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Globex 11-14-08


Hey gang, ive missed ya! First let me say how proud i am of all of you. Hopefully with the tools i have shown you, added to your current arsenal of techniques, you are better traders. It certainly seems that way from reading all the posts every nite! At the very least the cycles and price proj should help, even when your wrong, to keep you from getting burned too badly. And i really mean this, it is an honor to be trading with all of you! I can truly say i have learned as much from you as you may have from me...... Now to the market. It now appears to me that the 45 day cycle bottomed today! I mean what was that , an 800 point reversal in the dow, or 84 handles in the s&p? Havnt had time to study everything yet, but it sure looks that way! Trying to buy maybe 906.50 tho i may adjust after i get the 1 min proj.(none given yet)
There are 2 flies in the ointment , however. Remember i said a rally today would not surprise me? Ill say now that a good decline tomorrow would not surprise me. Heres why.The rally was so huge, that its a classic too much ,too fast scenerio.I mean think about it, even if the low is in, we could have a large decline and not violate it. Also, and i hate to say this , but those darn closing ticks on the nyse were over 800! And you know what that means! Also, the daily cycles, which admittedly could be off a day show a low fri. For all these reasons, im now bullish but expecting a decline tomorrow or mon.
Currently working off of a 5 min proj to 910.75-911.00, so im still trying to buy for a scalp... need a pullback first of course.
mini low near 6:54-55?...Even if that works its really going to have to travel to get to my 906.75 level for a buy!
voila! right on schedule! Of course i missed my entry by ONE FREAKIN TICK!... Iguess i should be used to that by now,eh?...watching
It should be noted the 911 proj is invalidated if we touch 905.00
long 2 from 905.75...exit around 907.50 or so
stopped myself at 905.25, down only one handle ..will try buying 903 area
5 min chart now oversold. Have my order to buy at 903.25
The actual 5 and 1 min proj is 903.25
today was rotten for me kool
akola, Kool is gone till 1 pm