EWZuber
1,373 posts
msg #60025
- Ignore EWZuber |
2/27/2008 4:09:11 PM
MSFT still within the Hourly Chart consolidation pattern and above pattern TLS(Trendline Support).
5m chart broke ST-TLS but bounced up off of the 5m/25MA and closed inside the pattern with heavy buying volume., 3 Mill. shares in the last candlestick!
However the 5m/10MA is still resistance.
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EWZuber
1,373 posts
msg #60026
- Ignore EWZuber |
2/27/2008 4:16:21 PM
It's tough to find the exact point of a trendline using Daily Charts. Big Money has software that automatically draws the trendline and reads out the exact $amount of that trendline as you scroll over the line and pin points it exactly.
Huge volume spikes in both directions in the final 10 minutes. Sell volume winning out as the last candlestick only retraced about 30% of the drop with the same volume.
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EWZuber
1,373 posts
msg #60028
- Ignore EWZuber |
2/27/2008 4:22:26 PM
COMP closed the Hourly Chart above it's 10 HR.MA which is ST bullish,.
With the 5m Chart oversold this could lead to a small gap up tomorrow.
Todays close could lead to a short covering rally to the 50 DMA at ~2440,
IMO.
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nikoschopen
2,824 posts
msg #60041
- Ignore nikoschopen |
2/28/2008 3:04:34 PM
Timbeeerrrrrr!!!
I think this is the moment. Just don't kill me if I'm wrong (yet again).
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nikoschopen
2,824 posts
msg #60042
- Ignore nikoschopen |
2/28/2008 3:37:53 PM
I shudder to think what might happen should the S&P fall back into the triangle. Burrrr!
In the meantime, the dollar sinks for the third day in a row to set a new record low against the euro. But that's not much of a news, is it?
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nikoschopen
2,824 posts
msg #60043
- Ignore nikoschopen |
2/28/2008 3:55:43 PM
Another interesting observation:
Why the hell did the market fall today on bad economic data when it simply ignored it yesterday and the day before? Why not just brush it off as irrelevant? Who gets to decide these matters? In light of the Ambac travesty and the subsequent rescue staged last Friday by the very dunces that were the cause of Ambac's illness, why is it that such a news is so immaculately timed to be announced just when the market is in great danger? Who gets to decide when to release these news?
Why do I still fume after all these years? Am I supposed to even care?
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EWZuber
1,373 posts
msg #60045
- Ignore EWZuber |
2/28/2008 4:19:29 PM
nikoschopen, I played LDK again to the long side but got in during the first run before it collapsed so didn't make anything on it but didn't lose anything either.
I find that because of the trading restrictions, I tend to wait longer to try and determine if the move will last the session. Otherwise I'm in and out and then often prevented from trading for several days. I was surprised to find I had a trade available today.
Much easier when the market is trending. These consolidations are tough to trade, but add PDT to it and it becomes a major challenge since it is a day traders market.
How'd you do today ?
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EWZuber
1,373 posts
msg #60047
- Ignore EWZuber |
2/28/2008 4:27:28 PM
COMP closed the session just barely holding Hourly Chart pattern support. Same with the QQQQ.
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nikoschopen
2,824 posts
msg #60048
- Ignore nikoschopen |
2/28/2008 4:54:02 PM
Hey Zub,
PDT will eventually either grind you out or burn you out. If you feel confident about reading intraday charts, I encourage you to trade the futures. It has no PDT restrictions and the volatility is a lot wider than ure typical stocks. On top of that, the leverage is 10:1, hence ure profit potential is essentially limitless. That is, if you know what ure doing.
As for me, I did okay today. No need to mention that a permabear like me comes to life on a down day like today.
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EWZuber
1,373 posts
msg #60118
- Ignore EWZuber |
3/3/2008 2:39:26 AM
nikoschopen, thanks, I'll look into it.
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