02/07/2013 Live Update

[johnnywa]

Just saying you cant throw out .50 increase in spy when your at 68-69,better playing short

[FDAX]

Just saying you cant throw out .50 increase in spy when your at 68-69,better playing short

O.K. then just look how we will rally now to dayhigh, no matter what RSI ist telling...

[johnnywa]

You will not hit high today maybe 1510 best

[johnnywa]

Why do you think we rally to high???

[Unique]

Guys, it's important to note PRICE> ANY OTHER INDICATOR. Draw an underlying trendline. Go scalp. Relax.

[MrMiyagi]

Sorry kids.. got busy..

!!!!!!! POWER HOUR !!!!!!!

[johnnywa]

If we cross 70 5 min rsi i will short,that would bring us to around 1509-12,extreme would bersi 76 ,dont see that happening though,but we hit around 70 your downside is 35-45 so take your pick

[Cobra]

indeed the revisit. looking good, so might not just a revisit...

[skittlesmds]

Federal Banking Zombies demand it... must go up.... must go up ... must go up. ... Wealth Effect ... Wealth Effect .... grrrr

[TraderGirl]

Seeing a bear flag within this triangle...

Edit; need to see an RSI breakout...

[Al_Dente]

zoom 30m
needs to break the black range, one way or the other….…
Where’s Mr. T.?
He’ll tell us which way it will break

[L_T]

zoom 30m
needs to break the black range, one way or the other….…
Where’s Mr. T.?
He’ll tell us which way it will break

27thirtyzoom.png

I got that covered:

"We're never going down again!"

[Nrsimha]

Sorry kids.. got busy..

!!!!!!! POWER HOUR !!!!!!!

Myagi: Do you see any new P-bars to downside, now that we have rallied back to VWAP?

[Al_Dente]

zoom 30m
needs to break the black range, one way or the other….…
Where’s Mr. T.?
He’ll tell us which way it will break

27thirtyzoom.png

I got that covered:

"We're never going down again!"

it's just not the same thing LT
you don't have any gold chains
and we don't know for sure if u treat yr mother right

[TraderGirl]

Sorry kids.. got busy..

!!!!!!! POWER HOUR !!!!!!!

Myagi: Do you see any new P-bars to downside, now that we have rallied back to VWAP?

There was one pbar not quite fulfilled on SPY at 149.5....

[TraderGirl]

zoom 30m
needs to break the black range, one way or the other….…
Where’s Mr. T.?
He’ll tell us which way it will break

27thirtyzoom.png

I got that covered:

"We're never going down again!"

it's just not the same thing LT
you don't have any gold chains
and we don't know for sure if u treat ur mother right

[FDAX]

My TP was that today they will drive price as high as possible and to unload tommorrow and in the beginning of next week. 13th, 14th should then be bottomming for next up leg.
Did not expect they started today at open but it gave us a nice long entry at mid day.
Lets see if they have enough power to close high, so I can switch from long to short

[bushwaffle]

Just saying you cant throw out .50 increase in spy when your at 68-69,better playing short

Day before yesterday, overbought at cash open... whatever, you trade your way...but I think Cobra may have looked at an RSI before...

[johnnywa]

i hope so

[taggard]

Guys, it's important to note PRICE> ANY OTHER INDICATOR. Draw an underlying trendline. Go scalp. Relax.

yeah go unique--the fact is you actually don't even need to use any other indicator. not saying you shouldn't just pointing out it's totally not required. for me that stuff is just noise--gotta admit indicators and data are interesting--but every time i test it over 10 years i do better being 100% focused on price and and THE MOST SIMPLE RULE SET POSSIBLE. so all chart patterns just become ranges. and other than that you have trends and ranges only. fully realize this stuff is the minority opinion--but put it out every once in a while for beginners to consider. the best part of this site is how it can save a beginner years if he can somehow focus on the key items and not get too waylaid by discussions or arguments. Again just an opinion but i and i am sure many of you went though hell to get to where we are now--at this point even very slight efforts on our part have the potential to save others a large part of this. not more than potential because the guy learning has to find a way to test and see what you are telling him. and this is the hard part--when you don't know stuff--you are usually not as clear on how to listen to learn.

So one more time if you are starting out or just learning.

NUMBER 1 RELAX--stay fluid attentive and balanced--because the only thing more important than price action in your inner state period. NUMBER 2 PRICE ACTION is what counts outside you. NUMBER 3 SHOW UP EVERY DAY--aside from 1 and 2 consistency is everything. it may take you 10 years--but if you show up eventually you will kill it. NUMBER 4 if learning from this site--pick one guy or idea and nail it-then go onto another--all at once and you will just choke. personally i would start with cobra's intra day and nail that and then add layers of ideas over that as you feel (and test) make sense. NUMBER 5 it's better if you enjoy what you are doing--consider picking the path with heart not what looks good.

good luck with your trading