Posted by billrosen on 2nd of Jul 2009 at 08:47 am
Matt and Steve, thoughts were this was going to be a slow day,
but with the poor jobs number and the fact we are gapping way down
below key support levels, do you still think this will be a slow
day? I bought some SRS pre-market in anticipation of a trigger long
and took a few other shorts....
rkelman - an objective short (with a stop just above) would be
near the top of the channel (see my post below). You should
look for a trigger on a shorter term chart to enter. Matt
showed one example of a trigger in last nights update.
Posted by dodgerdog on 2nd of Jul 2009 at 09:26 am
Remember to employ a 15 - 20 min
gap
rulei.e. see how the
market holds up the 1st 15 - 20 min i.e.
Draw 2 horizontal lines; one at the lows and one at the highs
of the first 15 - 20 min. If the market can stay above the 15 min
high candle bar, the it is considered positive and the gap could
possibly hold up for the day , however if the market falls below
the 15 min low, then the likelihood of the gap fading increases
greatly. Realize that this is just a technique only and
doesn't work all the time!
Posted by dodgerdog on 2nd of Jul 2009 at 09:22 am
Evidently, you have not read the required material on the
Watchlist. Please read this section before entering trades
since it is filled with guidelines on gap openings and many other
suggestions.
Matt and Steve, thoughts were
Posted by billrosen on 2nd of Jul 2009 at 08:47 am
Matt and Steve, thoughts were this was going to be a slow day, but with the poor jobs number and the fact we are gapping way down below key support levels, do you still think this will be a slow day? I bought some SRS pre-market in anticipation of a trigger long and took a few other shorts....
Bill, kind of like I
Posted by matt on 2nd of Jul 2009 at 09:37 am
Bill, kind of like I said last night, I think the market action will occur the first 1 - 2 hrs then die down as the pro traders take an early vacation
The charts we presented last
Posted by dodgerdog on 2nd of Jul 2009 at 08:56 am
The charts we presented last night certainly had a bearish tone - it may be a light volume but that doesn't mean we can't see some big moves.
short
Posted by rkelman on 2nd of Jul 2009 at 09:12 am
so if you did not get short yesterday waiting for the break and now with the gap down , where do you get short or wait for a bounce up ?
Here is what I said
Posted by dodgerdog on 2nd of Jul 2009 at 09:15 am
Here is what I said yesterday to you:
We certainly got close to the upper channel which was an objective area to short for swing traders. Follow the 15 minute rule on today's open.
matt did you get out yesterday or are you still short> if not where would you short on the spx?
SPX daily - key support for the bulls is 879
SPX daily chart
SPX 10 min Renko Dynamic
SPX 5 min Renko
GDX 10 min Renko Dynamic
SPX 15 min
SPX 10 min
SPX 60 min
SPX 60 min #2
Nasdaq 60 min - triangle
SPX - 5 min
TICK 5 min with SPX
Now the Fibonacci retracments ont he charts below
SPX 15 min
Nasdaq 15 min
NDX 15 min
------
Others
Gold metal daily
KRE - weak bank stock, look to short bounces
BKX 30 min
GDX 60 min chart
rkelman - an objective short (with a stop just above) would be near the top of the channel (see my post below). You should look for a trigger on a shorter term chart to enter. Matt showed one example of a trigger in last nights update.
rule
Posted by rkelman on 2nd of Jul 2009 at 09:17 am
what is the 15 minute rule
Remember to employ a 15
Posted by dodgerdog on 2nd of Jul 2009 at 09:26 am
Remember to employ a 15 - 20 min gap rulei.e. see how the market holds up the 1st 15 - 20 min i.e.
Draw 2 horizontal lines; one at the lows and one at the highs of the first 15 - 20 min. If the market can stay above the 15 min high candle bar, the it is considered positive and the gap could possibly hold up for the day , however if the market falls below the 15 min low, then the likelihood of the gap fading increases greatly. Realize that this is just a technique only and doesn't work all the time!
Gap Rule
Posted by gustosp on 2nd of Jul 2009 at 09:59 am
Can you draw a chart of the gap rule?
go to search, gap rule
Posted by averageguy on 2nd of Jul 2009 at 10:01 am
go to search, gap rule matt
Good idea thank you.
Posted by gustosp on 2nd of Jul 2009 at 10:14 am
Good idea thank you.
Evidently, you have not read
Posted by dodgerdog on 2nd of Jul 2009 at 09:22 am
Evidently, you have not read the required material on the Watchlist. Please read this section before entering trades since it is filled with guidelines on gap openings and many other suggestions.
Can't wait! Happy Fourth everyone.
Posted by Peridot on 2nd of Jul 2009 at 09:00 am
Can't wait! Happy Fourth everyone. p.