08/31/2011 Intraday Watering

[soku]

strong consolidation. bo of 1225 is confirmed. move my top guess a little bit higher to 1235, which is 50% from 1370 to 1101.
again i am still waiting chance to short

[Tabby]

Paging Tabby...

An AB=CD correction on SPX just completed at the upper boundary of a Bear Flag, completing what an Elliottician (I'm not) might call the top of Wave 4. Now for surfing fans...Wave 5 down. Good luck.

10-4

AB=CD=EF=..........
10-0, code 6

[99er]

A Chart.

SPX http://99ercharts.blogspot.com/2011/08/spx_31.html

[Ninja Trader]

I think for a lot of the "newbies" here asking Cobra several times in the last week if he is contradicting himself

I think it's important to understand the concept of varying degrees of trend

I think it's also important for a newbie to observe that a pro trader changes their mind quickly if the market demands it.

As for EWI, Glenn Neely has destroyed their performance a decade running yet I never see anyone mention his calls. timers digest has him rated top timer on the 3 month, 6 month and 12 month for stocks, he's also cracked the top 5 bond timers, which is quite impressive.

Anyway, he's also looking for a short, just higher than where EWI is talking from, and he has a totally different count that the forced motive waves EWI has painted for 15 years now.....

I think its important to understand, too, there is no point in pointing out the sun is going to rise just as the dawn breaks. The point in successful and profitable trading is to position oneself prior to an event, or price movement. If one is changing their minds, and hence their position, I think they are looking behind and not in front.

Really? So you never had to change your mind on a trade? Ok. I've read Market Wizards I dunno, maybe 50-60 times, probably read Reminiscences twice as many times, it would seem a constant that top traders have the ability to change their mind rather than being dogmatic in their views. I'll stick with telling people that if the market behavior doesn't coform to your expectations then get out.

[keesa]

aapl a big laggard right now.

momo stocks are lagging, small caps are lagging.

Today's driver is financials. It is because Obama want to send more money to mortgage refi. That will save all the troubled banks from bankcrupt. Santa is coming to town today.

[ddd]

Holding my longs, we are going higher as lots of shorts are feeling the heat now.

[keesa]

Holding my longs, we are going higher as lots of shorts are feeling the heat now.

80% of chance, we will close at high of the day.

[keesa]

They are not going to sell financials here until the news.

[Cobra]

I think its important to understand, too, there is no point in pointing out the sun is going to rise just as the dawn breaks. The point in successful and profitable trading is to position oneself prior to an event, or price movement. If one is changing their minds, and hence their position, I think they are looking behind and not in front.

What you're trying to do is still to run before the market.

What you're expecting is someone never changes his call.

I think eventually, you may find those two are not very good idea. That's just from my experiences which has cost me a few hundred thousands. You may of course have different experiences later.

[Mongoose]

I think for a lot of the "newbies" here asking Cobra several times in the last week if he is contradicting himself

I think it's important to understand the concept of varying degrees of trend

I think it's also important for a newbie to observe that a pro trader changes their mind quickly if the market demands it.

As for EWI, Glenn Neely has destroyed their performance a decade running yet I never see anyone mention his calls. timers digest has him rated top timer on the 3 month, 6 month and 12 month for stocks, he's also cracked the top 5 bond timers, which is quite impressive.

Anyway, he's also looking for a short, just higher than where EWI is talking from, and he has a totally different count that the forced motive waves EWI has painted for 15 years now.....

I think its important to understand, too, there is no point in pointing out the sun is going to rise just as the dawn breaks. The point in successful and profitable trading is to position oneself prior to an event, or price movement. If one is changing their minds, and hence their position, I think they are looking behind and not in front.

Really? So you never had to change your mind on a trade? Ok. I've read Market Wizards I dunno, maybe 50-60 times, probably read Reminiscences twice as many times, it would seem a constant that top traders have the ability to change their mind rather than being dogmatic in their views. I'll stick with telling people that if the market behavior doesn't coform to your expectations then get out.

C´mon, now. I am a student too of trading. And I have made plenty of costly mistakes AND have changed my mind in trades plenty of times. But thats my point. The more I have improved, the less times I have changed my mind.

[99er]

SPX
A better illustration.
http://99ercharts.blogspot.com/2011/08/spx_8383.html

Good luck, folks. Have some family matter to attend to this week.

[soku]

t was questioned for antitrust for t-mobile take over!!!

[soku]

PMI bad but not as bad as projected.So mkt goes up.Well thats the hype right now.I still have no positions but thinking SPY short.Wait and see.

data very bad, worst since nov 2009, but better than expectation. since the expectation is priced in, the correction happened after release. actually since late yesterday afternoon, rumors are there saying pmi not too bad. i suspect the rally was due to that. i am busy doing month end routine, and didn't pay much attention to that.

http://www.zerohedge.com/news/chicago-p ... pectations

[heavenskrow]

Target reached of 123 SPY. I am a happy boy as I was in UPRO.
I however am not going to be greedy!

Take my profits and dance along
Peace guys

[Ninja Trader]

everyone changes their mind less as they improve, this is only logical

but less doesn't mean never, I believe that was the true point here

if people that dont' have experience trading aren't taught that lesson they'll feel a lot of pain before they make any money

surely if you are a student of the market you know exactly what I mean

some of the best traders I know win on 45% of their trades, iow, they have to change their mind all the time, and they still win big on balance since the real key to this game is managing losses, which are a certainty for all traders.

[soku]

t was questioned for antitrust for t-mobile take over!!!

this is the low risk play. hope everybody got the labor day gift from me.

[cougar]

SPX first target ~ 1231 met (1230.71). See chart, early this morning.

[heavenskrow]

Can you see what I see?

That was my target u sexy beast(123 on SPY), and if it breaks that, then were really headed for a bull move....but i aint gonna be greedy...
TARGET reached through all that VOLATILITY, CRUSHING U BEARS, and even yesterdays NASTY CLOSE!!!!
WOOOOOOOOOHOOOOOOO... but if the market keeps going higher and higher, imma be like

[frankthetank]

99er chart looks like top is in temporarily

[uempel]

I've got to repeat this again and again: break of 1212/15 was immensly important (DMA 377/WMA75). If SPX can stay above that level today (and prove that this is not merely an intraday bounce/bull-trap) this market is heading higher. Possible top for the day is 1240, possible top for the week is 1255. Short only if market tanks down under 1210...