Tag archive for ‘support’
Trick or Treat
The market found support early today, and the bulls steadily climbed the stairs until profit taking came in at the end of the day. There was a triangle that had clearly formed on the 120 (or 60) minute chart, and the throwback line was hit after the breakout.
The ghouls and goblins decided to stay in [...]
Deja vu
These wonderful lines are from the movie deja vu.
Doug Carlin: What if you had to tell someone the most important thing in the world, but you knew they’d never believe you?
Claire Kuchever: I’d try.
[last lines]
Claire Kuchever: What if you had to tell someone the most important thing in the world, but you knew they’d never [...]
Egrets and Regrets
P.T. Barnum was a master showman. He was a natural entrepreneur, knowing how he could generate income from an inquisitive, if intellectually lazy and gullible public.
Along with Bailey, he promoted his circus as the “greatest show on earth.”
I remember reading a story about him having a sign over an entrance to an Egret, labelling and [...]
Pick and roll times two
The boys did a great job with the opening pick and roll play. They pick your stops, then go without you. Second entry should be taken if you get stopped out, and is often the winning play.
The setup was the 54.5 premarket high, with appropriate stops behind that which needed to be taken out before [...]
Rocket Man
Did you sense today’s long overdue spike was about to happen?
Bear markets are notorious for a turnaround day that knocks your socks off. Like the original rocket man or the latest one .
Yesterday’s post we hinted at this because certain signals were going off suggesting a bounce was coming. Traders who cannot turn their minds around get [...]
The Itsy Bitsy Spyder
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Jack was at his best in Heartburn.
Tigers cannot change their stripes, any more than bears or bulls can.
Let’s all get on the same page.
Sing along with me, won’t you?
The itsy bitsy spyder…
A main weapon of the boys is ambiguity.
Is the cup half empty or half full?
Let’s try another song to help us remember.
I’m a little teapot…
Like [...]
Bull speed ahead
The bulls took control from the 75 low overnight and never looked back.
As I like to say, hindsight is my best friend. It shows me all the places to get long and short.
I prefer to find the trend for the day and stick with it, until the supposed contra kicks in. That’s how I learned [...]
Oops
Well that didn’t take long.
Is that bounce all there is?
Gap lower and slide down the slippery slope, testing support as volatility increases.
Most days I expect a little bounce to the upside in gap down mode, but today we had a code sell at an important resistance zone. A hard trade to take since it was Monday morning, [...]
Home on the range
Consolidations wear over-traders out.
Today was such a day.
Transparency in the market is seldom obvious, but today was an exception. The resistance held as expected, and support came in right on cue.
As an administrator in a popular chatroom, I advised traders correctly to the tic. Obviously I can’t be that accurate everyday, but it is certainly gratifying when [...]
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