02/29/2012 Intraday Watering

[stucap]

/es just spiked down...

looks like a crapload of sell-on-close orders. no worries. someone (or something) was there to BTFD or BTFC whatever term we're using these days.....

either we gap down tomorrow (yes, the unicorn does exist) or bears are toast. need a gap to break support.....

[kongen]

rebound as I said. guess that's it for today, the bearish engulfing we have today statistically is very very bullish (yes, bullish, not typo) for the next day. Thank you guys, I'll see you tomorrow.

I am an EW dunce. Someone I follow says we are in wave 3 (SPY daily). Do the rest of you agree?

[jarbo456]

/es just spiked down...

looks like a crapload of sell-on-close orders. no worries. someone (or something) was there to BTFD or BTFC whatever term we're using these days.....

either we gap down tomorrow (yes, the unicorn does exist) or bears are toast. need a gap to break support.....

honestly though...look at the daily or even 4 hour charts...bears have a lot of wood to chop.

in the meantime...JBTFDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD.

[Harapa]

If SPY closes above 136.63, it will complete Tom DeMark’s 9-13-9 sell setup on daily charts.

Setup completed.

[nikman]

If SPY closes above 136.63, it will complete Tom DeMark’s 9-13-9 sell setup on daily charts.

Setup completed.

What does this mean? What is the target in what timeframe?

Thanks Harapa. It is already trading below 136.63 in the after market.

[jarbo456]

If SPY closes above 136.63, it will complete Tom DeMark’s 9-13-9 sell setup on daily charts.

Setup completed.

can you show a chart of this TD count setup? thanks.

[soku]

If SPY closes above 136.63, it will complete Tom DeMark’s 9-13-9 sell setup on daily charts.

Setup completed.

can you show a chart of this TD count setup? thanks.

here you go. and today we just printed the projected high at 1378. if demark is right, we shd see 1300 next

[btran874]

TVIX just dived off the cliff as expected. 1380+ now you silly girl SPX.

My call yesterday morning.1378,63-67.Gonna backoff on high tomorrow ,looking for 80-84 with target of 83

I asked you for a wave count but you didn't reply. I am very interested in how you get those numbers. This effing EDT threw me off guard many times. But I think I see it clearly now. We finished Peak 3 at 1378 this morning dropped 13 points for bottom 4. Now we're going up for Peak 5 and should top out above 1380 but I don't know the exact ratio because EDT is so hard to calculate. Can you help me?

No the risk is very large that the ED is completed

below the ED of the DOW

Thank you. Damn it. I am too scared to buy shorts now but we could start wave 3 down tomorrow. Oh well, stay in cash then I guess.

[jarbo456]

If SPY closes above 136.63, it will complete Tom DeMark’s 9-13-9 sell setup on daily charts.

Setup completed.

can you show a chart of this TD count setup? thanks.

here you go. and today we just printed the projected high at 1378. if demark is right, we shd see 1300 next

you're the man soku...if you are a man, i mean. thanks!

[Harapa]

If SPY closes above 136.63, it will complete Tom DeMark’s 9-13-9 sell setup on daily charts.

Setup completed.

can you show a chart of this TD count setup? thanks.

here you go. and today we just printed the projected high at 1378. if demark is right, we shd see 1300 next

Soku,
Thanks for sharing the chart. I work in Excel to study these; haven’t found a cheap stand alone TA package that includes these. May be you know?

[TWT]

EURUSD: This could be an impulsive down leg off today´s hod + Double Top = A top should be in place

(thewavetrading)

[TWT]

USD INDEX: If the EURUSD has a most likely top in place then DX must have established a bottom

(thewavetrading.com)

[TWT]

ES GLOBEX: For Globex traders/watchers I am using the following count:

(thewavetrading.com)

[Harapa]

Watch the support. BTW, the ascending diagonal TL is from October low: another reason to expect some resistance and not to expect a major decline from here.

Breached the upper TL but look where it stopped.

[mozart]

Silver:

[btran874]

rebound as I said. guess that's it for today, the bearish engulfing we have today statistically is very very bullish (yes, bullish, not typo) for the next day. Thank you guys, I'll see you tomorrow.

I am an EW dunce. Someone I follow says we are in wave 3 (SPY daily). Do the rest of you agree?

Yes we are. And it might not end until 1413 to 1431.

[SWalsh]

gc continues it's tank...pretty close to matching record 1 day drop in price...

I never like being long ANYTHING when margin calls go out!

Margin calls can go in either direction

True, but short covering margin calls are nothing like long liquidation as the public tends to be long.

[SWalsh]

rebound as I said. guess that's it for today, the bearish engulfing we have today statistically is very very bullish (yes, bullish, not typo) for the next day. Thank you guys, I'll see you tomorrow.

I am an EW dunce. Someone I follow says we are in wave 3 (SPY daily). Do the rest of you agree?

Those who were considered the very top mkt analysts using EW with a good track record have been obliterated in the last 2-3 years using the same principles that brought them notoriety.

A wave 3 move should be something that you find hard to believe when you see it. Think of the drop into August 9th. Now flip that around. Do you see that kind of activity? No, it's not there.

The mkt is a house of cards floating on quantitative easing (free money) as well as a tenet that goes this way, "That which gets rewarded get repeated". So the BTFD remains in place until it become "Sell the #&*% Rally"

The mkt has no characteristics of a wave 3 and those who say it does can't label it "According to Hoyle". Can the mkt test the old highs in a dragged out corrective wave that will be part of a 4-6 year correction from 2008? Sure it can.

EW is merely a tool, and while a very good one with experience, it is secondary to money management and what fits for you. It also seems to have been gamed by the computers, as has a lot of standard TA. I would suggest you pick-up Mark Douglas's book, "Trading in the Zone", and learn why you need to find something that you feels provides "an edge", and then trade it. Listening solely to the opinion on market direction of others and the trades they recommend ultimately ends up being worth what you pay for it. TANSTAAFL. And often the lunch is rotten.

Do I think we are in Wave 3? No, not at all as the labeling is wrong. I think we are putting in an ending diagonal. BUT, it takes only one trader - JUST ONE - to destroy an analysis based on what a mkt has looked like before. And that is what EW Theory is based upon. There used to be enough players that human fear and greed had the mkt ebb and flow with it. With High Frequency Trading now almost mandated by law so as to "provide liquidity", that anything can happen is now more on the table than ever.

Good luck