10/12/2011 Intraday Watering

[Cobra]

Cobra, if today closes in green then we can say the Oct 4 bottom is in per 7 day rule? If today closes in red then we may see pull back tomorrow?

7 days rule is used to tell you that you have sweet 7 days, it doesn't guarantee the bottom.

If red today, then it's the 2nd reversal, then yes, the top was in. We go route A.

[Al_Dente]

May be DAx is giving us a better hint?

quien
in yr opinion, EWG okay to watch? or just poor substitute 4 $DAX?

[Cobra]

the next target.

[Cobra]

OR target reached.

[quientuves]

i prefer DAX, as i trade DAX futures too... i'm in Spain. And remember i'm a newbie here... =^_^=

[Mr. BachNut]

Got a buy signal last night...a little on the late side
Closed hedges this morning with a profit.
Still holding 1/4 short now as a partial hedge at a growing loss. If not stopped out will close on a down day, if we have one ever again.
Now net long, just in time for a correction.
Overbought markets getting more overbought is a bull market phenomenon. So, I will position accordingly.

[Cobra]

volume surge, biggest bar, so could be a pullback of some kind here, then we'll see.

[BullBear52x]

speechless, who is calling the top raise your hand ouch!

OK. lets do the entry number again shall we?

[uempel]

speechless, who is calling the top raise your hand ouch!

OK. lets do the entry number again shall we?

Check 377:

[Michelle]

speechless, who is calling the top raise your hand ouch!

OK. lets do the entry number again shall we?

I think I'll wait til everyone is bullish before I call a top.

[EvilTrader]

This market looks like mid-september, when SPY made a high around 9-16.

Hourly MACD, RSI and ATR patterns are about the same.

I expect a correction to about 118 by friday.

[soku]

i read it as b-o then retest. 1205 need to hold for the bullish case

[pady]

Hi cobra,

I missed this complete runup as I was on vacation. If this is an impulse, I would expect to see a wave 2 down to 1140-50 range. Your thoughts ?

[ddd]

speechless, who is calling the top raise your hand ouch!

OK. lets do the entry number again shall we?

Real top is in the 1230 ~ 1250 area.

[Michelle]

Uempel, this is the fourth time since August the market has tried to get through the 377 and stay above it. I wonder if this time will be different....

[BullBear52x]

speechless, who is calling the top raise your hand ouch!

OK. lets do the entry number again shall we?

Check 377:

The attachment 1212.png is no longer available

Toppy again on channeling too.

[SB73]

ok...glad I hedged some before close yesterday. I am definetly speechless.

[BullBear52x]

speechless, who is calling the top raise your hand ouch!

OK. lets do the entry number again shall we?

I think I'll wait til everyone is bullish before I call a top.

this proved once again the majority is wrong.

[waverider]

speechless, who is calling the top raise your hand ouch!

OK. lets do the entry number again shall we?

Already tried to step in front of the bull and got the horns holding into Columbus day... I'm never shorting Columbus again unless we're in a clear downtrend.

If this turns down at 122 I'll probably have another go...

[ddd]

Back in Mar 2009, the impulse moved 20% up before the first two-day shallow adjustment. The sentiment then was about as negative as last two weeks. So bears be careful. I will continue to trade only one way, and scaling into more swings vs DT.