11/30/2011 Intraday Watering

[Cobra]

OK, target reached, and indeed the 3rd time is the charm (hmm, who said I'm emotional? ) . That's it for today. Chances are today's high is not the high and NORMALLY we'll see more up ahead, I'll have to look for more excuses for bears to see if I can make any bearish call tonight, right now, I won't fight bulls. Thank you guys, I'll see you tomorrow.

Cobra will this mean no more talk of revisiting the Nov lows?

Thanks in advance

the low will be revisited, but bears have to wait. Let's pretend to be bulls now and when the time come we join bears. this is how the game is played. don't fight the market, just follow.

[StrikePrice]

breakout as I said, but still shy of my target, let's see.

Hey Cobra,
I hope you got most of your overnight short back by trading for your target. This volatility can't last forever...i think...or maybe super-fast computers are changing the markets as we watch...who knows...just keep the chin up...your instruction has certainly helped many and your TA is still solid work.

[Dow Trader]

2.01 million last sell on SPY, 453 K last sell on IWM. Big guys betting a gap down tomorrow.

the close

[Al_Dente]

PAGING TAGGARD:
THANKS for four quite brilliant things u said:
1) note the background of the trade
2) spot variations in trend strength …variations in quality
3) scale the trade size
4) adjust as the market [stock/etf] does

[msbinter]

Vix UP .

[Me XMan]

Go short or go long for gap down or up tomorrow.

2.01 million last sell on SPY, 453 K last sell on IWM. Big guys betting a gap down tomorrow.

the close

[taggard]

PAGING TAGGARD:
THANKS for four quite brilliant things u said:
1) note the background of the trade
2) spot variations in trend strength …variations in quality
3) scale the trade size
4) adjust as the market [stock/etf] does

it's interesting stuff (the intersection between "outside" ta and "inside" psych.--any light you could shed on it from your perspective would be appreciated. this site is interesting as there are varied levels and perspectives and it is fairly wide open also very kind of cobra to respond--generally using a very stable point of view which works well to cause this diverse stuff to adhere to some center.

[TWT]

SPX: Extension target reached

The big question is ABC or 1 2 ; I II III IV V = 3

Judging from the initial move of ES Globex which is corrective it should nor be a wave 1

If ABC it can morph into an ABCXABC

Anyway after what we have seen today I don´t think the move is over

But as always a corrective pullback is needed.

If corrective it should find support in the range of the trend line - 1213 ( The 20dsma = 1227)

[Al_Dente]

PAGING TAGGARD:
THANKS for four quite brilliant things u said:
1) note the background of the trade
2) spot variations in trend strength …variations in quality
3) scale the trade size
4) adjust as the market [stock/etf] does

it's interesting stuff (the intersection between "outside" ta and "inside" psych.--any light you could shed on it from your perspective would be appreciated. this site is interesting as there are varied levels and perspectives and it is fairly wide open also very kind of cobra to respond--generally using a very stable point of view which works well to cause this diverse stuff to adhere to some center.

Here’s how I play scalping intraday only.
I determine from a daily chart if we are in a buy/long or sell/short mode.
Then the intraday internals guide me in gauging the strength/weakness of the day.
If it’s a strong “trend day” I look for the strongest percentage performer(s) of the day.. Let’s say it’s banks. Then I focus on FAS, wait for entry when my rules allow (e.g.: above vwap, MA buy cross etc.)
I do not have a target (these are my rules only). I hate using scalp targets, and it is reciprocal, as the stock/ETF could give a shite what my “target” might be. I am always aware of vwap, pivot points and internals, but I try to let the trade TELL ME what to do, not visa versa….

Eg: I love to scalp a “clean rally” meaning it moves up, pulls back to the smaller MA, moves up again, pulls back again to the smaller rising MA, advances again, nice and clean and pretty. Perhaps this continues for ½ hour or >2 hours, always varies, and then all of a sudden it pulls back to the larger MA, hmmm, for no reason?...there is always a reason…what is it?... then perhaps the next candle pulls below the larger MA with half its body hanging out below the MA, and I am on high alert, as my “clean rally” just turned “dirty,” and I may sell some/half, all depends on what the action looks like, and if the internals are strong/weakening. NONE of it depends on my “target” or the pivots or what I “think” it should be doing, etc…. It all depends on what the stock is telling me, or what u call "the variations in the quality of the trade."
Yes, this means I sometimes split my tickets, pay more in commissh, I don’t care about an $8 commish when I’m looking at a clean scalp that just turned potentially “dirty”. So I pay more, sometimes/often sell early, give up good money if the “correction” subsides and the rally resumes, and I DO NOT CARE. In retrospect, if I have followed my rules, and correctly interpreted strength/weakness, I am happy. I have plenty of winners and plenty of losers. Maybe I only make a dime or a quarter on some scalps, but I don’t have to give back a buck too often.

“Play the opening like a book, the middle game like a magician, and the endgame like a machine.” [Rudolf Spielmann, Chess Master]

[taggard]

Thanks al

i see the advantage of picking the strongest sector of the strength of the day. and generally i avoid targets--but will do some measured moves. where we differ most is that i try not to look to much at anything except a 5 and 15 min chart during the day--and i try to always play the same thing. I REALLY LIKE THE PART ABOUT WHERE YOU ARE LETTING THE TRADE TELL YOU WHAT TO DO--THAT IS WHERE IT IS AT 100%--IT TAKES SOME EXPERIENCE AND SOME SUBTLETY BUT IT CAN BE JUST EFFORTLESS WHEN EVERYTHING CLICKS.

my thought is that scalping is pretty fast action so i try to keep it really simple. i really do see the advantage of the strongest of the strongest. that really makes sense in certain kinds of markets and maybe every day. the other side of that is that there is a character of a given etf or tool and that sticking with that will make trading it easier. at this point am trading qqq and that is it. i tend to stick with one thing for years.

i am building an intuitive trading style using very simple ideas and the least amount of data. it's really interesting both (1) how hard it is to give up or avoid looking at various data or indicators (2) in the end how few are (absolutely) required.

the issue is the balance between a confluence of data (so more from outside) or the concentrated attention on one thing (so more from the inside). there has to be some sort of balance between these that fits each guy.

the clean rally reference is great--generally (but not always) this implies underlying strength. i trade options so my commissions are higher than yours--but i totally agree stuff like fees taxes etc cannot be a trade consideration. it's about getting things right and then paying what you have to. on winners and losers i am currently fluctuating between 82-87% what concerns me the most is getting a series of bad trades which is rare but does happen--this shows something is wrong with me paying attention.

thanks for the explanation--the chess quote good too--i like the middle game part as you must confuse there to have the end game rock.

[BullBear52x]

before dinner, 4th trial. this time will really be something new

someone eyeing 135

[Me XMan]

Central bankers are ALL IN. Now comes the river card.

before dinner, 4th trial. this time will really be something new

spy.JPG

someone eyeing 135

spy.JPG

[jaijailyc]

just my opinion, at multiple resistance (longer term charts) but a little pullback/consolidation and more up. just my opinion

[jaijailyc]

translation for the above post: jbtfd or just buy!