Thursday, February 7, 2013

Feb 7: Three Bumps Signal

Main Goal: Focus on Higher Timeframes to see clear resistance/support areas.   (/6e drop this morning great example)

Well - we are back in bull mode on daily trend so -- again, know your context.  Huge rips to close the day are not surprising.   Daily Chart is UPTREND.

8:30 - bunch of data coming out.

/cl - takes out Wed. highs --

GMCR - big miss  -7.5%

/tf 909 -- took out Wed. highs o/n session -- pullback to TL on 5 min chart would be around 904

/cl -sharp top out over 97 -- and 30t drop.   volatile here.

/tf - strong


TEVA - worst.

/cl -  tanking after  stophunt rip
/tf  red after  initial claims-   triple toppish.

AAPL - strong -- 10 day MA break ystdy.

/tf - VERY sloppy --  tails - green to red...

/6e - plunge below Tues LoD.   101 tick drop from this morning high.

/zb  - overnight high hit

/cl - dives then rips right back up -- fast and dirty.

/tf  flips (again)  909.7

/cl - another stophunt  97.21 --   takes out 3 am lows, 8 am highs -- DIRTY algos.

/6e - total meltdown due to Draghi -- brokeback -- steep pullback coming based on daily charts.

/cl - strongest.

careful -- first hour may be trendless   (other than 6e)

If choppy...  view from 5 min to avoid chop?

/tf - 2 LOOOOONG tails at open - sloppy stophunters

absolutely horrendous trading /tf --  papermoney blowout.

/tf - sinking -- sad thing is -- I was correct to try to short the whole time...


AD  -258  

vix, /zb --  bearish signals.

will have to review --

/tf - takes out o/n lows

/tf  904.1  target --  5 min TL -- almost touched.

AD  -700  heavy

GDX  strong -- big bounce

DECK won't quit

-1000 AD


need to wait for a pennant / flag before taking 5/34 xover....

internals - say MORE DOWNSIDE  10:35

-1200 AD  -- down down down

/6e  -1.12% -- HUGE.   taking everything with it.

10:54 --  AD  possible LOW.

/tf - pops up to TL and REJECTED.

11:00  /6e - stopped  support 1.34 - probably CHOP here now -- consolidate.

long /tf  5/34 xover - -    Should I have waited for the 2nd xover???   YES - AD improved at 12:02

/zb  - bullish xover down...

definitely chop awhile here - -      balancing out.   AD  stopped... improving slightly.

AD  -1100   Trend Down day usually.

GLW -- above 20 day again.

GDX -- well... interesting strength here -- glaring .. and so oversold.

12:01 - AD -   upmove - -then 5/34 xover for 35-40 ticks.

12:50  LONG /CL  XOVER --

12:52 - AD sell signal
/zb xover confirm.

stop thinking your smarter than the chart.  The chart is the chart.  Trading 'against' it is just going against direction.

/cl   nlod

/tf - stopped out --  no xover - but price xover.    too tight?
 /tf - full xover.

/tf intraday double top and xover.  short

/tf -  creating a pennant.

AD -680   improving since noon

/tf back to 906 --

getting stronger.  

ad  -1100 -- u don't just 'go long' cuz it's 'oversold'

whole day should be over...

/tf - triple bottom....  could hold.

5/34 lines were there - but had to wait for first 15 min. of   robo-chop then it was smooth.

/cl was even better.

 Here's THREE MAGIC 3 BUMPS -- all in the same day.

The point being - even intraday, the market loves to form a base before each significant move.  Sometimes it's even stronger, developing over 2 or 3 days on the 5 min chart.  But I've found the MINIMUM TIME FOR A BASE that leads to a significant (let's say at least 30tick move) is one hour.  So market bottoms - you're pretty sure it's the low of the day... you still most of time have at least an hour to get an entry in and most of time you should wait this long. 

IYT - new closing high????

2:48  long /tf -- triple bottom  -- /zb dropping  -

DECK, TROX --  call buyers active.

3:02 - algos hit SELL !!!!

WPRT --  smaller cap, high short - this is a name to avoid due to volatility, low vol.  Not worth it.

mixed up

/tf break but /zb - deep sell...     trapping ppl.  algos on chop mode - like this morning.

FTEK _-  possible breakout  on 3x vol.

don't have to take a signal if the Market Signals are conflicting.     No rush.

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