Now the question is what happens this afternoon, does it
flag here and have another push or not?? The 5 min charts to
me have a bull bull appearance that is setting up, but we'll
see. It would be nice to get another pop, so that we can
short at higher prices
Posted by sorensen on 21st of Apr 2009 at 01:56 pm
hi matt - if the bounce back holds the rest of the day and SP500
may enter the end 840s or 850s area - would that be a good short
entry (e.g SPY) despite the 6o min stochastics are not yet
overbought...? or is it too early?? thx sorensen
Posted by vnathwani on 21st of Apr 2009 at 02:00 pm
I too am eager to short here especially as we are hovering at
the 38.2% level. 845 seems plum for a short
But my indicators are not yet turning and I will probably
sacrifice 4-5 S&P points profit in order to get the
confirmation I need. Many times jumping the gun has cost more than
its worth so I will wait
852 is a horizontal retest of wedge, not saying it will get
there; but would suggest odds do favour it....if scalping long
would tighten stops, just in case
Posted by airstream on 21st of Apr 2009 at 02:15 pm
Ravun I am trying to learn to trade with all
the experienced traders in here and at that level how will you set
up your short positions and what will you use?
Ultrashorts? Will you then use stops or just mental stops
? Thanks
vnathwani- everyone is differnet, so do what works for you.
Remember that you can also scale in instead of doing the whole lot
at once trying to get the prefect price. Again, it's a
personal choice depending on your risk tolerance, time frame, and
personality
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
SPX hit the 38% Fib
Posted by matt on 21st of Apr 2009 at 01:46 pm
Now the question is what happens this afternoon, does it flag here and have another push or not?? The 5 min charts to me have a bull bull appearance that is setting up, but we'll see. It would be nice to get another pop, so that we can short at higher prices
short entry
Posted by sorensen on 21st of Apr 2009 at 01:56 pm
hi matt - if the bounce back holds the rest of the day and SP500 may enter the end 840s or 850s area - would that be a good short entry (e.g SPY) despite the 6o min stochastics are not yet overbought...? or is it too early?? thx sorensen
I too am eager to
Posted by vnathwani on 21st of Apr 2009 at 02:00 pm
I too am eager to short here especially as we are hovering at the 38.2% level. 845 seems plum for a short
But my indicators are not yet turning and I will probably sacrifice 4-5 S&P points profit in order to get the confirmation I need. Many times jumping the gun has cost more than its worth so I will wait
852 is a horizontal retest
Posted by ravun on 21st of Apr 2009 at 02:08 pm
852 is a horizontal retest of wedge, not saying it will get there; but would suggest odds do favour it....if scalping long would tighten stops, just in case
S&P 852 Area
Posted by airstream on 21st of Apr 2009 at 02:15 pm
Ravun I am trying to learn to trade with all the experienced traders in here and at that level how will you set up your short positions and what will you use? Ultrashorts? Will you then use stops or just mental stops ? Thanks
I don't
Posted by ravun on 21st of Apr 2009 at 02:23 pm
trade patterns...my TA is just a "hobby", although I did do pattern trading for a "house"..once upon a time...I trade my systems
vnathwani - everyone is differnet, so
Posted by matt on 21st of Apr 2009 at 02:04 pm
vnathwani - everyone is differnet, so do what works for you. Remember that you can also scale in instead of doing the whole lot at once trying to get the prefect price. Again, it's a personal choice depending on your risk tolerance, time frame, and personality