10 replies to this topic

[iloli way]

Last LOL weekly update LINK-facing abyss again!

Jan 31 2010, 04:09 PM
Now price is facing the most critical WHITE line (the last VLT trend support line).
This WHITE NFL line plus the RED downtrend line forming a range at 1060~1066, indicating by two ovals at crossing points.

Today's close, 1063.11. We broke the final VLT uptrend support.

As per Feb 2's post, we looked to sell the price rejection under RED line. LINK

Feb 2 2010, 12:11 PM
We close under RED line that's a new sell.
Close in btwn 1104.50 and RED line? see at least tomorrow's price actions - could be hourly, 10min,....just watch the lines.

So "tomorrow" came as yesterday, we got that new sell signal and shorted when price got rejected by RED line at 1100.50(at second hourly candle). Stop was 3 points above the RED line. The rest of yesterday, two hourly attempts trying to mount the RED line and failed told me 'we got it nailed!'.(See chart)
[attachment=14976:LOL_02032010_1.GIF]

Now just enjoy the ride, moved stop to 1069.50, at 3pts above the WHITE NFL that just got broken. Because price is in the most critical support since last Halloween that can generate sharp rebound. Look closely next WHITE line, PINK line and second RED line under today's closed price....same as lines above too.
[attachment=14977:LOL_02042010.GIF]

Review those two ovals given in chart posted on Jan 22, see how they drove todays close right inside? Next support 1029.
Big Chart

One can get all the noise and this and that reasons/excuses anywhere-else, not from this LOL fella, I am a pure TA guy. I give signals and stops, dancing with Ms. Market in my lines; seek no fame, just fortune.

Good luck!

Edited by Ground Currents, 04 February 2010 - 10:32 PM.

[CHAx]

Honestly, the sound of crickets could be heard on this or about 5 other forums.

[iloli way]

Honestly, the sound of crickets could be heard on this or about 5 other forums.

Sound of crickets can drive one crazy, not to mention muddy up a clean trading system and messy up clear key strokes.

Thinking about other topics I posted recently, the dollar, financials, gold, vix...all look bad for the equities market, except that vix/spx top/bottom ten years ratio hypothesis (LINK). Base on that, we shall see another new high of spx in last week of March or fisrt week of April. So, if that's still possible, then a bounce from now is as good, if not better, than any other support zones. Under that light, I'll watch closely the price behaviors near term around these lines, for a possible reversal new buy signal upon where the protective stop being triggered at 1069.50. Of course if we ever get to see a rebound around next support 1029 deserves the same vigilance.

[CHAx]

The point is, Posts arguing for more downside are not generating excitement from the bears. That is all I was commenting on. Obviously, don't trade on your "gut" as you implied my post was suggesting.

[iloli way]

Honestly, the sound of crickets could be heard on this or about 5 other forums.

Now while you are here, let me ask you what is this "this" do you mean it is? I can not define your "this". Can you make me understand? Thank you.

[iloli way]

The point is, Posts arguing for more downside are not generating excitement from the bears. That is all I was commenting on. Obviously, don't trade on your "gut" as you implied my post was suggesting.

I did not "implied" anything, just making a straight comment: "Sound of crickets can drive one crazy, not to mention muddy up a clean trading system and messy up clear key strokes."

The point is, Posts arguing for more downside are not generating excitement from the bears.

Again, I failed to see that has anything to do with my thread here, but I am willing to accept that as a general comment.

Edited by Ground Currents, 05 February 2010 - 09:14 AM.

[CHAx]

Sloppy grammar on my part. "...This forum or 5 other forums" was my intended meaning

[iloli way]

Thinking about other topics I posted recently, the dollar, financials, gold, vix...all look bad for the equities market, except that vix/spx top/bottom ten years ratio hypothesis (LINK). Base on that, we shall see another new high of spx in last week of March or fisrt week of April. So, if that's still possible, then a bounce from now is as good, if not better, than any other support zones. Under that light, I'll watch closely the price behaviors near term around these lines, for a possible reversal new buy signal upon where the protective stop being triggered at 1069.50. Of course if we ever get to see a rebound around next support 1029 deserves the same vigilance.

I am seeing a bounce right off the PINK line, see for yourself in chart. Not saying anything based on 'hourly candle' because this hour simply not finished yet. But it does raise an alert.
[attachment=14986:LOL_02052010.GIF]

[iloli way]

Thinking about other topics I posted recently, the dollar, financials, gold, vix...all look bad for the equities market, except that vix/spx top/bottom ten years ratio hypothesis (LINK). Base on that, we shall see another new high of spx in last week of March or fisrt week of April. So, if that's still possible, then a bounce from now is as good, if not better, than any other support zones. Under that light, I'll watch closely the price behaviors near term around these lines, for a possible reversal new buy signal upon where the protective stop being triggered at 1069.50. Of course if we ever get to see a rebound around next support 1029 deserves the same vigilance.

I am seeing a bounce right off the PINK line, see for yourself in chart. Not saying anything based on 'hourly candle' because this hour simply not finished yet. But it does raise an alert.
[attachment=14986:LOL_02052010.GIF]

At this point, price has to close today above WHITE NFL line to negate a 'facing the abyss' scenario, even to enact a promised land for a 'new high' as suggested. We just have to see, in my so many words: "watch" in "vigilance".

BTW, when reading my post, please do check and verify my 'time stamp' of the post. It all ties into the 'time-space' of my work. (or 'time-price' in other more conventional terms.)

Edited by Ground Currents, 05 February 2010 - 11:13 AM.

[iloli way]

08:37 AM
I am seeing a bounce right off the PINK line, see for yourself in chart. Not saying anything based on 'hourly candle' because this hour simply not finished yet. But it does raise an alert.

09:10 AM
At this point, price has to close today above WHITE NFL line to negate a 'facing the abyss' scenario, even to enact a promised land for a 'new high' as suggested. We just have to see, in my so many words: "watch" in "vigilance".

Well, did you blink?

Is this close enough? Looks like Ms Market loves to kid around with another trapeze act. It closed RIGHT ON the WHITE NFL line!

Moved stop to 1069.67. The green arrow at the bottom is NOT a buy signal yet, but we might have already tested the PINK line with the second hourly candle after my last 'raise a alert' post. In any case, go take my stop out first, ask question later.
[attachment=14993:LOL_02052010_1.GIF]