11/02/2011 Intraday Watering

[newbie_77]

great thank you very much... i lost tons on weekly... realized that it was like a casino... "HOUSE" always wins ....

jarbo,
this is great information thank you for sharing.
are you using front end (nov) options or latter months?

market is coiling for some serious moves on the FOMC meeting...IMO.

don't know if it's going to be up or down - think there's equal chance to visit 1210/1200 and gap fillage at 1250. so obviously, market has put itself in the most obscure position before the meeting. it's just roulette right now. i'm holding both puts and calls on SPY, calls are in the money, puts are out of the money at this point. short term think there's a bias to rip and fill the gap (where i'll sell the calls) - with another test of 1210/1220 after that (but could take a few days to get this test) in which case i'll sell the puts.

not that anyone is that interested, but figured i'd lay out my game plan for the next 1-5 trading days.

i think Nov. is in for a pretty choppy month. started the month down over 2% - and according to bespoke stats means we should end the month down some more. but don't think we get there that simply, as the less noisy S&P P&F charts show some technical damage, but still a pretty bullish pattern.

almost always use month out options. i don't trust my market timing to be accurate enough, and am willing to pay the theta (time) decay for the flexibility. however, for this position, i'm in nov. puts, as they are part of my legacy position that i closed 75% of yesterday. so nov. puts and dec. calls for now.

[ActiveTrader]

The machines are toying with the midpoint now, trying to shake everyone out, then they will whipsaw it on the Fed announcement.

[tdo722]

no QE3.

[BullBear52x]

Qs and Tranny weaker than usual.

[tdo722]

no QE3.

Ok, boys and girls. back to regular programming. continue down trend from the high of 124.40. Damn it, lost another 30 pennies that I could have made. Oh well.

[BullBear52x]

And the TICK/Q/VIX agreed with the bears.

[99er]

So honey...what's for lunch?
SPX http://99ercharts.blogspot.com/2011/11/spx_8546.html

Care for a MACD cross?

[ActiveTrader]

no QE3.

What a shock, boohoo.

[ricster3]

No QE3, let's see if I get fcked anyway while being right on the premise.

[fehro]

neckline retest... one more pop to complete a wedge, and finish the right shoulder?

[ricster3]

update: all out of my puts, flat. markets are ridiculous.

[Al_Dente]

Qs and Tranny weaker than usual.

internals didn’t much like fomc either, but nobody told nyadv yet
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =247748592

http://www.youtube.com/watch?v=DquA6KyH ... re=related

[MrMiyagi]

No QE3 and markets did not tank? I would have expected otherwise.

What is the Greek situation today, I just woke up so no clue.

[Fear&Greed]

Was waiting for that break up. Let's see if it continues.

[tdo722]

screw this market, consolidating to wait for the bearded bandit.

[pady]

Maybe the first abc was it. Just a 38.2% retrace.

[KENA]

update: all out of my puts, flat. markets are ridiculous.

Jumping in and out like you are doing is like chasing the bus..You never chatch it and seldom workes in your favor. Start a paper account and keep good records and practice and learn for a while.This will pay off.

[BullBear52x]

A great TA trader pay attention to no TV, no News, no Phone, no one but his charts.

Me? charts and Al's tube, right now Celtic Woman Oh Yay!

[ricster3]

update: all out of my puts, flat. markets are ridiculous.

Jumping in and out like you are doing is like chasing the bus..You never chatch it and seldom workes in your favor. Start a paper account and keep good records and practice and learn for a while.This will pay off.

True, but at the same time, you gotta manage your money (with stops), and I got my stop hunted here. litteraly. I was stopped out at the last uptick on that whipsaw... ridiculous.

[waverider]

POP

Sustainable trend = nyadv > 2000, .... Complex RSI settings, how did you come up with them?

Wavemeister: bingo, and nosebleed is >2800
One min on stockcharts.com is RSI-20, purple, different on other platforms, but BB52x has best 1min rsi on board.
Gold line behind rsi is severely tweaked to tell me what I need to hear sometimes: namely it whispers: “Al, relax, you may/may not be able to hold all day here, don’t get sooo jumpy…”
PS: VERY important how spy handles vwap here, don’t u think?
http://www.youtube.com/watch?v=gtYbF99v ... re=related

PS: Memory jogger: FOMC announcements are often followed by perhaps 10-20 minutes of radical seismic earthquakes (BOTH ways).
Jarbo’s straddle sounds best.
Al is always FLAT AS A PANCAKE (no exceptions) just before, during, and after FOMC, because Al is “brock brock bock bock bok bok bk bk bk”

Red wine? One of the greatest Marley tunes ever. Gold line is just a stoch for strend confirmation right? Vwap always key, I went full bulltard, long TNA when IWM broke out above that resistance I wanted to see broken for confirmation at 72.75, stop is tight. 1 min charts scare me, so I always use > 5 min haha.

https://www.youtube.com/watch?v=JqHDvI_ ... re=related