Wednesday, May 13, 2009
Updates
Posted quite a few updates yesterday and today. If you are following me on twitter I would appreciate some feedback in the previous post. Other then that ... lots of reading today.
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whats the game plan for today chaugsy?
ReplyDeleteI am not quite sure yet to be honest. I may play both sides on the intra day today.
ReplyDeleteLooking for support at the 896/890 range OR playing a retracement to go short (5 min bar setups).
Today only going for clear trades with very little risk. We have some great support and resistance levels to play with. May sit it out all together for day trading today as direction is not clear.
I will post updates here in comments if I see something I like or trade. Also my MSN is chaugner@hotmail.com. I have been chatting with some of you regarding trade setups - feel free to add me ...
green shoots have turned brown...
ReplyDeleteNow thats funny ....
ReplyDeletehttp://slopeofhope.com/2009/05/13/the_phone_has_rung.htm
nice little triangle here for the morning action. Should see a move to the downside within 10-15 minutes and stop around the 885/886 level.
ReplyDeletewell did not play out as anticipated. Watching 50% gap fill now carefully on 5-min bars.
ReplyDeletechaugsy you've been ice cold lately...
ReplyDeleteice cold????
ReplyDeleteahh you mean my horrible call yesterday with new high and the turn lower from here. Yeah ... tsk tsk tsk
ReplyDeleteYou can always play "do the opposite of chaugner" and make money this way.
the minute i do the opposite of chaugner you'll start getting everything right! : ) how higg can we go here?
ReplyDeleteI am looking for 50% Gap fill attempt. All the way up to 898-900.
ReplyDeletechaugsy how much money are you playing with?
ReplyDelete$5 thats all I have left in my account.
ReplyDeletei was thinking more like $5mil
ReplyDeleteI wish =)
ReplyDeletefor some reason cannot get this out of my head now ... ice cold .... thanks ...
ReplyDeleteHey, alright now
Alright now fellas, (YEAH!)
Now what's cooler than bein' cool?
(ICE COLD!) I can't hear ya'
I say what's cooler than bein' cool?
(ICE COLD!) whooo...
Alright, alright, alright, alright
Alright, alright, alright, alright
Alright, alright, alright, alright
Alright, alright, Ok now ladies, (YEAH!)
And we gon' break this thing down in just a few seconds
Now don't have me break this thang down for nothin'
Now I wanna see y'all on y'all baddest behavior
Lend me some suga', I am your neighbor ahh here we go!
Shake it, shake, shake it, shake it (OHH OH)
Shake it, shake it, shake, shake it, shake it, shake it (OHH OH)
Shake it, shake it like a Polaroid Picture, shake it, shake it
Shh you got to, shake it, shh shake it, shake it, got to shake it
(Shake it Suga') shake it like a Poloroid Picture
lets see if the market can still get to the "885/886 level"
ReplyDeletei was thinking you'de break out into a little vanilla ice. think we'll see a retest of 930 anytime soon or have we seen near-term highs?
ReplyDeletemy first karaoke experience was vanilla ice ... fun times lol ... back then I still had a german accent =)
ReplyDeleteDo not believe we will see 930 again. However I do think we are getting ready for a nice bull trap here. Everyone has been talking about some pull back to go long. Well here it is ... probably one of the reasons why selling is a bit slow today. 885 is where I think we will stop to try to create an up leg to trap as many bulls as we can. Many are down on positions they started last week giving them a nice chance to average down (or add to a loosing position they are now married too ... hence a new quote of the week on the right side).
haha, breaking out the Outkast. Good to see we can still have fun in a turbulent market.
ReplyDeletemarket is like watching grass grow today .... nothing tradable.
ReplyDeletewe're at your 885 level..you going long chaugsy?
ReplyDeleteyeah as per twitter. Moved stop a bit .... BUT not liking this position. Looks like its going lower from here.
ReplyDeletejust got stopped out ... time to rally.
ReplyDeleteI got very small position in sso at 884.
ReplyDeleteHow high a bounce are you looking for Chris?
Do not think we get much from this level. At least you have a good entry, easy to protect. Stop at break even once your position is in the money.
ReplyDeleteI would think no more then 4-5 points from here. We just broke last weeks low, there is no getting back above it that easily.
I know you have the quote of the week on the right but I was hoping for a bounce up today so I bought into a Canadian bank yesterday. I'm really thinking of averaging down, do you think we're in for a lot more downside before a bounce back up?
ReplyDeleteI think 870 will provide a sizable bounce over a 2 day time frame. Difficult to say. Averaging down may be a good move if you planning on exit break even. However, the way its looking now I am not seeing any sizable bounce develop.
ReplyDeleteI have been "ice cold" today and yesterday so its hard to say =).
If I were stuck in a position at the moment, I would probably wait it out another day or two and then take loss/break even. Difficult to say from here, we should have seen a bounce off 890, should have seen one here (with committment) ... if we turn around here in the next 15 minutes I think we can get back in the mid 890 range, however price action and momentum favors further lows and a close at the low of the day.
Don't let the "ice cold" comment bug you. I definitely value your opinions and come check out your posts and the comments daily.
ReplyDeleteSo most of the blog gueats. you are good Chris.
ReplyDeletethe ice cold comment was meant as a joke =) ... and that outkast song is still in my head.
ReplyDeleteGot to have some fun too heh ... especially considering my SDS and options are finally picking up some gains. So I am a happy camper.
I think 878 -877 is the nest stop for the bounce to occur
ReplyDeleteclosed out half of my long term SDS position. Will re-enter at better prices.
ReplyDeleteWhat is your reentry point target?
ReplyDeleteNot quite sure yet. Depends on how we close.
ReplyDeleteIt looks like it headed towards 875-877 zone. may be a good entry for SSO fo a quick boune or may be not. It could go to 850? and then bounce to 920?
ReplyDeleteit should not exceed 870 on first attempt.
ReplyDelete870 > 900 (possibly 908/912) > 850 > 880 > DOWN
in my perfect world.
I am going to go 50% of my IRA in SDS at 910. Already placed limit orser for appl put july 120 at 7.50. Apple target is about 100. If you are planing to buy any options could you let us know.
ReplyDeleteI think bounce in the making
ReplyDeletenew post with pic as to why I closed some out.
ReplyDeletechaugsy you still think we close at the lows?
ReplyDeletedon't know to be honest. Looking at today's action it "should" close at the low of the day. However we are right at the bottom of the trendline here. If there are any bulls left, now is there turn to make it happen. Bears are not going to short here, fund managers are not going to sell. I think you may see quite a bit of short covering here into the close.
ReplyDeleteBut again too many variables to make high probability prediction here. The most likely scenario is actually an up day tomorrow. As we are at an important turning point rather stay a bit more flat here into the close and wait to see what the market will do.
sama - are you gujarati?
ReplyDeleteI think many shorts already have profit locked in at 886-887 now. It could be very volatile up bounce
ReplyDeletekem cho sama bhai?
ReplyDeleteWhat is gujarati?
ReplyDeletea region in india. i assume you're indian?
ReplyDeleteA call from the blog for Thursday:
ReplyDeletethe system says another down day for tomorrow.
Will go to 1.5x.
It might pay to trade something tracking emerging markets as they will probably react badly overnight to the domestic move today