03/28/2011 Intraday Watering

[Cobra]

Cobra,
Your evil plan worked.

Too early to say. The evil plan says 2 legged pullback on 60 min chart. Not sure this is the very first leg down - doesn't look so so far.

[Cobra]

Support at green line.

[Tabby]

We are at 1314.67, we only need to go below 1313.34. Very close!!!!!!!!!!!!!!

[foxytrader]

short is safe now

[dr659]

Sentimentrader shows the short term overbought conditions being alleviated without a pullback of any kind, a sign of strength? Sounds lik market wants to go higher.

[Cobra]

if cannot DECISIVELY breakdown below the Friday's low, this is still pretty much bullish pattern.

[BullBear52x]

I would follow RSI closely here. SPY and DIA failed break out, and they need all the help from Qs and IWM and Tran to gain a colorful strength, so far I haven't seen it.

[99er]

Crude
Update.
http://99ercharts.blogspot.com/2011/03/crude_28.html

[stocksage]

Anyone know any good instrument to trade the us dollar that are not an etf like UUP? (hate dealing with those friggin K-1 forms) A dollar ETN?

[BullBear52x]

if cannot DECISIVELY breakdown below the Friday's low, this is still pretty much bullish pattern.

If closes below Friday, can we say engulfing big time?

[uempel]

Weekly MA9 is the name of the game today. Bulls are showing a little bit of strength after a short correction (which put me out).

[silverharp]

on the futures SPX found support at the .786 for the days range. I had the sell at the high but see some non confirmations on 1 min chart but nothing on a 5min yet. Its just bouncing off intraday retracements for now

[EkOnkaar]

Cobra,

Just trying to understand what you mean by "buy in the dips". What time frame is this in? For example we can have dips in 1 min, 5 min, hour, daily etc..also, is this associated with an indicator, like stochastics or RSI ?

TIA. Ek

The short-term model will buy the next dips. It's mainly based on 60 min chart.

As in your next 1,2 pullback, or do you wait for 60 min stochastics or RSI to get oversold, and wait for a divergence? Alternatly, would you be a buyer right here, where we are testing Friday's low>

TIA. Ek

[Me XMan]

Ventured in SDS and bought it $21.15 with $21 stop-loss for today.

[BullBear52x]

My short term indications, suggest a sell from friday is confirmed. bears can relax now, but don't wake uncle Ben up please.

[uempel]

Next to weekly MA9 I'm watching this little Andrews Fork on the 5 min chart:

[Cobra]

As in your next 1,2 pullback, or do you wait for 60 min stochastics or RSI to get oversold, and wait for a divergence? Alternatly, would you be a buyer right here, where we are testing Friday's low>

TIA. Ek

I have some other things to consider, all based on statistics. Basically, a strong push up like we're having now won't simply fail immediately. So it's purely very short-term play.

Nowadays, the market is very hard to predict on the downside, all you need is "to believe", so you may feel very strange that the forecast says it might pullback, but in reality my trading is sometimes completely the opposite, that's because of nowadays, any bearish bias simply doesn't work and I have to trade what I see not what I believe. Besides, my trading style is simply "to follow", so no matter what I believe, without the market going first, I would not change my direction.

[Cobra]

if cannot DECISIVELY breakdown below the Friday's low, this is still pretty much bullish pattern.

If closes below Friday, can we say engulfing big time?

Yes, it'd be Bearish Engulfing, but don't forget, the Bearish Engulfing pattern is actually very very very very very very bullish.

[uempel]

My short term indications, suggest a sell from friday is confirmed. bears can relax now, but don't wake uncle Ben up please.

Bears can never relax, nor can the bulls. Does anybody here consider trading a contemplative pastime?

[DCS]

Some of my long positions got bounced by the 10:45 dive. They were pretty young stops, so not much icing.

Now I'm having to study re-entry.

I'm torn between the possibility of correction this week and the overall bullish sentiment.

I'm having one of those days where it's hard to sit on your hands, but I'm doing my best.