9 replies to this topic

[eminimee]

I'm long at 52

first attempt at the bottom pick

Took it when oex hit my target...it's possible that oex "could" hit 670 with a fast reversal...but doubt it at this point.

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=3&mn=3&dy=0&i=p70949358745&a=99607782&r=3451.png



http://stockcharts.com/c-sc/sc?s=$OEX&p=D&yr=2&mn=8&dy=0&i=p30596725455&a=104688425&r=8734.png

[arbman]

I went long Tea, good luck to you, if it gives another low, I will buy a bit more, the next swing should be up. The indices did not cut through like they should for another decline...

[hiker]

Tea..you in scalp mode or going for something more than 1464 today SPX cash basis looks iffy to me on the long side..but I realize it is early...sellers are trying hard to get control 1462- 1464 area..and successful so far...SPX cash basis I am short again near the obvious place. ---------- just a musing: today's distance from today's low to today's high is a fib calc of interest when considering yesterday's high vs. today's low so far

Edited by hiker, 01 August 2007 - 09:36 AM.

[eminimee]

took profits on half at 67....couldn't resist...break even stop....I want to see 5 waves up.

[hiker]

fyi only SPY price is remaining below the 5sma on the 3 min since the 10:24 candle..forming the upper boundary of price candes since 5 and 15sma in bearish cross 200sma on 3 min resides approx 146.10 and price and ohter two ma's remain below 200sma (a confirmed 3 min sell configuration) the 200sma on the 3min using all extended sessions represents where R resided on each bounce high today

Edited by hiker, 01 August 2007 - 09:47 AM.

[eminimee]

stopped out and long again at 53 with a 49 stop again

[hiker]

shape of the 5sma on the 15min SPY looks like it is headed toward convergence with 15sma...15min already on confirmed sell with two ma's and price below the 200sma on the 15min..fighting the 13min or 15 min usually is a losing battle...just a system that seems to work most times...only reason I am sharing it..still short 100% of my trading accouont

[hiker]

Tea...you aer correct as usual in the setup you traded and your FF..great call and thank you because it helped me with an important decision..and your thoughts were timely to that decision..thanks again for all you contribute here btw, the SPY 200sma on 15min is about 50 cents above 146.30 current candle high..I am flipping back to short from long right here...I may get hosed by worth a shot betting heavy again, so somewhat uncomfortable, so I like it as a sign doing right

Edited by hiker, 01 August 2007 - 11:23 AM.

[hiker]

could be early, but it is looking again like retrace bounce off yesterday's 1484 late day high to today's first intraday low is going to hold back the advance, or at least slow it down...1473 cash SPX may still easily happen if we get through here..time will tell yest INDU late day failure was at a retrace bounce calc of the Monday to Tues price action..when that price level failed to hold as it had on the first test.

Edited by hiker, 01 August 2007 - 11:41 AM.

[hiker]

still short...SPX failed at impt 1455 level in most recent bounce...until that level is overcome, price action has not recovered the favorable potential... the three recent higher lows have me wondering though..forming an intraday support t/l that is not yet broken.

Edited by hiker, 01 August 2007 - 12:54 PM.