Trading the SPX

I'd be careful volume on the NYSE is now trailing yesterday, very easy for them to shove this market around.
 
Today I think may provide us with a surge in volume which should put the gains of the last two days in perspective. My only caveat is what skewing effect the fact that it is quadruple whitching this week will cause.
 
roguetrader said:
What are yoiu seeing that I'm not Joules
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Think the answer I ws looking for there was "They're not daytrades." as I had just exited my long but couldn't see any real reason to get short for an intraday.

I must also stress when looking at volume that in my expoerience true bullish volume very rarely builds
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but the build-up to it suggests to me a drawing in of long players. Simply looks to me like a natural set-up.
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Interesting thoughts, it will be interesting to see the volume on the next down day.
 
If you did not peceive there to be a short sell opportunity at the time you asked the question then what made you relinquish the long postion?
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I tend to view the intraday as in fact two seperate days, the morning session and the afternoon session. This leads to a natural tendency on my part to look for exits to morning positions. When I saw justification for that I exited. My trading style does not require me to see a short opportunity to exit a long, indeed if I see a short opportunity then I have stayed in the long too long. Had such a move occured on the same anaemic volume then i would have expected the possibility of a collapse in the afternoon, but volume suggested not.

Given that you were scaling into a short all morning I was curious as to what you were seeing. The daytrading remark was a shot at humour since I didn't really understand the explanation. Given that the object of a trading strtedgy regardless of timeframe is to maximise profit , your scaling in as you were, rather than waiting for some sign of an end to a very powerful move suggested to me that you were indeed seeing some sign of this that I was not, that was all.

The long play is still on and if you werent seeing a day trade again the long pos remained valid (assuming the trade was from a previous session).
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The trade was from around 1030 EST, intraday only, and yes as you say, I would also believe a swing long was still on, though possibly ending today, which again leaves me wondering why you are scaling into a short in the middle of a swing long.

My interest stems from attempting to devise a swing trading stratedgy to compliment my daytrading and should not be taken as criticism.
Hope the trade goes well.
 
Volume contraction from yesterday as of 11am EST, but not surprising given the action, volume is however still ahead of the previous 2 days.
 
Joules MM1 said:
I think one of the great misnomers is to look for cyclic action (of any nature) and then address the subject with a black-and-white approach of appraisal.

Whether celestial action has value, is proven by (once the trader has discipline), the account balance.

I am amazed how little EVIDENCE is presented AGAINST luner or any astrological approach.
I do not use astrological approaches simply because of the lack of consistant timing and direction that can be verified (by other quantifiable means) . This merely impies I have not taken the full time needed to have the appropriate indepth knowledge and I am satisfied with my current trading method.

I am of the opinion we are all equal and not all equal in thought or emotion at the same time. Thus we may deduce cyclic actions and reactions. Woman have cyclic physiology, so do men, planets too.

Recently, there has been speculation that the human body has several clocks which explains much about jet-lag effect.

That we are born at different times and we experience emotions of different and indifferent emotions at various times means the Universe moves in a cyclic action. A nature. A rotation of life. A rotation of planets implies a commonality. A commonality of actions by several people at the same time by DIFFERENT levels of extremes. There is no such thing as simply buy, sell or do nothing there is only the depth or extremety of those actions. This depth is represented in the charts as we know it. There has been proven a commonality of astrologic action to the action of trends however I think there is much made of that commonality and not enough in the study of the probable depth of the action or the direction ona consistant basis.

Whatever positions a planetry action maybe it does not forego the need for precise timing and direction and I have witnessed many impending moves (like many cycles) arrive and nothing or a minimul action ensues.

The great bulk of out-of-hand rebuke for astrologic approach is given energy by ignorance yet not proof. This in essence implies that anyone who out-of-hand dismisses the validity of such study has openly penned their own position for study. To be ignorant of a an approach that may bring reward is simply a matter of opening the books. To rebuke or refute on ignorance is another matter.

This from NASA:


The rebuke of a gossip held so dearly, for many centuries, is at the minimum, given a posthulate.

I think, sometimes when we are quick to speak, without full indepth knowledge of the subject we are practising ourselves, we are likely to fall short of speaking well on any other subject.

When Johnny Wilkins and David Beckham got together and decided to do the kick for television, both were brilliant at what they do and lacking of each others. Both kicked goals and the points were irrelevant yet the end game is the same: Score goals. They had full respect for each other and with short-term practise both could have a measure of mastering each others art form.

I ask you: If those two fine sports people, so good at what they do and so lousy at each others, at the beginning, does this not pose the question: How good are you with your current method that allows a comment on something outside of that and not studied ?
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are you Soco in disguise. try Baka valley stuff, it is the best. as far football you don't seem to know much ,Zidane is still the very best that stuff about Beckham is for the benefit of vodafone.
 
As usual Joules, your post is a great read.

I'm unsure here now personally, i was originally looking at 1182 as the 50% between April high & march low to go short, which is obviously breached. i have 1194 as the 62%. I also have next week as 55 bars from the march high. If i can convince myself that the low came in more or less on 34 bars from the high, then are we at time / price levels due for a turn south? Just not sure............
 
4 year low.. wow
And also the empire one too not so hot either

market has blinkers on!

When the bulls wake up they will get a fright!
 
Joules MM1 said:
The 1194 is a good call. There are a number of pattern relationships which I did not think would allow the price to get upto that price without first a retrace in a normal breathing action. Quite often those Fibonaccis give resistance yet not a clean turn point as they stand by themself and not as part of other measures and this often is the breathing point but not a siignificant turn point.

What would, I think, carry greater weight, is the Mar 07 high to April low. We are also ecountering black box buys in this area so the 200/50 M/A are likely causing buy trips for large hedge or mutual funds.

I don't think the 50% retrace carries the same "attraction" as the 61.8% although this depends on where we are in the trend. Strong trends tend to allow 38% which was the first stop.
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Thanks Joules.

i guess the root of my uncertainty as regards timing is due to the speed of the ascent from the 1163 area, leading me to wonder whether it will remain at the new levels for any extended period before retreating.
 
Joules MM1 said:
I called that pattern wrong! Glad I don't catch trains that way.
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That one was a bit tricky though wasn't it, maybe false break anyway
 
Joules MM1 we're simply range trading in regards to todays session. Pretty much expected after the gains we've had. Although I would like it to brake to the downside for the close.

We are coming close to the top of this up move we've had.
 
Joules MM1 said:
The call was right for the pattern, just simply too early and the wedge was too small however we still need a pass of 1184.
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I'd expect 1184 to hold as support today unless downward momentum improves a lot, that is a swing low from Feb,
 
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