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karoshiman

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Posts posted by karoshiman

  1. Posted

    Perfect entry tonite at 14506. It's a double leg pullback captured within that clear upleg from 14361 to 14823. It just broke above a previous high after the 2nd downleg. 2 contract trade, target for first at 14698, and 2nd at 14823. Stop at 14402, just below 2nd leg low.

     

     

    I liked this idea. It seems that many others liked the idea as well and acted also upon it... today's moves smell like a stop run...

  14. Posted

    Look at the last low pivot before the highest high in the day timeframe. It occured on Mar 27 at 14,364. That has effectively been broken on Apr 5 as the market broke to 14,361. Support was broken and the uptrend is over until a move above 14,610 can occur. You are now in the best contrarian setup possible while the major break has not yet happened, you are near the high while support has been broken.

     

     

    Thanks. I've misread your initial comment. Makes sense!

  20. Posted

    The object in swing trading is "I think" to trade for one clear swing. Your style of trading is a mix between swing and position trading. I personally feel you should have exited at the mid 60's.

    If you have the time, please buy and read "The Art and Science of Technical Analysis" by Grimes. It will help you immensely as it is written for the swing trader. An excellent read for your style of trading. It will really help you to define targets.

    Brooks 3 books on trading PA are comprehensive to say the least, and poorly organized from a writers or students perspective. But he doesn't claim to be a good writer just a good trader. I saw a 'double leg upswing' contained within a 'lower leg with trend downswing' that led to a short opportunity on a lower low of what Brooks calls a 'high 2' . It developed when the 8:20 bar broke below the low of the 8:15 bar. Have a look and tell me if you can figure it out. I tried to alert you.

     

     

    Thanks for the book suggestion.

     

    No, I can't figure it out... Do you refer to 5 min. charts? I assumed you referred with 8:20 and 8:15 to EST hours yesterday. Is that correct?

  21. Posted

    You are close to an Al Brooks setup, let me know where you stand right now.

     

     

    I have my short pos. still.

     

    YM is at a critical point, though. Price retraced to the upward trend line it violated this week (see daily chart). Also, on the intraday chart you can see the retracement to the downward trend line (see hourly chart).

     

    What is the Al brooks setup you mention? I haven't read any of his books.

    YM_D_2013_04_05.JPG.7b1814e81bd3222689e8cd4a4bd56f49.JPG

    YM_1HR_2013_04_05.JPG.46c3fb71fe0a3034552aa89cad879087.JPG

  24. Posted

    450 has 3 points of support to breakthrough before a run down can be considered. 309 only has 1, so the risk is good. Along with that was the protected 309 low two days after the 308 low. Vulnerable for a large scale surrender to price moving against it.

     

     

    Can you explain this in more detail? I don't understand exactly what you mean by that... I see that price touched 308 on March 19 and 309 on March 21, so that this seems to be an important short-term support level.

     

    I refer to the 450 (roughly) as price hit 453 on April 1 and 454 on April 3, seemingly being another short-term support level. My thinking was, if this strong support is pierced clearly, it should be easy for price to move to the next support level, which is the 309 area, mentioned above.

  25. Posted

    Still am saying watch 309. Big number for a short position against relative PA resistance above it. We'll figure that number when 309 is broken. Could be a phony new high for the purpose of liquidating longstanding longs.

     

     

    I think, if we get through 14,450 we will at least get close to the 14,309. Not sure, whether I should trade this, though.

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