07/07/2011 Intraday Watering

[99er]

Updates

Gold http://99ercharts.blogspot.com/2011/07/gold_07.html
Silver http://99ercharts.blogspot.com/2011/07/silver_07.html
Crude http://99ercharts.blogspot.com/2011/07/crude_07.html

[99er]

"All your projections have at-least 2 if not more possibilities."

Actually, that's the way it should be...to avoid bias. I would do the same except it makes for messy charts and I can live with my bias.

[Cobra]

This challenge has no meaning. You create your own record as you go. Start with a 3rd part tracking from today and we shall evaluate after one year. I suppose Paulson has not see your records yet, otherwise he would have made you the chief of his hedge funds.

Guys, please no fight here. I know you had unpleasant experiences with EWI, I did subscribe them for a year, it was mostly wrong, but it's interesting to read if it could go much cheaper, I'd consider re-subscribe them as it's no harm to see different opinions.

Cobra: Yes…they recently offered me a bunch of their “specials” free of charge. A better price would be if they would pay me to read them! LOL!

Tell you the truth, I still cannot believe the market could go up, it's no logic at all, it should go down. but we're traders, we cannot argue with the market what is right or wrong. EWI is more theoretical, so worth reading if you have time, but it's not for trading. To trade, we should have our own system as no other system in the world could be better than your own.

[jamesmith]

This challenge has no meaning. You create your own record as you go. Start with a 3rd part tracking from today and we shall evaluate after one year. I suppose Paulson has not see your records yet, otherwise he would have made you the chief of his hedge funds.

Guys, please no fight here. I know you had unpleasant experiences with EWI, I did subscribe them for a year, it was mostly wrong, but it's interesting to read if it could go much cheaper, I'd consider re-subscribe them as it's no harm to see different opinions.

Cobra: Yes…they recently offered me a bunch of their “specials” free of charge. A better price would be if they would pay me to read them! LOL!

Tell you the truth, I still cannot believe the market could go up, it's no logic at all, it should go down. but we're traders, we cannot argue with the market what is right or wrong. EWI is more theoretical, so worth reading if you have time, but it's not for trading. To trade, we should have our own system as no other system in the world could be better than your own.

laoda is so cool!

[Tabby]

still nothing to say, guess it's just wait for the EMA20 blue line to catch up. Got a new notebook today, am setting it now. In order to keep updating everyday, everything has to be doubled, such as network and computer. So this is my backup computer in case my main computer accidentally broken.

laoda ~~ i want to get a new notebook too~~ which one did you buy?

inspiron 15 (2nd generation i5 core), not a powerful one but enough for backup machine.

Off topic,
I bought HP over the weekend and I had Toshiba before. Does your DELL have a backup disc incase you need to reformat your computer?
I think not haveing a back up disc and I have to make my own back up is ridiculous. Toshiba has its own backup discs.

[99er]

Elliott Wave

Appreciating wave structure is crucial to determining entry and exit points. As an example, I am always early because I mistake a "3" for a "5." Whether it's useful day-to-day I can't say but structure is invaluable for a long-term perspective.

In any case, why subscribe to anything when so many blogs are free.

[pezhead9000]

Elder impulse system http://stockcharts.com/school/doku.php? ... lse_system

"the system identifies inflection points where a trend speeds up or slows down"

[MajorEasy]

i was joking but no matter they bought the dip LOL!!!
1 minute e-mini S&P

[BullBear52x]

with chart like this market is not going anywhere, lets talk trade technique.

[BBFinance]

"All your projections have at-least 2 if not more possibilities."

Actually, that's the way it should be...to avoid bias. I would do the same except it makes for messy charts and I can live with my bias.

That makes no sense.
Alternate count 1 minor move 3 spx can go upto 1357 or alternate count 2 major move 5 , mini wave a, spx can touch 1299.
wish you good luck trading.
That is not avoiding bias.
Anyway, I am not here to fight, rather learn from you guys. Every one of you bring some new perspective on the table and i apologies for hurting anybody's religious feeling.

[99er]

Was that a "5"?
SPX http://99ercharts.blogspot.com/2011/07/spx_8828.html
We'll see.

[Cobra]

still nothing to say, guess it's just wait for the EMA20 blue line to catch up. Got a new notebook today, am setting it now. In order to keep updating everyday, everything has to be doubled, such as network and computer. So this is my backup computer in case my main computer accidentally broken.

laoda ~~ i want to get a new notebook too~~ which one did you buy?

inspiron 15 (2nd generation i5 core), not a powerful one but enough for backup machine.

Off topic,
I bought HP over the weekend and I had Toshiba before. Does your DELL have a backup disc incase you need to reformat your computer?
I think not haveing a back up disc and I have to make my own back up is ridiculous. Toshiba has its own backup discs.

no backup disc.

[cougar]

This challenge has no meaning. You create your own record as you go. Start with a 3rd part tracking from today and we shall evaluate after one year. I suppose Paulson has not see your records yet, otherwise he would have made you the chief of his hedge funds.

Guys, please no fight here. I know you had unpleasant experiences with EWI, I did subscribe them for a year, it was mostly wrong, but it's interesting to read if it could go much cheaper, I'd consider re-subscribe them as it's no harm to see different opinions.

Cobra: Yes…they recently offered me a bunch of their “specials” free of charge. A better price would be if they would pay me to read them! LOL!

Tell you the truth, I still cannot believe the market could go up, it's no logic at all, it should go down. but we're traders, we cannot argue with the market what is right or wrong. EWI is more theoretical, so worth reading if you have time, but it's not for trading. To trade, we should have our own system as no other system in the world could be better than your own.

Yes Cobra, I totally agree, but I do not think that I am there, yet! However, I am getting closer.

All my successful trades, so far, were based on some home-made math constructions which were back tested and passed the test for a few equities, but were not valid for many others. This was able to compensate for my lack of experience in this endeavor, called “trading“.
I use EW only for punctuating some moves, if they are VERY obvious and unambiguous…which happens very rarely…

Your work is very helpful for me and I try not to copy it indiscriminately, but I use it as a daily reference.

[BullBear52x]

Define Buy the DIP

my take based on my time frame:

1. 1min RSI 50 dip below 30 and turning back up
2. price dip to 5dma

simple, why beat yourself so hard.

next intraday play...minimize your risk, know the exit.

[99er]

BBFinance: "That makes no sense."

I hear ya. The last time I listened to the Elliott Wave Trader on youtube (regular weekend updates), the presentation started with a slide outlining the EIGHT different counts he would be discussing. Jeez.

[KENA]

Been lurking and haven't posted in awhile.

Want to get bullish but having trouble with McCLellan Oscillator so high. Only see two comparable instances this high (July '10 and Jan '09). In July '10, SPY ticked up another 1.3% from initial overbought condition and then rolled over. Today, based on July 1 overbought close that would be SPY = 135.66. In Jan '09, market ticked up just a bit before rolling over.

If anyone can express why I should ignore this, it would be helpful.

I know overbought markets can get more overbought, and I am getting used to seeing new or rare action in this bull market, but as an intermediate term player, I think I want a better price or a more neutral condition before getting really long.

No Wait a bit..When NYMO is this high the mkt will pull back ..Mkt may be a buy next week. Lets see.

[Cobra]

I see possible ascending triangle or cup with handle forming here, so should be more on the upside.

[Tabby]

Define Buy the DIP

my take based on my time frame:

1. 1min RSI 50 dip below 30 and turning back up
2. price dip to 5dma

simple, why beat yourself so hard.

next intraday play...minimize your risk, know the exit.

I don't think there is a buying the dip at this point. The choo choo train has already took off. It seems to me some companies buying back their own shares to increase the value of their stocks just prior the earning seasons starting Monday.For example TNA had matket cap 944M on 7/5, 805M on 7/6 and today 815M today. What happened to 129M market cap on this etf? Wait till they push to 120 and split TNA in 3 shares. I rather to be in cash for next train than jump in front of the train.

[BullBear52x]

Getting out:

O.K now that you got the DIP, today gap up, you make profit, what to do next.

once trades below 1min. 200ma take 80% off the table, let 20% run and draw the red line as soon as you can identify the turn, if price falls below get out the rest of last 20%. if trade back over 200 ma add back 20%, if trade up to new high add 60%, now you run back 100% with a break out.

Doing so, you will need no price projection.

[Cobra]

tinted area as text book target if breakout indeed which I think is very likely not this time then will be the next time.