09/29/2011 Intraday Watering

[wayne0708]

Yup! all bulls need is a chance and an imagination

[bushwaffle]

breakdown after a few bars consolidation, no good, now I believe the target is that Phantom Bar which I happened to have 2 text book target there.

yup. been waiting and averaging into an outsized SPY put position (80 contracts) since that pbar showed up on monday. -_-

Remember when I said I was headed to the bar? Well I've been on the way since that comment too...bout to see if its still open.

[Cobra]

breakdown after a few bars consolidation, no good, now I believe the target is that Phantom Bar which I happened to have 2 text book target there.

LaoDa, should we cover the shorts when 113.35 is reached?

we'll talk about this when indeed reached. at least should take some profits if indeed because it's been heavily trading over there, so strong support. if it can hold, then bulls have lots of hopes, if breakdown, then Aug 9 lows won't be a problem at all, so kind of key point there. both sides have to be careful there.

[PLUNGE]

Cobra,

It will be very useful for beginners like me if you can start a thread where some folks from here can advise on stop loss management. I really have no idea what to do. Especially my TSL where i end up not maximizing my profit.

Thx

Pady, After trading for a living for 20 years I rely on the hourly 34 exponential moving average to set stops. That is virtually the same as a five day moving average.

So I hope you can see this chart which shows a short begining on Sept 1. If the hourly price closes above the 34 EMA, you're out.

[jarbo456]

breakdown after a few bars consolidation, no good, now I believe the target is that Phantom Bar which I happened to have 2 text book target there.

yup. been waiting and averaging into an outsized SPY put position (80 contracts) since that pbar showed up on monday. -_-

Remember when I said I was headed to the bar? Well I've been on the way since that comment too...bout to see if its still open.

kind of hungover from last night...but you can't keep this guy away from a drink...pbar here we come.

[rpccharts]

[jdiesel77]

cobra or anyone, when doing a fib retracement, at what point do u put the 0%?

[bushwaffle]

breakdown after a few bars consolidation, no good, now I believe the target is that Phantom Bar which I happened to have 2 text book target there.

yup. been waiting and averaging into an outsized SPY put position (80 contracts) since that pbar showed up on monday. -_-

Remember when I said I was headed to the bar? Well I've been on the way since that comment too...bout to see if its still open.

kind of hungover from last night...but you can't keep this guy away from a drink...pbar here we come.

No leverage, but traded around them daily. It seems my puts had a talk with Mr. Theta however and now have a poor attitude.

[Cobra]

Measured Move target by 3 ways. Looks like yesterday's low will be revisited at least.

Hi Cobra,

I'm new here and I'm impressed with your chart analysis skills (not your impulse system though:).

May I ask how you come up with the shaded target area on the chart above? and historically how accurate these are?

Dane

Thanks and welcome aboard.

As for target, they're all text book target, so I didn't test the accuracy, I suppose what text books say are mostly right.

Mr. Cobra, the first day of school, what textbook should we buy ?

I didn't read a lot books, but I did finish most if not all the articles in Chart School from the stockcharts.com

Books don't tell you how to trade, after you get all the basic ideas, you have to swim and drink lots of pool water to be able to swim. I lost a few hundred thousands of dollars to be here. I once thought I could be an exception, no, I was not, no matter how careful you study the book, you still have to drink pool water, that's inevitable. The the ultimate goal of the trading is to survive first not to be rich.

[wayne0708]

whoever bulls that are still left since this morning should deserve to win lol
because all weak ones had been squeezed out. Now im seeing bear trap
Cobra: Hope you are right about ISEE 53

[jarbo456]

breakdown after a few bars consolidation, no good, now I believe the target is that Phantom Bar which I happened to have 2 text book target there.

yup. been waiting and averaging into an outsized SPY put position (80 contracts) since that pbar showed up on monday. -_-

Remember when I said I was headed to the bar? Well I've been on the way since that comment too...bout to see if its still open.

kind of hungover from last night...but you can't keep this guy away from a drink...pbar here we come.

No leverage, but traded around them daily. It seems my puts had a talk with Mr. Theta however and now have a poor attitude.

yeah, i lost some value do to time decay, but they are still pricing well. did you buy weekly options?

[BullBear52x]

Where to? back to my fav level.

[Cobra]

Thanks and welcome aboard.

As for target, they're all text book target, so I didn't test the accuracy, I suppose what text books say are mostly right.[/quote]

By text book target, you mean sth like close+ 1x ATR?[/quote]

no. Text book target is text book target.

1xATR or 2xATR is what I'd like to use as stop loss, not target. Although I do find the price tends to stop at 2*ATR target after my entry.

[bushwaffle]

Never...just small order b/c I knew it was risky. Debating on wussing out right here...

[Cobra]

whoever bulls that are still left since this morning should deserve to win lol
because all weak ones had been squeezed out. Now im seeing bear trap
Cobra: Hope you are right about ISEE 53

I don't see chances that statistics would be true for the rest 38 minutes.

but I take no chances, I set breakeven to my day short in case you're right.

[StrikePrice]

Sorry. Mislabeled counts on chart earlier. I think Wave 3 is done.

[Cobra]

rebound as I expected, let's see if the red line above could stop bulls...

[headfirst]

"Sorry. Mislabeled counts on chart earlier. I think Wave 3 is done."

Spoken like a true EWer

[jarbo456]

strong rebound again. need to shut it down.

[KENA]

rebound as I expected, let's see if the red line above could stop bulls...

There is a p Bar at 115.08