12/20/2011 Intraday Watering

[oldpigwang]

Cobra DA: From which stand point you think "The selling isn't over yet."?

[Nomorework]

I see selling pressure is too great right now for Bulls to hang up here today HOD double top is a sell for the hard core bears WDIK?

Volume is wafer thin, to be expected this week but just gas holding us at HOD

[keesa]

I see selling pressure is too great right now for Bulls to hang up here today HOD double top is a sell for the hard core bears WDIK?

internals have not changed much since openning. Not much bearish sign to see. In Santa We Trust.

[Cobra]

still bullish biased, more likely to breakout on the upside.

[keesa]

I see selling pressure is too great right now for Bulls to hang up here today HOD double top is a sell for the hard core bears WDIK?

Volume is wafer thin, to be expected this week but just gas holding us at HOD

never short the dull market.

[JTrader]

Me XMan

Only 1210?

SPX http://99ercharts.blogspot.com/2011/12/spx_5269.html

I'll wager 1200 or lower. "How about $10,000?"

As others have noted, you guy are both delusional. We're going to finish near the HOD. Thanks for the chuckle though. Now, if your wager was 1200-1210 before the week ends, I'd go with 99er. Actually, I think 1200 is possible before the close tomorrow. Then up we go into 2012.

[Nomorework]

I see selling pressure is too great right now for Bulls to hang up here today HOD double top is a sell for the hard core bears WDIK?

Volume is wafer thin, to be expected this week but just gas holding us at HOD

never short the dull market.

I'll heed that advice

[Cobra]

Cobra DA: From which stand point you think "The selling isn't over yet."?

I didn't say selling isn't over lat night, did I? I said I didn't know but a little bearish biased. The last post, I only said the Euro isn't bottomed yet.

[BullBear52x]

I see selling pressure is too great right now for Bulls to hang up here today HOD double top is a sell for the hard core bears WDIK?

Volume is wafer thin, to be expected this week but just gas holding us at HOD

never short the dull market.

I know, the market move up over 2.5% there's lot of money behind it I don't expect a crashing just intraday, if we hold up here and tomorrow trades no lower than today's LOD I am buying simple.

[Cobra]

breakout as I said, here's the target.

[taggard]

Cobra have you ever considered picking a day for this intraday forum to be "Al Brooks setups" day and see what we can see on a 5-minute chart with just the EMA 20?

Also has anyone read the new book by Al Brooks? I'm wondering if it's worth picking up.

I bought his new book but haven't read it. His first book, I read only the first 90 pages, I couldn't keep reading more. But I heard his 2nd book is way better, well hopefully.

The funny thing is, I was trying to find AI Brooks forum last night, so I googled AI Boooks + forum, guess what, google didn't find AI Brooks, the master's forum, only found our forum here, we're the 3rd on the list.
http://www.google.ca/webhp?sourceid=chr ... =955&ion=1

i spent 10 days full time on the book/reading/thinking/trying out--insane mostly turned off the screens and went over it. as cobra notes the style of writing is tricky. the bad news is it's hell to read. the good news is for the determined (or insane) reader--that he is dragged kicking and screaming though the ideas in insane detail. so after looking at 200+ charts 3 times each--and reading every line relating to them 3 times each you get it. but it's not much fun. brook's style has to be influenced by his time in teaching and ophthalmology where insane detail is the order of the day.

since you all know the method--here are a few issues that stuck out at me.

1. he likes to be in the market as much as possible and says each price bar tells a story--yet he also notes various times that you can make more money just taking the good moves (trends) and holding them. Now reading the book and getting this all this detail is one thing. but the best thing i got was "if the trend is strong take it any way you can". if you take this idea and the other idea of only taking good moves you might only get 3-5 trades a week but each one of them could make 20-70%

the glitch with watching every bar and playing mostly all day one way or another is that it takes energy. the number one problem most traders have is over trading and not holding good trades long enough. clearly there is a relationship between being almost hyper vigilant--and this sort of thing. but it can be more subtle--the energy you use up can take your edge. you have less intent (yi chinese readers) and your efforts can be blunted. once you are good enough--this blunting is sort of minor each event--that is you never lose track of things or crash and burn. but never the less this intent issue can cause you to sell a trending position early--or very slightly over trade. again not a huge issue in a way--but it's like hyper drive--if you are off an inch at start you are off light years after trading for 5 years.

and this idea is often not really considered deeply by traders. many traders at best only check the win to loss ratio--not the quality of the trades. (quality on all levels such as how much they made--how hard were they to take--was the trade even required--and esp--what happened exactly inside the trader and outside on the charts--when a trade failed or worked but was not timed right.

2. he likes a lap top and only 1 time frame--yet also trades other stocks to be "in touch with the market". he admits this is less profitable--but it's sort of fun. i admire his idea about focus and a simple approach--but trading is visual. having a 5 min chart on a 30 inch screen--with the chart stretched just right--makes a huge difference to me. it lets you see the value of .15 to .30 moves far better. on time frames focusing on 1 is good but if you are confused or whatever--i find it useful to scale up or down in time till i get a clue and then go back to the key chart. brooks does this a bit--but is really down on 1 min charting. i spent 6 months on 1 min charts and it about killed me. but again at the right time they are very handy.

3. the number of actions he describes as tops bottoms etc--is crazy. brooks himself notes (really like this) "if it looks like it--it will likely act like it". this is a gem of a statement--and the reader should take this sucker and run with it.

4. the exact bar for entry stuff is great--you gotta love that detail.

5. brooks does a decent job of altering the reader to the idea that the market has modes depending on the day etc--and that you want to go with these--fast moves fast in--slo moves take 2nd entry etc. i came away liking that he did this--but not feeling like it was done . . loud enough.

6. as usual there was little reference to what people call trading psych--which is fine--but since that is about 90% of the game something to keep in mind if you use the book.

7. record keeping (by the trader) is noted--but not really pushed hard. again could just be me--but i think the record thing is key--it shows you how to isolate what you are good at and delete the rest (if you just want to trade simple) or inversely where you need to put time in to get the rough spots take out.

8. the idea that there are often 2 or 3 moves inside a larger move is valuable--but the reader really has to work on this. Brooks himself notes that it is often subjective--but it works. So because the second or third moves are not always that clear the reader should take some time putting this idea to work--like 6 months to 12 months.

after maybe 80 hours reading (i usually read fairly quickly) and another 80 hours testing thinking about this stuff--my sense is it needs to be in 2 forms--one is the 375 page book--and the other is about a 10 page outline of it. the outline should be included in the book or given as a study guide.

if you guys do get the other books--please post something about what you think of them.

[oldpigwang]

You said today at intraday.I checked spy wkly/daily/hrly 15 min chart, don't see any hint.
"if we close strong today aka MAD, then we might have a down day tomorrow. The selling isn't over yet. NORMALLY, I mean of course."

[BBFinance]

still bullish biased, more likely to breakout on the upside.

Good Afternoon Cobra,
Which one / What is the target please?

[noob]

Thanks, you mean MDD followed by MAD?

sorry, I mean MDD followed by MAD.

based on today's action, will be difficult to test the low any time soon. after all, it might be a up 40 points day on the s&p

[iggintegrin]

great comments.
do u know what's his new book name?
thanks

Cobra have you ever considered picking a day for this intraday forum to be "Al Brooks setups" day and see what we can see on a 5-minute chart with just the EMA 20?

Also has anyone read the new book by Al Brooks? I'm wondering if it's worth picking up.

I bought his new book but haven't read it. His first book, I read only the first 90 pages, I couldn't keep reading more. But I heard his 2nd book is way better, well hopefully.

[heavenskrow]

still bullish biased, more likely to breakout on the upside.

Good Afternoon Cobra,
Which one / What is the target please?

yo bb amazing call going long yesterday .
i just added u to my blog list
keep up the good work

[zipper]

You said today at intraday.I checked spy wkly/daily/hrly 15 min chart, don't see any hint.
"if we close strong today aka MAD, then we might have a down day tomorrow. The selling isn't over yet. NORMALLY, I mean of course."

Want to make a bet the selling isnt over for now.
Timining is everything and since friday close this market has wanted to go up.Sure monday was a hick up but today is what they call catch up, and maybe even 1240...asw long as 1266 goes by wednesday close me very happy if not need to reassess market

[waverider]

Taggard, I think Mr. Brook's point is that it's important to scrutinize and study the 5min chart daily because charts appear with readable price action on all time frames, whether it's a daily chart or a yearly chart.

[Cobra]

Cobra have you ever considered picking a day for this intraday forum to be "Al Brooks setups" day and see what we can see on a 5-minute chart with just the EMA 20?

Also has anyone read the new book by Al Brooks? I'm wondering if it's worth picking up.

I bought his new book but haven't read it. His first book, I read only the first 90 pages, I couldn't keep reading more. But I heard his 2nd book is way better, well hopefully.

The funny thing is, I was trying to find AI Brooks forum last night, so I googled AI Boooks + forum, guess what, google didn't find AI Brooks, the master's forum, only found our forum here, we're the 3rd on the list.
http://www.google.ca/webhp?sourceid=chr ... =955&ion=1

i spent 10 days full time on the book/reading/thinking/trying out--insane mostly turned off the screens and went over it. as cobra notes the style of writing is tricky. the bad news is it's hell to read. the good news is for the determined (or insane) reader--that he is dragged kicking and screaming though the ideas in insane detail. so after looking at 200+ charts 3 times each--and reading every line relating to them 3 times each you get it. but it's not much fun. brook's style has to be influenced by his time in teaching and ophthalmology where insane detail is the order of the day.

since you all know the method--here are a few issues that stuck out at me.

1. he likes to be in the market as much as possible and says each price bar tells a story--yet he also notes various times that you can make more money just taking the good moves (trends) and holding them. Now reading the book and getting this all this detail is one thing. but the best thing i got was "if the trend is strong take it any way you can". if you take this idea and the other idea of only taking good moves you might only get 3-5 trades a week but each one of them could make 20-70%

the glitch with watching every bar and playing mostly all day one way or another is that it takes energy. the number one problem most traders have is over trading and not holding good trades long enough. clearly there is a relationship between being almost hyper vigilant--and this sort of thing. but it can be more subtle--the energy you use up can take your edge. you have less intent (yi chinese readers) and your efforts can be blunted. once you are good enough--this blunting is sort of minor each event--that is you never lose track of things or crash and burn. but never the less this intent issue can cause you to sell a trending position early--or very slightly over trade. again not a huge issue in a way--but it's like hyper drive--if you are off an inch at start you are off light years after trading for 5 years.

and this idea is often not really considered deeply by traders. many traders at best only check the win to loss ratio--not the quality of the trades. (quality on all levels such as how much they made--how hard were they to take--was the trade even required--and esp--what happened exactly inside the trader and outside on the charts--when a trade failed or worked but was not timed right.

2. he likes a lap top and only 1 time frame--yet also trades other stocks to be "in touch with the market". he admits this is less profitable--but it's sort of fun. i admire his idea about focus and a simple approach--but trading is visual. having a 5 min chart on a 30 inch screen--with the chart stretched just right--makes a huge difference to me. it lets you see the value of .15 to .30 moves far better. on time frames focusing on 1 is good but if you are confused or whatever--i find it useful to scale up or down in time till i get a clue and then go back to the key chart. brooks does this a bit--but is really down on 1 min charting. i spent 6 months on 1 min charts and it about killed me. but again at the right time they are very handy.

3. the number of actions he describes as tops bottoms etc--is crazy. brooks himself notes (really like this) "if it looks like it--it will likely act like it". this is a gem of a statement--and the reader should take this sucker and run with it.

4. the exact bar for entry stuff is great--you gotta love that detail.

5. brooks does a decent job of altering the reader to the idea that the market has modes depending on the day etc--and that you want to go with these--fast moves fast in--slo moves take 2nd entry etc. i came away liking that he did this--but not feeling like it was done . . loud enough.

6. as usual there was little reference to what people call trading psych--which is fine--but since that is about 90% of the game something to keep in mind if you use the book.

7. record keeping (by the trader) is noted--but not really pushed hard. again could just be me--but i think the record thing is key--it shows you how to isolate what you are good at and delete the rest (if you just want to trade simple) or inversely where you need to put time in to get the rough spots take out.

8. the idea that there are often 2 or 3 moves inside a larger move is valuable--but the reader really has to work on this. Brooks himself notes that it is often subjective--but it works. So because the second or third moves are not always that clear the reader should take some time putting this idea to work--like 6 months to 12 months.

after maybe 80 hours reading (i usually read fairly quickly) and another 80 hours testing thinking about this stuff--my sense is it needs to be in 2 forms--one is the 375 page book--and the other is about a 10 page outline of it. the outline should be included in the book or given as a study guide.

if you guys do get the other books--please post something about what you think of them.

Wow, really a nice summary, thanks. I wish I could read thoroughly his new book.

[Cobra]

You said today at intraday.I checked spy wkly/daily/hrly 15 min chart, don't see any hint.
"if we close strong today aka MAD, then we might have a down day tomorrow. The selling isn't over yet. NORMALLY, I mean of course."

Oh, this is because MAD follow a MDD, so usually the next day is red and the MDD day low will get revisited. Of course given the strength of today (assuming we close right here which I think we'll, if not higher), you might not believe this rule anymore.