03/02/2012 Intraday Watering

[Cobra]

measured move target reached.

[jarbo456]

measured move target reached, and of course it's still above yesterday's low...so BTFD is still VERY healthy...

[Harapa]

Looks like algos are in bed with Tom DeMark. TD Trend line breakdown target for IWM is $79.95.

[Cobra]

volume surge, might see rebound or consolidation here.

[fehro]

$RUT forming a channel?

[btran874]

ATPG broke out beautifully. Should test $11 soon

[springheel_jack]

The rising wedge on Dow is broken:

The H&S and broadening descending wedge on TRAN are both targeting the 4900 area:

Just saying this is the best shot the bears have seen so far for a retracement.

[Petsamo]

large bad tick on IWM pointing to 81.50

[Cobra]

rebound as expected, now a trend line resistance.

[tigerwang9999]

Cobra, do you think the trend has changed?

[Tabby]

$RUT forming a channel?

I see a rectangular which broke down and measuremt to 810-22=788.
I see a Pbar in IWM which measures 81.46. Alert.

[bbc]

ppl see what they want to see, I still feel majority is bearish biased

[TWT]

NDX: It could do the "wedging"

I know another Ending Diagonal ...........

(thewavetrading.com)

[jarbo456]

bears need to defend here, or else double up your JBTFD bets!

[CMT]

out of TLT, easy one day profit. Now someone talk me out of shorting apple at 546 with a 555 stop!

[Tabby]

ppl see what they want to see, I still feel majority is bearish biased

PPl feel whatever they want to feel. I trade by seening the trends not feeling or hopes.

[fehro]

$RUT forming a channel?

I see a rectangular which broke down and measuremt to 810-22=788.
I see a Pbar in IWM which measures 81.46. Alert.

Retest? of the rectangle?

[Tabby]

ppl see what they want to see, I still feel majority is bearish biased

PPl feel whatever they want to feel. I trade by seening the trends not feeling or hopes.

http://chart-patterns.netfirms.com/rectangle.htm

Rectangles are sometimes referred to as trading ranges, consolidation zones or congestion areas.

Trend: To qualify as a continuation pattern, a prior trend should exist. Ideally, the trend should be a few months old and not too mature. The more mature the trend, the less chance that the pattern marks a continuation.
Four (4) Points: At least two equivalent reaction highs are required to form the upper resistance line and two equivalent reaction lows to form the lower support line. They do not have to be exactly equal, but should be within a reasonable proximity. Although not a prerequisite, it is preferable that the highs and lows alternate.
Volume: As opposed to the symmetrical triangle, rectangles do not exhibit standard volume patterns. Sometimes volume will decline as the pattern develops. Other times volume will gyrate as the prices bounce between support and resistance. Rarely will volume increase as the pattern matures. If volume declines, it is best to look for an expansion on the breakout for confirmation. If volume gyrates, it is best to assess which movements (advances to resistance or declines to support) are receiving the most volume. This type of volume assessment could offer an indication on the direction of the future breakout.
Duration: Rectangles can extend for a few weeks or many months. If the pattern is less than 3 weeks, it is usually considered a flag, also a continuation pattern. Ideally, rectangles will develop over a 3-month period. Generally, the longer the pattern, the more significant the breakout. A 3-month pattern might be expected to fulfill its breakout projection. However, a 6-month pattern might be expected to exceed its breakout target.
Breakout Direction: The direction of the next significant move can only be determined after the breakout has occurred. As with the symmetrical triangle, rectangles are neutral patterns that are dependent on the direction of the future breakout. Volume patterns can sometimes offer clues, but there is no confirmation until an actual break above resistance or break below support.
Breakout Confirmation: For a breakout to be considered valid, it should be on a closing basis. Some traders apply a filter to price (3%), time (3 days) or volume (expansion) for confirmation.
Return to Breakout: A basic tenet of technical analysis is that broken support turns into potential resistance and visa versa. After a break above resistance (below support), there is sometimes a return to test this newfound support level (resistance level). (For more detail, see this article on support and resistance.) A return to or near the original breakout level can offer a second chance to participate.
Target: The estimated move is found by measuring the height of the rectangle and applying it to the breakout.

[bbc]

ppl see what they want to see, I still feel majority is bearish biased

PPl feel whatever they want to feel. I trade by seening the trends not feeling or hopes.

alright, just joking. don't be serious, I have bearish positions too

[Tabby]

ppl see what they want to see, I still feel majority is bearish biased

PPl feel whatever they want to feel. I trade by seening the trends not feeling or hopes.

alright, just joking. don't be serious, I have bearish positions too

I am not serious person at all, but it seems to me if anyone bullish guy here and make fun of bears. I don't care up or down, I just want to be in right side and make money.