until the cleansing is over.
Probe 1 was stopped out for a small profit on friday
Probe 2 today was stopped out today for a 9 point loss.
Will do a probe 3 tommorow morning. Momentum buys on both probe 1 and probe 2 failed. Clearly it's a case of the trend trumping momentum here. But then sooner or later, the trend will turn with the momentum. Just need to take all those signals.
Will wait patiently....
Started by
NAV
, Jun 25 2007 02:10 PM
7 replies to this topic
#2
denleo
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Posted 25 June 2007 - 02:22 PM
It seems like you want to take only long trades here. What about your weekly and daily, are they on Buy?
Denleo
#3
NAV
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Posted 25 June 2007 - 02:28 PM
It seems like you want to take only long trades here. What about your weekly and daily, are they on Buy?
Denleo
Denleo,
Daily is on a sell. Weekly is on a buy, but rolling over towards sell.
I woudn't touch the long side on ES yet. But NQ, yes i will continue to probe on the long side, as there's no technical damage there. In 8 days, we have managed to selloff a whopping 2% on NDX, LOL. And someone on the board used the term stock market collapse. It was interesting. The bearish sentiment is built here with time rather than price (at least so far).
#4
denleo
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Posted 25 June 2007 - 02:50 PM
I agree about NQ. NASDAQ is holding a lot better, because this correction is about financials. Good trade is long NQ, short ES.
Denleo
#5
eminimee
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I don't care who's fur is flying...
#6
NAV
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Posted 25 June 2007 - 02:58 PM
eminimee,
Although, i am counting it a bit differently, i am looking for new highs on SPX and NDX as well. So far nothing has transpired that has changed my opinion.
Denleo,
That pairs trade sounds good.
#7
ogm
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Posted 25 June 2007 - 03:16 PM
Daily summations are ugly as hell. There is no way they are indicating any sort of a bottom even close.
Even if it is a bottom right now, it will take several days of churning before we take off from here.
Though, honestly, I have serious doubts that we are anywhere near. 60 min summations keep on falling too, and still aren't reversing or even oversold. There is quite a bit of room left.
Besides, why would you want to be long anything if financials are leading down. Not a good bet.
AAPL looks like its just about to crack too. Maybe will take other large cap techs with it.
Edited by ogm, 25 June 2007 - 03:17 PM.
#8
eminimee
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- TT Member
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I don't care who's fur is flying...
Posted 25 June 2007 - 03:32 PM
ogm...37 ES points to the good today..
8 down, 11 up, 3, up, 2 up, 11 down, 3 down, 3 up and and then a stop out with a loss of 2.25. . I traded the bull wedge....posted earlier and this morning. I'm going both ways....if we breakdown, I'll play it...I just have a slight bias for up because of my counts.
