12/20/2011 Intraday Watering

[Eagle_Eye]

http://stockcharts.com/h-sc/ui?s=$SPX&p ... =251008969

[taggard]

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.

actually brooks notes that the action in 5 min is more exactly patterned. after years of trading 15 and 60 min i think he is totally right. partly it's because i use options and a small mistake is very painful--but partly daily weekly and yearly charts are not as clean as the 5 min. also brooks trades almost entirely off the 5 min and mostly suggests that you stay focused on it. many times in the book he gets into 1 min data but keeps saying more or less don't use it.

[Cobra]

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

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

we've reached one target already. I think the other target is possible too.

[waverider]

/ES made it one tick above the measured move target. LOL

[chocobee]

There is no buyable dip... Will shorts cover at EOD?

[BBFinance]

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.

How about the SPY up six (9) hourly bar and huge reversal next day rule?

[Petsamo]

HUGE bad tick on SPY, pointing to yesterday's close.

[waverider]

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.

How about the SPY up six (9) hourly bar and huge reversal next day rule?

That's only for down, it can go up forever. End of day could be a short

[Nomorework]

HUGE bad tick on SPY, pointing to yesterday's close.

Chart?

[BullBear52x]

Don't beleive in spike or phantom bar but here it is.

[stucap]

HUGE bad tick on SPY, pointing to yesterday's close.

PBar?

[Me XMan]

Which means ???

HUGE bad tick on SPY, pointing to yesterday's close.

[BBFinance]

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.

How about the SPY up six (9) hourly bar and huge reversal next day rule?

That's only for down, it can go up forever. End of day could be a short

I am not sure I understand?

[silkway]

Does anyone have a spy p-bar 120.37?

[Cobra]

OK, now you know why I said the MDD day low will be revisited. The Phantom bar doesn't want you guys to doubt my conclusion, so it jumps out to back me up.

Anyway, see dashed blue lines? Now you can clearly see who's leading today's rebound: a few heavy weighted stocks. so the quality of this rebound is suspicious.

That said, as some of you already guessed, yes, I longed at open and now keep my break even stop loss. I don't argue with the market. The only one could be wrong is myself. But I won't hold overnight too at least not without hedge.

[CH37]

I saw that P-bar .

[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.

How about the SPY up six (9) hourly bar and huge reversal next day rule?

if it manages a 7 green red bar today, it still only proves that yesterday's low will be revisited. not 100% chances but good chances I think.

[zipper]

My take on it is that the comercial shorts are been given an opportunity to liquidate here at the 1230-1235 area before we run to 1250+ tomorrow if not today.
But hey I dont know much I follow the Wizard and the Cobra, and make my own assessment..

[Petsamo]

Which means ???

HUGE bad tick on SPY, pointing to yesterday's close.

You have back up

[cougar]

There is no buyable dip... Will shorts cover at EOD?

Great observation!
When Da Boyz start an impulsive “UP TRIP”, they want you to pay a significant baksheesh to get in .
So, what you see is a significant symptom and the diagnosis could be: a trade-able trend is starting, via an impulsive first wave up…
=============
….all IMHO.