Posted by junkmaylbox on 10th of Mar 2009 at 08:39 pm
Matt, What inidcators did you use to exit your shorts yesterday?
I was mislead by a drop late in the day and entered a short via SRS
at close. I lost 10% on that trade, less than $100, but still.
Merely curious. thanks!
When you looked at the 15 min charts from yesterday, they looked
bull flagish and divergence had been building. The market
moved up and went basitcally sideways most of the day (building the
flag), yes the market pulled bacy but it was on lighter
volume. On man 30 min charts, the 60 period stochastics had
crossed above 20% in the morning and stayed above. On the 60 min
SPX, we had a bull wedge. Shorting had become too easy and combine
all that it the market seemed ready for a move.
I left in the morning about 2 hr about the market opened and
have been running errands. Looks like I didnt' miss anything,
the SPX remains in the channel on the 30 min chart (stopped at the
55 EMA), and in the wedges on the 60 and 15 min chart. Let's see if
the market sells off the last 1hr or holds up.
Gold metal is down nicely (-25) and it's nice to see our GDX
short down big."
Steve also mentioned that the market breadth was awful.
There must be something else that I am not seeing here. Based on
those charts, market could have been going lower to retest Friday
lows; yet it turned around and has never looked back. The charts
crossed the 20 on the slow stoch a number of times and then went
below it before yesterday.
Yes, I could sense that a reversal was coming for some time:
I entered a FAS long on Friday morning. What I did not see is
how much lower the market could go from there before it would
reverse. I even started doubting myself on Monday afternoon, which
is why I went on the margin to buy me a hedge against my longs in
case market would move lower.
I appreciate your information here. There must have been more
what I saw, and I am wondering what it was.
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Matt, What inidcators did you
Completed Wave 5 or 3?
Posted by junkmaylbox on 10th of Mar 2009 at 08:39 pm
Matt, What inidcators did you use to exit your shorts yesterday? I was mislead by a drop late in the day and entered a short via SRS at close. I lost 10% on that trade, less than $100, but still. Merely curious. thanks!
When you looked at the
Posted by matt on 10th of Mar 2009 at 09:58 pm
When you looked at the 15 min charts from yesterday, they looked bull flagish and divergence had been building. The market moved up and went basitcally sideways most of the day (building the flag), yes the market pulled bacy but it was on lighter volume. On man 30 min charts, the 60 period stochastics had crossed above 20% in the morning and stayed above. On the 60 min SPX, we had a bull wedge. Shorting had become too easy and combine all that it the market seemed ready for a move.
Matt, I still don't get
Posted by junkmaylbox on 11th of Mar 2009 at 08:14 am
Matt, I still don't get it. I went back to your charts from Monday -- which I had seen at the time and pulled your comments on them --
" matt - March 09, 2009 02:47pm
I left in the morning about 2 hr about the market opened and have been running errands. Looks like I didnt' miss anything, the SPX remains in the channel on the 30 min chart (stopped at the 55 EMA), and in the wedges on the 60 and 15 min chart. Let's see if the market sells off the last 1hr or holds up.
Gold metal is down nicely (-25) and it's nice to see our GDX short down big."
Steve also mentioned that the market breadth was awful.
There must be something else that I am not seeing here. Based on those charts, market could have been going lower to retest Friday lows; yet it turned around and has never looked back. The charts crossed the 20 on the slow stoch a number of times and then went below it before yesterday.
Yes, I could sense that a reversal was coming for some time: I entered a FAS long on Friday morning. What I did not see is how much lower the market could go from there before it would reverse. I even started doubting myself on Monday afternoon, which is why I went on the margin to buy me a hedge against my longs in case market would move lower.
I appreciate your information here. There must have been more what I saw, and I am wondering what it was.