4 replies to this topic

[hiker]

will the rising t/l that has been operative the last 10days or so hold as it did in the premarket?

..so far so good. see 15minute chart

long SPY near the premarket low, and stop will become higher as this goes up...I do not trust the action yet

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btw, it was necessary for me to leave for the day yesterday prior to the last half hour action...SPY remained below the impt 150 to 150.50 zone which keeps me cautious on rallies until move above...so I closed SPY long and initiated short with stop above $150...covered that today..none of usual trade triggers told me to cover though...so I expect I will be flipping back to short...giving this long a try and back short on move below today's low I expect...still planning the trade...just had to pay attention to the first attempt testing the rising t/l

147.82 is today's prmkt low

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closing basis daily with some minor horizontals marked

Edited by hiker, 05 September 2007 - 08:48 AM.

[hiker]

note today's broken support t/l on the 5day 60min SPY a second and lower rising t/l can be drawn off the Aug 28th low my SPY 60min trading system using MA crossovers etc...based solely on price action...remains on a preliminary sell with the 200sma below

Edited by hiker, 05 September 2007 - 09:16 AM.

[hiker]

a trader needs a crystal ball here about the odds of SPX 1476 to 1478 being overcome again (or simply tested) before this goes below today's low again, if it does. the obvious cover spot (noted in chart above) was bought....now what? the 15min SPX remains on a prelim sell with the 200sma below today's lows so far

Edited by hiker, 05 September 2007 - 09:55 AM.

[hiker]

OK...now SPY has made a new low, and just now tested the 15min rising 200sma...when the chart includes all extended session data it is the bottom until proven otherwise.. min. downside risk to: 146.72 146.97 horizontals the current 60min candle is fully below the declining 15sma on the 60min ...for now 60 min chart says lower prices are possible...no cover signal here if swing trading

Edited by hiker, 05 September 2007 - 10:47 AM.

[hiker]

60min SPY remains on a preliminary sell that is in effect during all candles today..no change and both the 60min 5 and 15 sma's remain pointed down, and in bearish crossover 200sma on 60min and 15min reside below no cover signal has been given by the 60min chart if short trading today

Edited by hiker, 05 September 2007 - 12:39 PM.