Harapa wrote:When TNA opens low and high of the day is < yesterday’s close, then close of the day is < open (100%, 739 trading days since inception, 10 incidents).
we don't have HOD yet.
True.
This information is useful if you are thinking of going long later in the day; you are most likely to get a better price close to the EOD than earlier in the day.
Above is provided for informational purposes only and shouldn't be considered an investment advice or recommendation to buy or sell anything.
ramram wrote:The ES pivot is actually 1243. I give it about 11 ticks -- if market maker cannot take out -- then prices will reverse and drop most likely.
qtipped wrote:124.85 is my mental stop...it has to be taken out...didn't execute yet...just drifting....but i'm sure after i cover it will fall hard.
please cover take one for the team!
Yeah, take one for the team! this is so funny
wait ....groupon is still flying...5 min about to roll over..once it convincingly doesn't fall back and groupon flies over $30, i will take one for the team.
EMA gap short, let's see. I've lost all my confidences in bears anyway. The chart still looks bearish, but who cares?
Just to explain: be careful of my words, I'd try my best to discourage people to trade based on my comments. you cannot short L2 or long H2 simply based on what I say, as when I posted there, it's already too late.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Dutchy wrote:Hi Cobra, this morning you called the opening stretched and voiced the expectation of a pullback which happened as predicted.
What is your definition of stretched? Is it the absolute size of the gap or in relation to a previous pattern?
Thank you,
Dutchy
Look at MAs on his chart. if there a very large seperation between MAs and actual the lines, they will try to meet each other in the middle somewhere. From there, who knows. Most of the time this will happen on the open(when there has been a gap up or down) or when there has been big market news. In this mornings open, there was a gap; a good opertunity for a move for 15 minutes or more. Need to figure out what the S&P implied open is and translate that to a SPY, SSO, etc. be ready to pull trigger on very open.(GLTA). I need to do this myself(find a good place that gives a good implied opening value on the Web).
Thanks for explaining xfradnex. But wouldn't that imply that every opening is stretched by this criterium? The price action is always ahead of the MAs after all. Or is there a quantitative criterium for the separation?
Note that MA setting on this 1 minute chart. When the actual price from the Red line is double the distance between the Red and Blue, this would be a good opertunity to short. The more stretched the lines are apart the better the final outcome. Need to compare all the upward humps. I marked the best one, the opening. These are rules of thumb. Need to develop the eye to see these geometries. note the distances between the lines for most of the previous day as a measure for future price/MA movements and opertunities. .
Sorry, this is a little thread from yesterday's watering..
Thanks again xfradnex and Cobra for replying. I studied opening again but am no wiser. While it is true that at opening the gap between MA and price was largest for day, this would be true of every big gap. But not all big gaps are followed by a pullback. So I am maybe very thick but I still don't see how yesterday's opening was especially stretched or how a pullback could be implied in this case compared to any other gap up..