10 replies to this topic

[Mr Dev]

this is a good area (802.02) to think about taking any RUT short profits for the day. I expect we bounce and then look lower over the next few days, as stated earlier. best trades

Edited by Mr Dev, 01 November 2007 - 01:35 PM.

[qqqqtrdr]

I don't think it is good to go long here on $RUT. I'm currently in the 250% Direxion Short Fund and am looking to cover with 3 waves down. There are multiple thoughts on this. 800 provides a definite support level. EW says that we have at least 3 waves down which would give support around 765, plus there is a head and shoulder formation where we are now at a point we could really sell-off. My gather is to hold-on to the shorts. The general market is not oversold, so their is not a great likelihood of a bounce here. Barry

[Mr Dev]

I agree,...as I said there is more down side into next week.

But based on st trading ...for the day the 802 area looked just fine if one doesn't want to ride a bounce

up,.and or take advantage of the opportunity to reshort.

that's all I was saying


As far as falling further on the H&S formation ,...that usually happens after a bounce at the neckline...which

again is what we are creating at this time. Trouble for some will be,..not seeing it until after the fact.

Edited by Mr Dev, 01 November 2007 - 01:59 PM.

[qqqqtrdr]

I agree,...as I said there is more down side into next week.

But based on st trading ...for the day the 802 area looked just fine if one doesn't want to ride a bounce

up,.and or take advantage of the opportunity to reshort.

that's all I was saying


As far as falling further on the H&S formation ,...that usually happens after a bounce at the neckline...which

again is what we are creating at this time. Trouble for some will be,..not seeing it until after the fact.

I see what you are saying, but the bounce usually happens after at least 2 1/2 trading days to the downside. We only have one.

Barry

[Mr Dev]

I agree,...as I said there is more down side into next week.

But based on st trading ...for the day the 802 area looked just fine if one doesn't want to ride a bounce

up,.and or take advantage of the opportunity to reshort.

that's all I was saying


As far as falling further on the H&S formation ,...that usually happens after a bounce at the neckline...which

again is what we are creating at this time. Trouble for some will be,..not seeing it until after the fact.

I see what you are saying, but the bounce usually happens after at least 2 1/2 trading days to the downside. We only have one.

Barry

Well it is not my normal practice to let such gains ride...but I had planned to hold till next Tuesday

if the best decision is to make the hard one...then holding on to short is BEST.

[gannman]

I agree,...as I said there is more down side into next week.

But based on st trading ...for the day the 802 area looked just fine if one doesn't want to ride a bounce

up,.and or take advantage of the opportunity to reshort.

that's all I was saying


As far as falling further on the H&S formation ,...that usually happens after a bounce at the neckline...which

again is what we are creating at this time. Trouble for some will be,..not seeing it until after the fact.

I see what you are saying, but the bounce usually happens after at least 2 1/2 trading days to the downside. We only have one.

Barry

Well it is not my normal practice to let such gains ride...but I had planned to hold till next Tuesday

if the best decision is to make the hard one...then holding on to short is BEST.

thanks mr dev for bring the rut to my attention
i am trading the iwm because of you
much appreciated

gman

[tr8r]

The 18ma joined the 8ma in completely entering the channel yesterday, so one should have been short, right?
http://stockcharts.com/h-sc/ui?s=$CPC...18774907213.png


The 21ma on the other hand has faked entering twice, only now to turn back to the channel to possibly enter it or turn back again.
Some what confusing, in that the market momentum up may have not been completely exhausted?
Is there any settings I can change to fine tune charts, so as to make it clearer?
Any help would be appreciated. Thank you in advance.
http://stockcharts.com/h-sc/ui?s=$CPC...37701752600.png

Edited by tr8r, 01 November 2007 - 03:44 PM.

[Mr Dev]

I agree,...as I said there is more down side into next week.

But based on st trading ...for the day the 802 area looked just fine if one doesn't want to ride a bounce

up,.and or take advantage of the opportunity to reshort.

that's all I was saying


As far as falling further on the H&S formation ,...that usually happens after a bounce at the neckline...which

again is what we are creating at this time. Trouble for some will be,..not seeing it until after the fact.

I see what you are saying, but the bounce usually happens after at least 2 1/2 trading days to the downside. We only have one.

Barry

Well it is not my normal practice to let such gains ride...but I had planned to hold till next Tuesday

if the best decision is to make the hard one...then holding on to short is BEST.

thanks mr dev for bring the rut to my attention
i am trading the iwm because of you
much appreciated

gman

Great,!

I hope it's working out well for you gman!

The 18ma joined the 8ma in completely entering the channel yesterday, so one should have been short, right?
http://stockcharts.com/h-sc/ui?s=$CPC...18774907213.png


The 21ma on the other hand has faked entering twice, only now to turn back to the channel to possibly enter it or turn back again.
Some what confusing, in that the market momentum up may have not been completely exhausted?
Is there any settings I can change to fine tune charts, so as to make it clearer?
Any help would be appreciated. Thank you in advance.
http://stockcharts.com/h-sc/ui?s=$CPC...18774907213.png

Tr8r
Right it was a "clue" to exit ALL LONGS and short the SPIKE low on the actual CPC low reading.

Now we wait for a challenge of the mid line, to either reject or confirm. As we see it drawing near...we enter more or exit on SPIKES of the CPC until the NEW trend lower is confirmed.

You can always use just a single MA anything between a 13-18 Ma works well.

THen hold true to the Bolli and midline crossover areas I mentioned.

Edited by Mr Dev, 01 November 2007 - 03:44 PM.

[tr8r]

Thank you for the reply.

I had the wrong link for the second chart, apologies, but will use a number between 13 & 18 and not 21.
http://stockcharts.com/h-sc/ui?s=$CPC...37701752600.png

Edited by tr8r, 01 November 2007 - 03:50 PM.

[tr8r]

Thank you for the reply.
I had the wrong link for the second chart, apologies, but will use a number between 13 & 18 and not 21.

What I meant to say was,
I had the wrong link for the second chart, apologies, but will use a number between 13 & 18 and not 9.