i would just say ..WOW! most damage to bears done nowadays overnight..
SPX breaking out ?
Started by
andiron
, Nov 11 2009 07:05 AM
10 replies to this topic
#2
porsche911sg
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Posted 11 November 2009 - 07:13 AM
Likely a false breakout! Well the this set up looks like end of june when the hard plunge came.i would just say ..WOW! most damage to bears done nowadays overnight..
The market catches almost everyone on the wrong side. We always seem to get fake break out before that huge dump or the hugh dump before the false break down! Trade Safe!
#3
andiron
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Posted 11 November 2009 - 07:18 AM
hope u r right....the rally has been vicious every time occurred since july...straight UP
#4
porsche911sg
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Posted 11 November 2009 - 07:33 AM
I noticed your short positions were usually correct but you seldom hold on to them till the end of the month.hope u r right....the rally has been vicious every time occurred since july...straight UP
The market catches almost everyone on the wrong side. We always seem to get fake break out before that huge dump or the hugh dump before the false break down! Trade Safe!
#5
andiron
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Posted 11 November 2009 - 07:36 AM
r u saying shorts should be held thru to the EOM?
#6
opinionated
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Posted 11 November 2009 - 07:42 AM
Break out? We are simply back inside the up channel from march. Breakout would be going through the to not closing within the bottom. No? Failure of a break down is what we have. Top TL comes in at the same place on the weeklys. Around 10455 on the dow, doubt we bust that one but thats first res...
#7
porsche911sg
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Posted 11 November 2009 - 07:45 AM
Yes. I usually start 20% short if I can't cover it's ok. I am seldom short in the first week of the month. I start on the second to third week. Last week is hold till end of month. If you notice the trend for the rally from aug has been as such. O course there is a risk the trend changes.r u saying shorts should be held thru to the EOM?
You see the rally has been making new highs will lower highs. Aug highs 1040 sept highs 1075 oct highs 1098 nov highs 1105? all are es values
aug to sept 35 point gap
sept to oct 23 pt gap
oct to nov 10 pt gap?
I think denleo does that as well. I notices he covers near end of month
The market catches almost everyone on the wrong side. We always seem to get fake break out before that huge dump or the hugh dump before the false break down! Trade Safe!
#8
andiron
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Posted 11 November 2009 - 07:53 AM
last 2 sell offs did have that pattern...Also, last 2 rallys were 8.5 & 7.5% from the swing low..we are already at 7%....if rally is flagging, it should end right around here
#9
porsche911sg
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Posted 11 November 2009 - 07:59 AM
YEs youre right, If you right the I was expecting the 1090s levels to come back. Was not massively short and closed out all positions so far. I'll probably leave this one one for a while.last 2 sell offs did have that pattern...Also, last 2 rallys were 8.5 & 7.5% from the swing low..we are already at 7%....if rally is flagging, it should end right around here
The market catches almost everyone on the wrong side. We always seem to get fake break out before that huge dump or the hugh dump before the false break down! Trade Safe!
#10
NAV
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Posted 11 November 2009 - 08:14 AM
i would just say ..WOW! most damage to bears done nowadays overnight..
If you are probing for a top or short, never hold positions overnight, unless you have a break on the hourly charts and the hourly momentum is in your favor and you are at least 5+ points in the money. Otherwise, it's easy money for the bulls.
