5 replies to this topic

[hiker]

today's 1462.03 afternoon high is just above the .382 retrace marked with horizontal line below of:

the decline from the Sept 4 high to today's low....1496.40 to today's low of 1439.29.

is the rebound off today's low (where the 60 min downtrend line resides off the 2007 high) now complete, and we head back down?

Edited by hiker, 10 September 2007 - 05:19 PM.

[thespookyone]

It would appear the MACD and ADX are about to say...Yes. By the way, Hiker, your takes lately have been excellent. Your attention to the horizontals is well placed, I feel, as they have truly stepped up lately in a short term direction providing sense. I also feel you display a trait of the best traders,imho, being not bullish or bearish-but letting the TA do the talking. Your posts are appreciated by myself, and I'm sure-many others!

[hiker]

thanks..and glad to hear the posting is a worthwhile read. Ted Burge at stockcharts public lists is the guy I have learned much from about horizontals. I take no credit for that method. He has taught countless thousands about how to trade using support and resistance and not a directional bias unless some trend is in play. I prefer to learn by this exchange of ideas..and we have a great forum here where folks are willing to speak up and respect diversity. I was so tempted today near the close to not stick with daytrades only, but closed out flat in my ETF trading...have some equity longs and shorts I initiated today and last week.

Edited by hiker, 10 September 2007 - 06:01 PM.

[thespookyone]

The interplay is great here! At different times different indicators and oscilators seem to outperform others, horizontals providing a good read lately. I have been mostly daytrading myself, lately, or simple two to three day holds. Today, though, I jumped back in QQQUV puts at .71. I can't seem to come up with an ewave count where the Q's don't move a bit lower before they move up, and like the pattern formation. An aditional reason is the current market uncertainty-which makes me feel a bit more comfortable short. The market does not like uncertainty. The late high volume sticks were fairly ugly, as well. What took hours to pump-seemed to be erased in a mere moment-the marginal utility of those pumps in this area seems very ineficient.

[hiker]

spooky..here are a couple observations I made this weekend when looking at Teaparty's swing lows in his QQQQ count charts...one possibility:

Sept low he shows is near Ted Burge's 46.78 horizontal

early Oct low he shows is near Ted's 45.12 horizontal
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48.24 has not clearly failed yet, but two closes below...it is a level not used by Ted it seems...he uses 48.66 and 47.65 on either side

Edited by hiker, 10 September 2007 - 06:58 PM.

[thespookyone]

Thx, Hiker!