Which way will we go?

[soylent]

I agree w/ that!

The oscillators are all right for a good tanking... And, I just don't see any buyers wanting to come to the table quite yet...

Marc: How tight would you trail it? Lately, I've reverted to targets / closing out @ end of day because of the chop...

-c

[MR]

I am a little rusty right now,
so cannot be more specific.
Just getting data and charts
up and running again. When
I get rusty I tend to just trail
tighter stops, and that would
depend on what time frame
a trade gets triggered.

Kind of like using a combination
of 6/4 DMA and immediate pivots
forming for trailing stop mechanism?

[Gavishti]

After staring at the charts for a long time I have come to the conclusion that there is a possibility that we started a B wave overnight. Not a strong conviction, just a possibility to keep in mind. If that is correct we should see a reversal up later today.

[soylent]

This congestion last two weeks is very grinding. So many reversals and so many whips intraday.

With options expiration, I think it will be interesting to see how the market stays in-check. Right now, NQ is bouncing from Support A to Support B. QQQ is holding between 35.10->35.20. But, trying to play those bounces for .10 isn't worth the risk of a big option dump causing a loss.

Gavishti: I hope you're right and a trend develops this afternoon. But, being a Friday, I'll be working on my taxes and just checking the monitor every 5 minutes or so to see if anything real happens.

Monday should be explosive... All the trend / cycle indicators have reset and we are putting the price right on that down fork on the ym/nq...

Look forward to more commentary Gavishti! (And, Marc, Fabrizio, Jon, etc)...

-c

[MR]

Hi,

Anyone get short?

Originally posted by MR
Monitor next week for sell opportunity.
Nothing fancy, just a good risk/reward
setup, trailing a tight stop for quick profit?

[Gavishti]

My tea leaves say that the downhill ride over the past two trading days is a B wave. Tomorrow we get to ride the C. Other opinions?

[soylent]

Gavishti -

I wish I could tell if we are done selling... There is a lot of room to run on the downside. I sure wouldn't be looking to go long! But, w/ QQQ/NQ sitting on the 200-day I'll be cautious to with my shorts, too...

-c

[soylent]

Originally posted by MR
Hi,

Anyone get short?

Marc --

I wish I had that conviction... I didn't want to hold the short over the weekend and that gap down didn't leave much room between itself and the 200-day moving average.

I picked up a couple of shorts during the day but the way we keep 'gapping' to the next major move point makes it quite difficult to trade this market w/o a rather large risk:reward.

Frustrating...

Anyone else buy some puts or anything?

[FibbGann]

Here's my take...

Bought some today, hope to fall in the morning and get some more. Looking to fill todays GAP or hit the upper fork downtrend line. (more likely the Gap fill). Take some profit, and look to add again near the green little star I put in the chart. (hey I tried)
Then looking to test the orange line, (buy some more) If , we have a weekly close below the yellow line. (Watch out below!)
I am being very selective on my purchases, for I think some stocks will just die out. (base sideways)

This chart was posted before in the other thread I started, both my targets were hit perfectly.

Hope I didn't leave anything out!

Fibbgann

[jerryo]

Originally posted by soylent
Marc --

I wish I had that conviction... I didn't want to hold the short over the weekend and that gap down didn't leave much room between itself and the 200-day moving average.

I picked up a couple of shorts during the day but the way we keep 'gapping' to the next major move point makes it quite difficult to trade this market w/o a rather large risk:reward.

Frustrating...

Anyone else buy some puts or anything?

Hi Soylent i posted a QQQ chart on my thread on P&F guess i sould learn how to do it here?

but it's there...