US Indices intraday trading - JULY 2003

[SUNSEEKER]

sorry, cant get connected to the chat room...dont know why

 

[SUNSEEKER]

almost flat, almost...NOW,,,,got 1007.25...I am done and well roasted....good night

 

[a320]

Trusty Jiler, & his diamonds!!!!

Should read it more often
I'm still in there, despite advise!!!!
now I'm out!!!

There has been problems with the chat room, I find it difficult to access sometimes??? :|


cj

 

[a320]

Nice Dumpling Top on 1min S&P helped persuade me to get out!!!
Thank you Mr Nison!!!!


cj

 

[SUNSEEKER]

Good morning,

The market was essentially flat yesterday and the only place with strength was the NASDAQ. This divergence won’t last for long. It will either be resolved in an explosive 3-day rally to new highs or a big decline if the SP500 goes below 1000. It is not 100% clear what is going on in the market right now, but it could be that the market is being held up in order for those in the know to get maximum short the index tracker stocks like SPY and QQQ. If this is the case we will know within the next 24 hours. If the SP500 should go under a 1000 there may be support around 994. I just think that after the explosive rally on Monday we should either see continuation today or we will go down again.

If we do get a rally the signal will be to take out 1008.50 where the market hit a target point. The next goal is 1014 and then 1021.

The FTSE 100 is just trading sideways and the attached chart will show you that it needs to get above 4085 to have a chance of moving higher. While it is under this number it is a short in my book.

The DAX is trading below 3340 in the future index. This is bearish as well, and it needs to get above 3360 to have a crack at the recent highs.

The path for today is again providing me with two solutions. I will go with my preference. If the second scenario becomes more likely after the first 15 minutes of trading I will post it.

 

[waqr]

Sun

You say that its possible that market is being held up for those in the know. Surely a more reasonable explanation would simply be that buyers and sellers are pretty evenly balanced right now ?

 

[zcaprd7]

lets see if today will be any easier on the Dow!

 

[zcaprd7]

what's your other path like Tom?!

 

[a320]

Thanks Tom

Stick my neck out here, On 15min S&P candle, looks like a nice broadening formation, we had the 4th peak, so see how it pans out, I'm going to be biased to the down side.

Agree/Disagree ?!?

a320.

 

[zcaprd7]

I've gone short on the dow @ 9160

 

[SUNSEEKER]

sorry, got sidetracked...will be biased long as long as we are holding 997 in the SP

 

[a320]

Yep 997 the key, we should at least have a run at the stops around 997, we got the 1010 ones )) only fair

just trying to look at the over all TA picture, during these quieter moments

 

[snip]

Hi

I'm new to this board and fairly new to trading. The 997 level that was mentioned above, do you intend to go short if it falls through 997.?

Just like to be with the experts for once when I enter the market..

 

[a320]

welcome aboard snip

All leave that to our expert Tom to explain ( he wrote a good paper on breakout trades

All depends on the situation, if it breaks support, fails a retest of the previous support, ie the old support now becomes resistance (change of polarity principle )then I would look more favorably on going short.

Each trade is different, just try and put the odds in your favor

Cheers a320.

 

[zcaprd7]

where's tom's paper re:breakouts?

 

[SUNSEEKER]

what is that paper?

 

[stoploss please]

Snip

Just for your guide dog, these are the levels I have for r&S.

Dow

9796
9400
9134
9077
9043
8855
8575
8509
8404
8200
8000
7900
7800
7600
7555
7197

S&P

1054
1041
998
965
954
933
923
900
896
870
869
862
853
820
807
769
700

Nasdaq

1797
1741
1700
1600
1521
1489
1467
1449
1420
1403
1361
1359
1337
1315
1310
1291
1280
1262
1254
1222
1180
1166
1108


This is my opinion. You would need to check them out yourself and come to your own conclusions.

Cheers
Andy

 

[JE2000]

When trading the dow what is the best stop loss amount i.e. 10 points, etc?

 

[zcaprd7]

depends on the type of trading but 10pts is reasonable - its always nice to trail the stop behind a successful trade - i like using 10pt against (i.e. the wrong side of for your trade) the 20 day exp moving average, as this will automatically trail a move

 

[a320]

Sorry for the miss understanding, "paper" was probably the wrong word, its a reference to something else.

Dons hard hat prepares for the incoming flack!!!;((


cj