02/23/2011 Intraday Watering

[Cobra]

Well, this could be too late - we might have formed a Symmetrical Triangle pattern which means a continuation (down) here. So be careful...

after this drop, doesn't this mean intermediate trend change?

No. Theoretically, a lower high is needed to confirm. But if the market keeps dropping like this every day for awhile, then, now pair of lower high and lower low needed.

[Cobra]

No buy here, at least wait first the trend line broken, then retest of the previous low. If luckily any reversal here, by the way, the target usually should be the triangle area above though.

[pezhead9000]

great commentary - much appreciated

[Cobra]

The selling this round is pretty strong as there's no OVERLAP here, so the very first rebound shall fail. At least this time we'll see 2 leg down.

[uempel]

Went long at 1303, daytrade.

[trader]

No buy here, at least wait first the trend line broken, then retest of the previous low. If luckily any reversal here, by the way, the target usually should be the triangle area above though.

Cobra, what's your main trigger for trade? Indicators, trendlines, or something else?

[uempel]

Went long at 1303, daytrade.

Target presumably 1310.

[Cobra]

Well, the good news for bear is after 65 trading days we finally have a 2.5%+ pullback so no need worry about another 85 days straight up any more. Looks like this 40 to 61 trading day threshold still works.

[Cobra]

Went long at 1303, daytrade.

Target presumably 1310.

Yes, usually the consolidation area (that triangle) is the rebound target.

[Cobra]

No buy here, at least wait first the trend line broken, then retest of the previous low. If luckily any reversal here, by the way, the target usually should be the triangle area above though.

Cobra, what's your main trigger for trade? Indicators, trendlines, or something else?

I don't DT here. But if I DT, I use only chart pattern like I have been saying here: L1, OR breakout out, Double Bottom, 3 Push Down etc etc.

[maldini]

Went long at 1303, daytrade.

No........
It was a good three push-down and should look for short again at ema..

[Cobra]

Well, here comes the back test. Let's hope this back test proven to be the bear's final push down therefore DT bulls entry. The good news is Uempel is long...

[Jennyahwu]

Cobra, if today is not reverse, can we say down trend is forming ? thanks

[Jennyahwu]

Well, here comes the back test. Let's hope this back test proven to be the bear's final push down therefore DT bulls entry. The good news is Uempel is long...

Cobra, you still think today could be green? or downtrend is forming. thanks

[Cobra]

if you have noticed that we had no single intraday higher high yet, so the first improment we need see is to breakout the line above, ok?

[Cobra]

Cobra, if today is not reverse, can we say down trend is forming ? thanks

Today just confirms that we'll have a 2nd leg down on daily chart, that's it.

[maldini]

if you have noticed that we had no single intraday higher high yet, so the first improment we need see is to breakout the line above, ok?

that line matchs ema, a good short entry if there is a red bar:-)

[Cobra]

So far we've had 3 failed 2nd leg up and each time was a very good SHORT entry. I sure hope this time is different for Uempel's sake.

[99er]

Dollar
It's rising...
http://99ercharts.blogspot.com/2011/02/dollar_987.html
Not great for equities.

[Me XMan]

Cobra. Downtrend has started yet?