Edited by HoseB, 11 February 2009 - 01:11 PM.
All Trading Opinions and Expectations are BALONEY!
Started by
HoseB
, Feb 11 2009 01:09 PM
8 replies to this topic
#1
HoseB
-
- Traders-Talk User
- 1,061 posts
Member
Posted 11 February 2009 - 01:09 PM
Check the chart. Can't go on much longer... nearing the apex.
40,000 headmen couldn't make me change my mind....
#2
cgnx
-
- Traders-Talk User
- 2,103 posts
Member
Posted 11 February 2009 - 01:14 PM
What about a triangle bottom? Case closed. Mystery solved. Book em Danno.
If it can be cornered, it will.
#3
HoseB
-
- Traders-Talk User
- 1,061 posts
Member
Posted 11 February 2009 - 01:44 PM
What about a triangle bottom? Case closed. Mystery solved. Book em Danno.
Never heard of one. Triangles are most commonly "4th wave consolidations"... However, this one does not appear to have "classic" form... could be it's part of something else and only appears to be a triangle...
I'm hoping, of course, to see some sort of clear "5 waves down, 5th"... maybe to SP 650-ish, to motivate me to go find my cojones for a big play...
Edited by HoseB, 11 February 2009 - 01:52 PM.
40,000 headmen couldn't make me change my mind....
#4
Data
-
- Validating
- 2,618 posts
Member
Posted 11 February 2009 - 04:18 PM
It looks it's broken up out of two previous triangles. Top trendline for triangle A connects October 14 and December 19.
Triangle B connects September 19 and January 6. The triangles and their trendlines keep getting redrawn after pullbacks.
#5
Iblayz
-
- TT Patron+
- 1,033 posts
Member
Posted 11 February 2009 - 06:37 PM
This one is more important because the SPX is still the tail that wags the dog. We touched it again. Getting back to that top line continues to be a struggle. It "should" but if it doesn't and breaks down.....the selloff will be dramatic.
[attachment=9756:SPXWeekly021109.png]
#6
beta
-
- Validating
- 4,384 posts
lasergirl
Posted 11 February 2009 - 07:15 PM
Well-stated and reasoned, Iblayz.
Agree the triangle breakdown could be dramatic.
But until an actual breakdown does transpire, the risk of being short measures to 900+ per your chart.
"Daytrading -- An Extreme Sport !"
#7
Iblayz
-
- TT Patron+
- 1,033 posts
Member
Posted 11 February 2009 - 08:56 PM
Yep. 915.5-917 ish for this week....910 ish for next but, there is absolutely no doubt that this pattern is on a lot of screens. Don't be surprised at a fakeout. Break the support line...okay...but it's got to take out 804.30. If it doesn't take that price out.....it can go straight back up. If it takes that price out and then bounces....the bounce will be a trap. Simple, as I see it. I believe it will break, but I am currently not betting on either move because of other things I watch.
#8
thespookyone
-
- Traders-Talk User
- 6,043 posts
Member
Posted 11 February 2009 - 09:21 PM
Trading inside the triangle has been extremely profitable with the correct opinions and expectations. I'm getting tired of hearing nobody can trade this market. As my students would gladly tell you-we're killing it.
#9
Iblayz
-
- TT Patron+
- 1,033 posts
Member
Posted 11 February 2009 - 10:06 PM
I didn't say anything about not being able to trade it. I don't have the luxury of watching it all day. I have a business to run and am on the road intraday for several days per week. I am going to follow my rules. Since I am a positon trader, I will make entries at points where I consider the risk/reward to be in my favor. And from a position trading standpoint, the risk/reward is not good in up and down mush with one group screaming the low is in and the other screaming we're not even close....especially when we can't even get to overbought and oversold on a daily chart because of everybody fading everybody else.
