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Hi Trader, Yes, Gap Up or Gap Down
It has not mattered to the markets they just keep Bouncing. I am wondering now if we are going to continue seeing the market having stronger selloffs now that we are close to Major Resistance at 9000. That was the case yesterday and today. I think that many are Anticipating that the Resistance will not be broken. I am not so sure and think that it is Possible to go Higher. From the way that we track the Dow to the FTSI it is Anticipated that we get another selloff in the afternoon and into the Close. Not sure if that will happen but using a tight stop looks like a good idea. Markets are still looking Bullish but I am wondering if we get another scare at 1400 Nas and 8960 Dow? Nasdaq breaking 1400 here could get us having a Breakout on the Dow and S&P though. The Nasdaq has been leading the other markets so let's see which way it goes :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Bob..til now I haven't been using the dollar moves, maybe I should have. I don't know if you have noticed but it seems like almost EVERY SINGLE TIME they have filled the gap in the past months..whether long or short...its amazing.
Currently long SPY@94...stop@break even. Everything now is icing on the cake <<gg>>
TraderXx
Support is Holding, for now.
It is sure a tap dance the markets are playing with the Support levels though. Do you follow the Dollar valuation in making your trading decisions? Here is a link that Alexed found for the Dollar but it is delayed. It looks as though it was showing us the gap and crap possibility by moving down at 8:30. The site is Severely Delayed though and not much good during the day.
http://quotes.ino.com/chart/?s=NYBOT_DXY0&v=s&w=1&t=f&a=2
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
We have to see how this down channel pans out...we are right at support on the futures ...lets see how it holds.
TraderXx
HI EZ...at this point I prefer the QQQ and SPY because of the liquidity concerns and the spreads of the DIA don't suit me. Maybe in the future...
TraderXx
Trader -- got your board "marked" !! Curious.....
have you considered adding DIA to mix ??
EZ :)
Sounds Good Trader,
Over on the MKTSS board we are also using the SMAs and MACD crossovers as signals. Do you try and watch for the Extremes before entering a trade and just play the middle of the move? So far using the SMAs and Support and Resistance levels with the other Quirky aspects of the Plan we have been fairly good at anticipating moves. If you do not mind then please take a look at our iBox assumptions there and let me know what you think. Perhaps you can see something there we can improve or better adapt to Trading. TIA, Bob :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Bob,
I follow my system of MA and MACD crossovers with stops incorporated with some observance of the overall market sentiment.(Regarding that last move, yes, I got the SPY and it was beautiful) But for the most part I follow my charts, which I feel will tell me everything. As far as anticipating moves, I'm not really an advocate of such strategy only because in the past it has burned me, so I try and stick to what the chart is telling me. We are all human so its understandable to take positions before they turn, but at this point I'm comfortable using confirmation of my signals.
By the way, you have a nice message board there going. Good luck!
Talk to you soon.
TraderXx
Thanks TraderXx, Looks Good!
Did you catch the upsurge last Wednesday? I am also curious if you opened and closed a long position since then? MKTSS is still Bullish here but with limited upside on the Dow to 9000. Not sure if we will get a breakout or a breakdown so just watching intraday moves for now to see if Support or Resistance is winning. Do you try and make your trades based on Potential movement or do you just follow the current market directions? A lot of what we follow on the MKTSS board deals with Potential movement when anticipating a trade. I look forward to observing your insights :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
HI Bob,
Nice to hear from you. I have for the past months traded these two vehicles and I'm quite happy doing so if anything because it provides me with a little more security in knowing I won't wake up some morning with it down (or up) 10 points or so from some news event (in case I have to keep my position overnight).
Currently I am weighting more the 30 min charts of each the SPY and QQQ, along with confirmation of the futures and moreso the VXN and VIX. I use two moving averages 5 and 15, while confirming them with MACD, RSI and Stochastics. Its seems to be working quite well.
I currently use tradestation and I am very happy with its service. The charting and strategy capabilies are quite powerful. I also use q-charts for another service only in the case of a data, server breakdown. If you don't mind switching brokers, then tradestation is going to give you more bang for your buck. It gives you everything, including charts, strategies, level II etc, for free as long as you use their service. Its great. If you don't want to change brokers then q-charts is the best charting service out there. The graphics are wonderful, its only the support and sometimes the data feed that are to be the negatives.
Anyway, hope this has helped you and I will post later on any longs or shorts taken.
Good Luck,
TraderXx
Hi TraderXx,
I am over on the MKTSS board following the DJX and have been curious about the SPY and QQQ also as they trade a little bit similar to each other. Do you trade the stocks, the futures or the options on the two? I would also be curious as to who you use for your charts and do you use realtime charts? Here is the link we use on MKTSS for tracking the INDU and the NDX
http://indexpulse.com/index.html
I also try and follow the ES, SP and NQ futures using this Lycos link but sometimes all of the quotes are not working
http://finance.lycos.com/home/livecharts/default.asp?symbols=CME%3AES02u
Do you have any recommendations for a good realtime charting site? The Lycos link is free but sometimes it is not working.
I look forward to seeing how you follow the SPY and QQQ and how you trade them.
Sincerely, Bob :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
I currently trade the SPY and/or QQQ depending on the market. I mostly use 5, 15, 30 min charts, while observing the overall picture. I try to stay in the market either long or short, but sometimes stay flat when the market seems to consolidate without any real indication of direction. I use stops religiously.
Currently flat both QQQ and SPY.
TraderXx
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