Cobra's Market View

testing

Here, if you watch 1 min chart, you'll see a double top pullback, the question is: will this a failed double top pullback (means a least the high will be tested) or a real double top pullback means, well, a little bit further pullback.

Failed double top pullback, so I'll assume trapped bears have to cover and we'll see a new high?

this market is insane.

I 've been making trucks of money, then giving it back in small pieces...

But lately i am starting to "get it" again...

Simply old-fashioned stats dont work very much, evry thing is pumped up in steroids

Ok, here's a detailed explain, in 1 min chart, it's 3 push up, so the last one could be the back test of the previous high therefore a potential reversal trade, and later, it breakdown below the double top neckline, so I'll assume some bears may take the trade. Normally an experienced trader doesn't need to look at 1 min chart, simply from 5 min chart he can see what's happening. And normally, I don't bother to say things like that but since this is still the beginning of our watering thread, I'll try to water a lot.

Trendline still held...

just held ：）

Another double top pullback if you understand what I said before. Doesn't matter, normally, we don't need take those trade. The best trade today, I've already said this morning: 30 min OR breakout, that should earn enough for today for a day trader.

All I know is that every message board is in a frenzy.... bulls are getting longer every 5 pip pullback and bears are either pulling their hair out or have left the building... out the window. We have to be close to some sort of a turn.

let's see if it drops to 133.4 and then go up again. If the drop is not today, then probably overnight...

OK, I guess that's it for today. The trendline still held at least have to wait until tomorrow to see if it's a real break. Surprisingly today is another range day, the best trade is in the morning and I'm totally out of syn in the afternoon as I was once OR breakout trader so not used to comment all day after the morning session ends. Thank you guys, see you tomorrow. Feel free to open new thread. At least this is a good place to park your images.

ES
It might be a party tonight...
http://99ercharts.blogspot.com/2011/02/es_1671.html
Disco?

Cobra wrote:Volume surge and a bear bar, let's see if any further pullback here. Nowadays simply every bull reversal is one legged V reversal, no 2nd leg to test low, speechless.

Cobra, do u have time to say something

" I want to know how to trade when you observe 5 mins bar? does it mean when you see 3 bar in green , then to buy it? thanks

Huh what a day. Thanks Cobra

Jennyahwu wrote:

Cobra wrote:Volume surge and a bear bar, let's see if any further pullback here. Nowadays simply every bull reversal is one legged V reversal, no 2nd leg to test low, speechless.

Cobra, do u have time to say something

" I want to know how to trade when you observe 5 mins bar? does it mean when you see 3 bar in green , then to buy it? thanks

No, not that simple. Judging by your question, I suggest you not to take day trade for awhile. You can go to "Getting Start", in there, there's a post called "What is Open Range", you can download a book there where you can at least get some idea. Then you go to "What is L1/H1, L2/H2", there, also some books you can download. If you can fully understand them, then you can try, otherwise, just forget it. It needs some years of experiences.

EvilTrader wrote:this market is insane.

I 've been making trucks of money, then giving it back in small pieces...

But lately i am starting to "get it" again...

Simply old-fashioned stats dont work very much, evry thing is pumped up in steroids

EvilTrader:

I'm just like you. Sometimes I make some good dough but then I give back most of my gains. Just yesterday I lost some money by shorting prematurely. This market is nuts and it requires our full attention and luck to make money in it.

Traderwill33 wrote:All I know is that every message board is in a frenzy.... bulls are getting longer every 5 pip pullback and bears are either pulling their hair out or have left the building... out the window. We have to be close to some sort of a turn.

Agreed!

[/size]I'm just testing.

Just testing:
http://stockcharts.com/h-sc/ui?s=$SPX&p ... &listNum=3

Cobra wrote:Ok, here's a detailed explain, in 1 min chart, it's 3 push up, so the last one could be the back test of the previous high therefore a potential reversal trade, and later, it breakdown below the double top neckline, so I'll assume some bears may take the trade. Normally an experienced trader doesn't need to look at 1 min chart, simply from 5 min chart he can see what's happening. And normally, I don't bother to say things like that but since this is still the beginning of our watering thread, I'll try to water a lot.

Cobra, I'm just testing.