This chart, which was adapted from one of Matt's, has been
keeping me sane through all the twists and turns. If banks are
going to lead the way then this chart should provide a very
objective roadmap. Let it break the MA(34) prior to any long
exposure. Support then objectively becomes the MA. Currently if
anything I'm seeing a bear wedge and don't really feel the need to
try and position myself in either direction. Maybe that's because I
was one of the many that got frustrated over the past week! Stay
sane and trade based on the charts.
Posted by manson805 on 26th of Jan 2009 at 10:33 am
GDX bouncing up against the MA (200). Anyone taking a shot at a
short here? My deliberation is that if the dollar starts to pull
back Gold will continue to have strength. Although Gold hasn't
necessarily been trading inversely to the dollar. Trying to stick
to the numbers and follow support and resistance (MA 200) but if
anyone has any thoughts.
QQQQ's really not finding any traction whatsoever. I wouldn't
make any decisions based on the OCT 31 Calls volume. You'll lose
two days (premium deterioration) and be stuck hoping for a bounce
Monday - leaving you with only 6 or so days until expiration. I
find it hard to believe that anyone is going to hold a position
over the weekend. I don't plan on it personally. Risk/Reward not in
your favor.
Could bounce right here but but do you want to risk it??
As a new member to BreakpointTrades.com (this is my first post)
I felt compelled to voice how I feel about the direction of the
blog and some of it's members. If we utilize the format effectively
then we can all benefit from the information provided that we
wouldn't be able to gather as individual traders. Asking questions
like "where should my exit be" or "Matt what do you think about
this" only signals that your a novice trader who hasn't
appropriately entered a trade or doesn't care to provide
information or learn in a community format. A blog is a COMMUNITY
format and unless we are providing for the community then we are
only sapping Matt, Steve, and members of time that they could
otherwise be using to provide us with real time market information.
These guys do a great job and as a Public Poster to Stockcharts and
as a web designer I know how much time it takes to manage a blog as
well as create and post the nightly updates.
It would be great if members could utilize the FAQ's and or ask
other community members basic questions that only hinder Matt and
Steve's ability to provide us with quality information. Timely
quality information = $$$$$. Personally I'd much rather have
these guys spending time on TA and the charts than answering
uninformative and ego driven irrational blog posts. If you plan
trading then have a game plan, utilize the information provided by
the blog and nightly updates, and then adjust your trades
accordingly.
Please remember that these guys are here to provide us with
quality information and while they are very receptive and helpful
just know that they can't teach you how to trade. We ALL want to
make money and I'd rather see this community grow and become
successful via intelligent posts that provide to the community as a
whole.
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Chart that is keeping me sane.
Posted by manson805 on 27th of Jan 2009 at 01:26 pm
http://stockcharts.com/h-sc/ui?s=$BKX&p=60&yr=0&mn=2&dy=20&id=p49368402232
This chart, which was adapted from one of Matt's, has been keeping me sane through all the twists and turns. If banks are going to lead the way then this chart should provide a very objective roadmap. Let it break the MA(34) prior to any long exposure. Support then objectively becomes the MA. Currently if anything I'm seeing a bear wedge and don't really feel the need to try and position myself in either direction. Maybe that's because I was one of the many that got frustrated over the past week! Stay sane and trade based on the charts.
GDX/DZZ
Posted by manson805 on 26th of Jan 2009 at 10:33 am
GDX bouncing up against the MA (200). Anyone taking a shot at a short here? My deliberation is that if the dollar starts to pull back Gold will continue to have strength. Although Gold hasn't necessarily been trading inversely to the dollar. Trying to stick to the numbers and follow support and resistance (MA 200) but if anyone has any thoughts.
GE new lows
Posted by manson805 on 23rd of Jan 2009 at 02:53 pm
Just a warning to those still bullish: GE breaking to new lows for the day.
Expiring
Posted by manson805 on 14th of Dec 2008 at 10:02 pm
Don't forget that this upcoming week we have Quadruple Witching Friday!!
QQQQ 5min chart
Posted by manson805 on 21st of Oct 2008 at 02:04 pm
Sorry,
1 and 2 in wrong placement. Tried to make the chart in a timely fashion. Head and shoulder possibility looking like more of a possibility.
QQQQ 5min chart
Posted by manson805 on 21st of Oct 2008 at 01:58 pm
Two possibilities short term for those trading the QQQQs. Either we are dropping down and into a 5th wave or this is some sort of reverse head and shoulder pattern. I favor the prior as the action today hasn't necessarily been very positive. Just my opinion on a VERY short term chart so keep a close eye to see if this is a (1) break of a bear wedge leading to further downside possible or a (2) right shoulder.
QQQQ Oct 31 Call
QQQQ Oct 31 Call
Posted by manson805 on 10th of Oct 2008 at 12:03 pm
QQQQ's really not finding any traction whatsoever. I wouldn't make any decisions based on the OCT 31 Calls volume. You'll lose two days (premium deterioration) and be stuck hoping for a bounce Monday - leaving you with only 6 or so days until expiration. I find it hard to believe that anyone is going to hold a position over the weekend. I don't plan on it personally. Risk/Reward not in your favor.
Could bounce right here but but do you want to risk it??
QQQQ Oct 31 Call
Posted by manson805 on 10th of Oct 2008 at 11:40 am
Lots of buying occurring in the Oct 31 Calls. Just an observation. Over 1500 purchase in the last 20 min or so.
New Member Blog Blues
Posted by manson805 on 11th of Sep 2008 at 07:24 pm
As a new member to BreakpointTrades.com (this is my first post) I felt compelled to voice how I feel about the direction of the blog and some of it's members. If we utilize the format effectively then we can all benefit from the information provided that we wouldn't be able to gather as individual traders. Asking questions like "where should my exit be" or "Matt what do you think about this" only signals that your a novice trader who hasn't appropriately entered a trade or doesn't care to provide information or learn in a community format. A blog is a COMMUNITY format and unless we are providing for the community then we are only sapping Matt, Steve, and members of time that they could otherwise be using to provide us with real time market information. These guys do a great job and as a Public Poster to Stockcharts and as a web designer I know how much time it takes to manage a blog as well as create and post the nightly updates.
It would be great if members could utilize the FAQ's and or ask other community members basic questions that only hinder Matt and Steve's ability to provide us with quality information. Timely quality information = $$$$$. Personally I'd much rather have these guys spending time on TA and the charts than answering uninformative and ego driven irrational blog posts. If you plan trading then have a game plan, utilize the information provided by the blog and nightly updates, and then adjust your trades accordingly.
Please remember that these guys are here to provide us with quality information and while they are very receptive and helpful just know that they can't teach you how to trade. We ALL want to make money and I'd rather see this community grow and become successful via intelligent posts that provide to the community as a whole.