 legged up before yesterday's close, for now I still see 2 legged up here, now it's the very first up leg.

[BullBear52x]

Haha a mad cow, straight up from the bottom, not good, this is totally a computer buys.

[guelder_rose]

Cobra, where is target of 2 legged up? 1300?

[lilitulip]

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TRADE ALERT
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I have closed out my COW calls for a 25% gain. This trade took forever but paid off as it had painted a clear 5 waves down. I remember someone saying you shouldn't trade options on this because it's not liquid. Liquidity was fine as I was able to liquidate my position today with no problem. Spreads are high but it doesn't matter when you actually trade it. The market makers are there to fill you.

Hi cletus, Have you closed your ZSL position? thank you

[agnosia]

I was looking at the Futures charts 5 Min on the S&P, After 4:00 yest afternoon what was going on that would cause all those long bars that went on till this AM?, I never saw that before to that extreme. Anyone?

see my earlier post about the contract switch