tradesmart
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covered overnight short at 10236 this morning.........now short from 10300........there has to be a top somewhere.........!!! 
famous last words........! :cheesy:
edit:- as cj's last post, this is short covering driving this market higher imho - unwinding of some serious short positions today..
famous last words........! :cheesy:
edit:- as cj's last post, this is short covering driving this market higher imho - unwinding of some serious short positions today..
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tradesmart
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Suggy - no news that I know of - probably just short covering.......shorts have to unwind their positions today or roll them over and risk finding that the market is even higher next year......(very likely imho...! )
any other ideas?
)any other ideas?
One Eyed Shark
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Will we break 10300 today ????
I love trading days like this. :cheesy: :cheesy: :cheesy:
Strong support at 250 says it might stick it's head above at the very least.
I love trading days like this. :cheesy: :cheesy: :cheesy:
Strong support at 250 says it might stick it's head above at the very least.
tradesmart
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Gecko - your ship may be coming in:-
edit (from my mole in the White House):- rumors the U.S. government is considering raising the terror alert to orange.
(think I'll avoid a long for now)
just when the bears cover their losing positions, this happens - there really is no justice in the market.........
edit (from my mole in the White House):- rumors the U.S. government is considering raising the terror alert to orange.
(think I'll avoid a long for now
)just when the bears cover their losing positions, this happens - there really is no justice in the market.........
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One Eyed Shark
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!!!!! Chartman is the greatest !!!!!!
A big public Thank You to CM.
Was about to stop trading around 7 p.m. tonight, looked at the chart and decided to hang around to see if there would be a bounce off 32, how did I know this? because chartman taught me so.
The information that is posted on these bulletin boards has taught me more over the last 3 months than I have picked up over the last 3 years from books and other websites, what's more this is provided F.O.C.
Anyone who is thinking of trading the Dow either by SB or Futures will become a more profitable trader by incorporating CM's analysis into their daily trading.
I was going to send CM a private message but decided to post on the public boards with the thought that it may encourage some one else to take a closer look at the info that is posted here.
A big public Thank You to CM.
Was about to stop trading around 7 p.m. tonight, looked at the chart and decided to hang around to see if there would be a bounce off 32, how did I know this? because chartman taught me so.
The information that is posted on these bulletin boards has taught me more over the last 3 months than I have picked up over the last 3 years from books and other websites, what's more this is provided F.O.C.
Anyone who is thinking of trading the Dow either by SB or Futures will become a more profitable trader by incorporating CM's analysis into their daily trading.
I was going to send CM a private message but decided to post on the public boards with the thought that it may encourage some one else to take a closer look at the info that is posted here.
tradesmart
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Well said Mr Shark, and there are many here who would echo your thoughts and thanks, myself included...........! :cheesy:
and not only the above, he's at the sharp end of the Dow comp this week......!!!!!!!!!
some people are just 'jammy' (and talented and member of the month )
and not only the above, he's at the sharp end of the Dow comp this week......!!!!!!!!!
some people are just 'jammy' (and talented
and member of the month )Car Key Boi
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tradesmart said:Gecko - your ship may be coming in:-
edit (from my mole in the White House):- rumors the U.S. government is considering raising the terror alert to orange.
(think I'll avoid a long for now
just when the bears cover their losing positions, this happens - there really is no justice in the market.........
word is, that the national threat warning level will not be raised from yellow to orange...
not unless more specific intel comes in over the weekend
tradesmart
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terror alert color now pale pink with red spots..........
Colonel Gadaffi is now on our side..........!!!!!
with friends like that who needs....................#*#*#*
Colonel Gadaffi is now on our side..........!!!!!
with friends like that who needs....................#*#*#*
Thank-you guys. Your comments are very much appreciated. I hope you all profit from it for a long time to come. Now I'll let you into a little secret...... For the DOW comp guess this week, I was torn between 10,232 and 10,264 you'll have to figure out why I chose those two.... I decided that 264 would be too high.... Even so, it would not have been close enough to win. But that doesn't matter. I'm pleased to be in the right ball park for a change.
Anyway, my estimate yesterday of a bounce off 264 was about right, being where I estimated the price projection and resistance line would meet. Considering that top trend line is a complete fabrication based on the two lower lines, what more proof do you need that the channel line theory stands up to the test... It works,I don't know why, I don't care why.
Next week? As usual, I'm undecided. Could be a top, but CCI is holding an RS switch. You'll just have to trade what you see. How tough is that? On the other hand I could say we're gonna tank. 100% guaranteed, I've seen this setup before... so you all go short, lose a shed load and blame me. :cheesy: ( in the meantime, I'm long)
Happy Xmas.
Anyway, my estimate yesterday of a bounce off 264 was about right, being where I estimated the price projection and resistance line would meet. Considering that top trend line is a complete fabrication based on the two lower lines, what more proof do you need that the channel line theory stands up to the test... It works,I don't know why, I don't care why.
Next week? As usual, I'm undecided. Could be a top, but CCI is holding an RS switch. You'll just have to trade what you see. How tough is that? On the other hand I could say we're gonna tank. 100% guaranteed, I've seen this setup before... so you all go short, lose a shed load and blame me. :cheesy: ( in the meantime, I'm long)
Happy Xmas.
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I have to correct a mistake I made in the chat room this afternoon. Anmol called a 3pk ND top for the second test at 290, which I thought I had missed because I was thinking about the next move off the bull flag that had just made T1. Unfortunately that cost me a few points, but on reflection , it actually wasn't a 3 pk top because of the opening peak at 290. Sorry, Anmol, But I thought you had made an excellent call at the time. Had RSI peaked at 15:09, then it would have been. It's good to see you're thinking about things in the right way at the right time, though. The double top at 290 and the failure to continue the move signalled a short... Exit warning at the bull flag formation..- not what you'd expect to see in a down trend... Nothing jumps out at me as to why you could call the bottom at 32, except by skillful luck... the only solid reason to cover /reverse was the RSI horizontal resistance line break. Was there an elliott wave count in there? Answer on a postage stamp, please, Skim...
Anyway, that bull flag gave T2, and that pullback gave T3. With a bounce off 64, the problem was where to exit. I don't like to leave it till the last minute to close, but sometimes I take a chance... Sometimes I wish I hadn't.
Anyway, that bull flag gave T2, and that pullback gave T3. With a bounce off 64, the problem was where to exit. I don't like to leave it till the last minute to close, but sometimes I take a chance... Sometimes I wish I hadn't.
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Yes, very interesting thread, but don't even think about trying to use dow volume..... stick with ES Vol. Yes, it was a 5 wave up. Elliott has loads of criteria that define this and that. Generally , they are too complex to grasp, but the simplistic 5 wave up 3 wave correction is the one you need to be able to recognise, and that's enough, as Skim says. Elliott goes on to discuss in great length the meaning and consequent outcome of various lengths of various parts of the waves. Suffice to say, stick wth my simple approach- they all have the simplest of targets usually- T2, T3. If they follow through, you know where they're going. If they don't, you know what you HAVE to do.Close. In the good old days, the DOW produced on occasions 7 and even 9 waves up without a correction wave. Big move- 150+ points in quite a short time.If I remember, and I can find it, I'll dig the chart out and post it. Each pullback, as I recall, was a mini bull triangle.....
