Bquat's Account Talk

[Bquat]

I see what you mean it may take a couple of hits but it should break through that resistance fairly easily the tough one should be close to 1362.

There or 1370 where we bounced down.

 

[Mcqlives]

I think we are all looking at the same info, just with different glasses on. Your and Nnuut's comments mirror what I am seeing, I just think we are in the midst of building a new, very strong, base now before a climb higher...without the retest of the 1335ish mark. That 1362/1363 point will be a hard one to break but if it does I do not think we have any significant resistance till 1425 (May 2008 lower high you have referenced before).

On a side note...I went back and read through your thread. Your post #306 jumped out at me because we have seemingly traded our outlooks during the past month:toung:.

 

[Bquat]

2011 Levels Update:

1557 October 2007 peak
1425 May 2008 lower high before all hell broke loose. Possible double top.
1420 Inverded H&S predicted gain.1400 Strong resistance
1385 Resistance
1376 Resistance
1360 resistance
1350 resistance
1349 Current level
1346 Support
1343 2011 peak in Feb, strong resistance
1332 Strong resistance.
1327 resistance
1322 Bottom line support double bottom chance
1318 support
1309 support
1302 Strong support High double bottom chance strong support
1297 support
1282 strong support
1275 suport
1270 support
1257 last chance support before major correction

Thought I would list these again because we'll start a new leg in the next two days. Just references for stopping of hesitating points in the market.

 

[Bquat]

Ok, if the market retests the S&P 1335 to 1332 area tomorrow and holds, I may make my move because this will complete the pattern and touch the bottom of the bull channel. I will be out of pocket at IFT time and may have to enter the next day. What you think? Strength with weakness.

 

[law87]

2011 Levels Update:

1557 October 2007 peak
1425 May 2008 lower high before all hell broke loose. Possible double top.
1420 Inverded H&S predicted gain.1400 Strong resistance
1385 Resistance
1376 Resistance
1360 resistance
1350 resistance
1349 Current level
1346 Support
1343 2011 peak in Feb, strong resistance
1332 Strong resistance.
1327 resistance
1322 Bottom line support double bottom chance
1318 support
1309 support
1302 Strong support High double bottom chance strong support
1297 support
1282 strong support
1275 suport
1270 support
1257 last chance support before major correction

Thought I would list these again because we'll start a new leg in the next two days. Just references for stopping of hesitating points in the market.

noobish question bsquat how does these numbers compute?

 

[nnuut]

noobish question bsquat how does these numbers compute?

http://www.investopedia.com/

 

[Bquat]

noobish question bsquat how does these numbers compute?

If you spread the S&P over the last 4 years you can see the points where the market has hesitated on the way down. Then on the way up to 1143 you took note of where the market hesitated on the way up. The more times it has to hit a level to go up, the stronger that level is on the way down and visaversa. I just redid the charts in candle stick on the way up to see resistance points on the way up. If we were going to a higher level this year, I would have to see where the S&P hesitated on the way up in 2007 and where there was resistance on the way down. An old high spot that was a peak before before can offer high resistance when trying to break it again and if you can't break it, it can cause what is called a double top and change market direction.
http://moneycentral.msn.com/investor/charts/chartdl.aspx?PT=9&showchartbt=Redraw+chart&compsyms=&D4=1&DD=1&D5=2&DCS=2&MA0=0&MA1=0&CF=0&D7=&D6=&symbol=%24us%3AINX&nocookie=1&SZ=0

Whites are up and blues are down. Draw a line all the way across and see that some of the resistance levels are resistance again.
Some are levels picked up from watching Poolman's videos and taking note of them also.

 

[Bquat]

http://www.investopedia.com/

Were you refering to how to trade a head and shoulders?

 

[Bquat]

Didn't get the down day like I was hoping for so I'm sitting on my hands. Thanks Nnuut for the heads up on the H&S. I was looking at a 3 month pattern and didn't notice it right away and IT mentioned it too. Now since my pattern didn't quite work out, I have to wait until 1364 to 1370 is broken to negate the H&S pattern. I say it better on the one month with candle stick graph selected. I told you sometimes I jump too soon. Thanks for the heads (and shoulders) up. I'm still chomping at the bit.

Off to the VA, I'll be out of pocket a couple of hours.

 

[nnuut]

Were you refering to how to trade a head and shoulders?

Just a link to the site, a great place for information!

 

[KevinD]

Didn't get the down day like I was hoping for so I'm sitting on my hands. Thanks Nnuut for the heads up on the H&S. I was looking at a 3 month pattern and didn't notice it right away and IT mentioned it too. Now since my pattern didn't quite work out, I have to wait until 1364 to 1370 is broken to negate the H&S pattern. I say it better on the one month with candle stick graph selected. I told you sometimes I jump too soon. Thanks for the heads (and shoulders) up. I'm still chomping at the bit.

Off to the VA, I'll be out of pocket a couple of hours.

This post makes it sound like you haven't been reading Ton's daily Market Comments

http://www.tsptalk.com/comments.html

 

[Bquat]

This post makes it sound like you haven't been reading Ton's daily Market Comments

http://www.tsptalk.com/comments.html

Naw I was looking around the 3 month and looked for a touch on the bottom of the current channel in my drawing. I was looking at the previous pattern and was looking to catch a 1.5 to 2% gain. The current pattern may be a false bull pull out 3/4 of the way through a bull pennant. I think Live with Oscar has covered this a while back.. So 1335 to-1332 is the key to both. If we break 1332 downwards it confirms a H&S and the current possible bear flag (bull trap). I just want to go with the power or the channel. Trying to grab the little bull's tail before he runs up the hill.

 

[Mcqlives]

The current pattern may be a false bull pull out 3/4 of the way through a bull pennant. I think Live with Oscar has covered this a while back.. So 1335 to-1332 is the key to both. If we break 1332 downwards it confirms a H&S and the current possible bear flag (bull trap).

So with todays action flirting with 1360 and a close at 1357 could be the 3/4 pull? If so do you expect a reverse pattern to kick in in the next couple of trading sessions with a completion of the head and shoulders sometime next week?

It is possible that we will see the head and shoulders completed but I still think this is simply a difficult bull to call the channel and short trends and that we are on the way up to the 1400's.

I am now positive for the month so am looking forward to a few percent gain by June.

Good luck to all!

 

[Mcqlives]

Oops...just read your earlier post where you are talking about the H&S getting negated. Nevermind my previous post...I can tell your eyes are wide open to both directions. What's your bullish over bearish? I have to go about 65/35.

 

[Bquat]

Well should of, could of, would of . I maybe should of made a move a couple of days ago but over analyzed things and may have missed the move and must wait for 1369 to be broken and maybe get some gains. So being out of pocket at Ift time maybe bad or good, I don't know. Tomorrow should tell. It's better to miss a gain then to make a loss. 1370 will negate the Head and shoulder.
So lets start at 50/50 and waiting for direction.

 

[Mcqlives]

You were right and I was WRONG!!! OUCH!

 

[Bquat]

You were right and I was WRONG!!! OUCH!

I hesitate sometimes and sometimes jump the gun. Nnuuts info on the H&S caught my attension. He was just sending the link, but I was watching the channel and somewhat missed what was just before my eyes.

I make mistakes sometimes. Hopefully they're less and less. I think most of those that went in was also watching the tops and bottoms of the channel for sells and hitting the bottom should normally be a buy. I still think the channel itself can still have it's day and may still have it by touching the 1334 mark and go positive out of the pennant. Doesent this pattern with the down day look like the previous pattern and may repeat?

Maybe another chance if we touch and bounce off of 1332 and make it back over 1335 we can repeat the pattern.

Tomorrow slightly bearish 55/45 till we see 1332ish hold.

Ok let's hit that reset button.

 

[Bquat]

I hesitate sometimes and sometimes jump the gun. Nnuuts info on the H&S caught my attension. He was just sending the link, but I was watching the channel and somewhat missed what was just before my eyes.

I make mistakes sometimes. Hopefully they're less and less. I think most of those that went in was also watching the tops and bottoms of the channel for sells and hitting the bottom should normally be a buy. I still think the channel itself can still have it's day and may still have it by touching the 1334 mark and go positive out of the pennant. Doesent this pattern with the down day look like the previous pattern and may repeat?

Maybe another chance if we touch and bounce off of 1332 and make it back over 1335 we can repeat the pattern.

Tomorrow slightly bearish 55/45 till we see 1332ish hold.

Ok let's hit that reset button.

Well I guess right but can't get in today. This having morning appointments for a couple of weeks hurts.

 

[Bquat]

In the pdf chart of the S&P that I have shows that we should go bullish from here. Des is concerned about the green line and what has happened in the short time frame. He says that the pattern he recognizes can cause people to lose money chasing big gains after this pattern. It looks like a repeating pattern between the black dashes to me. Here's his link.

http://freeonlinetradingeducation.com/

By the repeating pattern, the day after the black dashes in a big gain. I have to watch for this before my buy in because I'll be chasing the bull and miss 2/3 of the move and have more risk. I have wanted to follow this pattern and may do so. Since I don't have and appointment until 1200 ET, I will watch the market until 0930 my time and chose to get in or not.

So 60/40 bullish. With an eye open.

What you think?

 

[Bquat]

If you go to another site, without logging out, does your little light stay green. I didn't know if it shows when your only on this site or stays green untill you close your browser. Kind of the fridge door thingy.