06/30/2011 Intraday Watering

[99er]

I'm a rank amateur and I agree with cheech. Sell now.

[barbaragull]

I'm a rank amateur and I agree with cheech. Sell now.

"rank amateur" = "experienced amateur" or "high hand amateur"?

I just increased my VIXY positiion (AGAIN). As I am usually a signal of wrong timing and/or direction, the market probably can still go up more

[Mr. T]

QE2 is now over.

Let's see how the market does without all that free cash.

[Cobra]

if L1 next bar, then could see a pullback here. overall, the up momentum is strong, bears better don't fight.

Hi Cobra,

You mention L1, L2 and stages of push. Is there some reading in regard? I am short of reading list. Thanks

Check "Getting Start". Click "Trading" link above, you'll see another forum called "Getting Start".

[Cobra]

ascending triangle, seems another push up is in the card.

[pidge66]

no L1, so no sign of pullback, let's wait the next bar. again bears don't fight.

Cobra, or anyone who uses Al Brooks's setup: I've read the reading materials but I still don't understand how one suddenly switches from counting H1, H2, .. to looking for L1. Is it when the previous H fails? TIA!

[99er]

barbaragull

Here's a rank amateur.

http://www.myspace.com/rankamateur

[pdz]

Anyone see this bar? Target 134.46?

[alvian33]

yes, I've asked cobra about the bar twice he did not reply

[StrikePrice]

there are several points that invalid your assumption:

1. big traders not always know news before us.
2. they could manipulate the price pattern, 4 weeks or more, there are manipulated sell-off before Friday noon to trigger many long orders stop, then it rebounced even more in the afternoon with good news. a -5% in the morning and +5% in the afternoon. And it happened a lot with many futures.

I guess you misunderstood me a bit, I did not say I will try to guess the news, I am using a quantitative approach exclusively, all I said is when there is no
*hint* in the price pattern, if I have to trade this risk high, reward high scheduled events, I will place stop to enter order on both sides.

I think you believe all information you need for trading is price,volume, that's debatable right? when it comes to belief, I have no opinion on that:D

So time, it will be stopped in with the wrong direction

Fair enough. But I just made 50% in a few minutes on UNG calls, so I guess it doesn't matter. lol

There are so many different trading strategies. News is one of them. Bottom line you follow a well designed strategy you make money whether you're Warren Buffet or Jim Simons. No one way is right, but always must remember, all that truly matters at the end of the day is money(price) and time.

[uempel]

99, before going short check this BPSPX chart which I posted yesterday. Unless there is some kind of unforeseen event the markets are tending higher. Doesn't mean that there can't be a correction down to 1305 or 1293, but that's a risky bet with the odds against you...

[barbaragull]

barbaragull

Here's a rank amateur.

http://www.myspace.com/rankamateur

"Main Entry: rank amateur
Part of Speech: n
Definition: a person with no experience whatsoever in an activity or situation
Example: Don't include rank amateurs when you play poker.
Etymology: 1884
"

Ney, not a good term for you, you definitely have a lot of experience.

[Cobra]

no L1, so no sign of pullback, let's wait the next bar. again bears don't fight.

Cobra, or anyone who uses Al Brooks's setup: I've read the reading materials but I still don't understand how one suddenly switches from counting H1, H2, .. to looking for L1. Is it when the previous H fails? TIA!

you need identify trend first. in an up leg, you look for H1/H2 to long, while in a down leg you look for L1/L2 to short. What's up/down leg? Well, that's a little subjective call, requires some experiences. So at the very beginning, you should only trade strong trend therefore the leg is very clear to you.

[BullBear52x]

And this amateur also at 80% of the evil side. I am taking off, no need to bother when you know it's coming.LOL....

today alone 40%

[pidge66]

no L1, so no sign of pullback, let's wait the next bar. again bears don't fight.

Cobra, or anyone who uses Al Brooks's setup: I've read the reading materials but I still don't understand how one suddenly switches from counting H1, H2, .. to looking for L1. Is it when the previous H fails? TIA!

you need identify trend first. in an up leg, you look for H1/H2 to long, while in a down leg you look for L1/L2 to short. What's up/down leg? Well, that's a little subjective call, requires some experiences. So at the very beginning, you should only trade strong trend therefore the leg is very clear to you.

THanks much Cobra. It's an art.

[BullBear52x]

Watch this channel break down for me GLTA

[99er]

uempel:

Thanks for the heads up; always find your BP charts helpful.

But my charts say "sell."

My coffee maker, however, has yet to say a word.

[Cobra]

interesting, it's still in the morning, already 7 pages.

[Cobra]

still think this is an Ascending Triangle.

[barbaragull]

interesting, it's still in the morning, already 7 pages.

Remember once you said that high volume of visit when market near bottom -- the essence probably many people (bulls) are in much pain there. Hope the opposite also works, near the top when also many poople, bears this time, are in great pain.