Wednesday, November 28, 2012

Wed 28 NOV:

Using 5 min. candle charts today:

long /cl 86.48 on doji 5 min candle near previous support  15 tick stop. High vol. on the doji.

But premarket weak.

/tf 804
/es 1392

looks like EWG -  -8% ???

GMCR  22%
NBR  - upgraded -- may be nice intraday.

/cl - ribbons fanned to downside on 5 min chart.  Should I wait for more confirmation?

/cl  breaks to new lows -- through the support area from a few days ago.  Obvious.  No reason to take a countertrade right near a clear stophunt area. Need more confirmation to enter.766

/cl dropping to 86.17  support area from 5 days ago.

euro sinking...

stopped again /cl -- trying to enter way too early.   No  base to support a move.  Like trying to life a weight while jumping in the air.  Won't work until you land, plant your feet, take a deep breath... the setup IS the trade. The PRE-PATTERN gives the market the power to lift.

aapl  -1.3% premarket.

/cl  dropping further -- almost 100 ticks.   No base

dragonfly doji  /cl  85.40 --  major support -- first green doji -- and 30 tick bounce.

trend down Market Signals --   be very patient -- may not bounce at all today.  Trend Down?

/tf  bounces 90 ticks on bad news/ then good news -- wow -- that was crazy.   bounce took it too a clear TL formation on 5 min candle where it was correct to short.

Like the FIB LINES drawn in -- provides extra targets.

extreme chop -- 796  to 808+   KNOW YOUR environment.

Need to adjust EACH DAY based on volatility -- today is very volatile.  Hairpin moves with size.  So learn to speak the language of the market.

IWM -- double top on  5 min chart.  2nd top stop hunt.  May as well short here.  Either it's a top or or loss for $150.

well  -- 140 tick range   /tf -- very unusual.  Trend following with 1 min. charts would have picked up some of it.

Market Signals are mostly mixed.... really hard to know -- mostly short term traders involved.

/tf  just crawling...  over 810 now from 796 low!  99 MA showing the way.   Signals strong.

pullback has begun after 2pm beige book -- nice DT pre-pattern at 810

short /tf -- 5 min   3-touch pattern  8 tick stop   --- at 3:04

/tf - breaks wedge ---   trending up.  Have to stay with the flow to upside.

close at the highs ... was not with the flow psychologically.  Massive reversal day.  Have to accept anything -- follow charts.

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