Dow to 1000 !! ?
well the guys on CNBC have full right to mock on whomever say that
Dow is 8300
1k means economy collapse and wars all over the planet
those who can, do. those who cant, talk about those who can
- #96,221
- May 14, 2009 11:06am May 14, 2009 11:06am
- Joined Oct 2008 | Status: sideline is a position | 105,172 Posts
- #96,222
- May 14, 2009 11:08am May 14, 2009 11:08am
- | Joined Aug 2008 | Status: Trader | 1,210 Posts
It's my best day this week so far and I have made many pips mostly due to scalping. Unfortunately, I'll never be a 100% a day trader but I will be over 70% with a risk/return of 2-3. That will do for me.
I'm still short, imho this is a corrective 'wave b' and the next wave should be down.
hi brother happy to see this day is your day
can you show me the chart please i want to see Wave b ? thanx
Never sell @ lower upward channel unless breacked and vise versa .
- #96,223
- May 14, 2009 11:09am May 14, 2009 11:09am
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,774 Posts
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #96,224
- May 14, 2009 11:09am May 14, 2009 11:09am
- | Membership Revoked | Joined Apr 2009 | 2,726 Posts
Good Job notch !
but don't give back what you earned today.
I didn't do trading today and still doesn't seem i will
yesterday was my good day
- #96,225
- May 14, 2009 11:13am May 14, 2009 11:13am
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
Update on the ongoing shampoo (or not) that I've been watching develop (or not) on the 3hr. I'm actually watching this on several different TF's and chart styles, but for now this seems to consolidate most of the PA in the most concise way.
Anywhere in the red circle would be an ideal top for a clean right shoulder, as long as subsequent PA confirms the pattern and doesn't violate it, which can happen. Price also needs to break a neckline at some point to confirm the reversal, or the whole mess can simply morph into a channel at a higher level than expected which then open up sentiment for more bullish action.
Targets for this scenario are down in the lower 30/31's, with the higher edge a'rd 3250/80, but PA will ultimately decide that. I'll fine tune the TF and chart style if I feel this is firming up at some point.
The early drop thru the 3580 support to S1 was actually a litle surprising, and shook my hope that we'd get a good right shoulder... If the bulls weaken prematurely as the weekend looms, then I'll take what I can get for a dropoff point.
A lower right shoulder on a longer TF like this usually works just as well to indicate failing bulls... unless they're keeping their powder dry for the next weeks open.... always a thing to watch for and that's called Risk. You can't avoid it, but you can manage it.
My current target on my 358x long is in that red circle at 3654, just a hair over the 114% extension. It allows for a few pips overshoot of the xx50 psych level w/o running as much chance of missing TP by a few pips trying to hold out for the M3/3660 level.
That's my story and I'm sticking to it... I have a limit sell in for the anticipated ride down alittle higher than my TP as I'll be in and out a lot today. Trade careful...
PS ADD: I forgot... the curent stall at the 21sma (white blob) is creating a little concern for the longs. I'd really like to see it break the DP even it can't hold above it for any time
Anywhere in the red circle would be an ideal top for a clean right shoulder, as long as subsequent PA confirms the pattern and doesn't violate it, which can happen. Price also needs to break a neckline at some point to confirm the reversal, or the whole mess can simply morph into a channel at a higher level than expected which then open up sentiment for more bullish action.
Targets for this scenario are down in the lower 30/31's, with the higher edge a'rd 3250/80, but PA will ultimately decide that. I'll fine tune the TF and chart style if I feel this is firming up at some point.
The early drop thru the 3580 support to S1 was actually a litle surprising, and shook my hope that we'd get a good right shoulder... If the bulls weaken prematurely as the weekend looms, then I'll take what I can get for a dropoff point.
A lower right shoulder on a longer TF like this usually works just as well to indicate failing bulls... unless they're keeping their powder dry for the next weeks open.... always a thing to watch for and that's called Risk. You can't avoid it, but you can manage it.
My current target on my 358x long is in that red circle at 3654, just a hair over the 114% extension. It allows for a few pips overshoot of the xx50 psych level w/o running as much chance of missing TP by a few pips trying to hold out for the M3/3660 level.
That's my story and I'm sticking to it... I have a limit sell in for the anticipated ride down alittle higher than my TP as I'll be in and out a lot today. Trade careful...
PS ADD: I forgot... the curent stall at the 21sma (white blob) is creating a little concern for the longs. I'd really like to see it break the DP even it can't hold above it for any time
FUBAR...
- #96,226
- May 14, 2009 11:13am May 14, 2009 11:13am
- | Joined May 2009 | Status: Fight until we die | 1,114 Posts
- #96,227
- May 14, 2009 11:15am May 14, 2009 11:15am
- Joined Oct 2008 | Status: sideline is a position | 105,172 Posts
those who can, do. those who cant, talk about those who can
- #96,228
- May 14, 2009 11:16am May 14, 2009 11:16am
- | Membership Revoked | Joined Apr 2009 | 2,726 Posts
hi brother happy to see this day is your day
can you show me the chart please i want to see Wave b ? thanx
My wave count is Wave 0 - 1: 1.35311 - 1.35729
wave 1 - 2 : 1.35729 - 1.35532
wave 2-3: 1.35532 - 1.36060
wave 3-4: 1.36060 - 1.35779
wave 4-5: 1.35779 - 1.36230
5-a 1.36230 - 1.35973
a -b 1.35973 - 1.36182
b-c 1.36182 - projection: 1.3578
It's on a 5 min chart so isn't as stable as a longer TF.
- #96,230
- May 14, 2009 11:17am May 14, 2009 11:17am
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,774 Posts
if you want to trade ej slap it on s&p and use it to comfirm your ej entries exits..
i would like to be raking in 550 pips at the moment just been setting up this system on my charts to test it and see if it works anything that makes 30000 pips in one week i gotta try. for those who don't know what i am talking about search hefer in forexfactory
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #96,233
- May 14, 2009 11:21am May 14, 2009 11:21am
- | Joined Mar 2009 | Status: Trader | 2,247 Posts
Thanks DB. Regarding the Dow to 1K thing; i think the conditions are almost in place for that to occur. The intertemporal budget constraint and mother nature are the best equalisers!
US produces 20% of the world's GDP
and euro zone 25%
rest of the planet are followers !
Russia 2% lol
that gives you example of what might happen.
like it or not US is a great country , and I like it.
and i believe all planet is dependent on US as well as US is dependent on this planet " it consumes 20% of this planet resources- a lot but explainable"
imagine the middle east , they will be drinking Oil instead of coffee
or Russia sniffing its gas.
revolutions all around the world .
no more intel and amd
etc....
Obama and his team gotta fix up the situation !
I SEE YOU !!
- #96,234
- May 14, 2009 11:21am May 14, 2009 11:21am
G'evening
U can keep Ur long but Be Aware coz we have another short till 1.3542 !
Good Luck & Have a nice Trading !
Successful people will do what unsuccessful people
won’t or can’t do!
- #96,237
- May 14, 2009 11:23am May 14, 2009 11:23am
- | Joined Apr 2008 | Status: J16 Turtle | 1,572 Posts
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
- #96,239
- Edited 11:29am May 14, 2009 11:26am | Edited 11:29am
- | Membership Revoked | Joined Apr 2009 | 2,726 Posts
I don't want to be pessimistic .
US produces 20% of the world's GDP
and euro zone 25%
rest of the planet are followers !
Russia 2% lol
that gives you example of what might happen.
like it or not US is a great country , and I like it.
and i believe all planet is dependent on US as well as US is dependent on this planet " it consumes 20% of this planet resources- a lot but explainable"
imagine the middle east , they will be drinking Oil instead of coffee
or Russia sniffing its gas.
revolutions all around the world .
no more intel...
I understand that it is now possible to buy houses in Detroit for $100...yep.
The EURUSD will become the reserve currecny of the world. We'll be all dead when the Fed' gets it credibility back.
- #96,240
- May 14, 2009 11:27am May 14, 2009 11:27am
- Joined Oct 2008 | Status: sideline is a position | 105,172 Posts
those who can, do. those who cant, talk about those who can