Short Term Outlook

[Steel_Magnolia]

Watching the market day after day, it seems like we very often see a repeating pattern that a day trader could take advantage of. During the first 15 to 30 minutes (possibly up to 60 minutes) of trading, it seems the market opens in one direction, fades that move, then resumes.

So on a big up day, you would short the market after a few minutes, let the indices come down, then cover the short. Going long again there would be optional, but fading those openings seem like a good bet for a very quick trade.

I saw the same pattern, even tried it for a bit and it worked, but to be a Day Trader you gotta have nerves (or whatever) of steel and I don't.

 

[nnuut]

This guy thinks it's about time, maybe.

Nov. 10, 2011, 1:02 p.m. EST
The Nasdaq 100 is set for a monster breakout

http://www.marketwatch.com/story/th...-a-monster-breakout-2011-11-10?dist=afterbell

 

[nasa1974]

I saw the same pattern, even tried it for a bit and it worked, but to be a Day Trader you gotta have nerves (or whatever) of steel and I don't.

It's funny how people in authority do not understand what day trading really is. When we had the ability to use an IFT daily. We where accused of being day traders.

 

[clester]

Well, we are back near the 200 dma. Will we be able to bust through?

Chatter on TV seems to have moved from Europe to the super committee and it's thanksgiving deadline. The last time we went through this the market didn't do well.

 

[clester]

The S&P chart looks like a decreasing amplitude sine wave. Volume decreasing. I get the feeling a big move is coming.

 

[Birchtree]

Now you're talking like a registered respiratory therapist - I knew you were on to something.

 

[Sensei]

Get ready for another drubbing today.

 

[clester]

Get ready for another drubbing today.

Watch that 1225 area.

 

[tsptalk]

Watching the market day after day, it seems like we very often see a repeating pattern that a day trader could take advantage of. During the first 15 to 30 minutes (possibly up to 60 minutes) of trading, it seems the market opens in one direction, fades that move, then resumes.

So on a big up day, you would short the market after a few minutes, let the indices come down, then cover the short. Going long again there would be optional, but fading those openings seem like a good bet for a very quick trade.

Follow up: It seems like we get a start like this several times a week - in either direction. Fade the open.

Open down, fade the open, resume the open direction.

 

[RealMoneyIssues]

Follow up: It seems like we get a start like this several times a week - in either direction. Fade the open.

Open down, fade the open, resume the open direction.

Can also be 'fill the gap' ?!?

 

[tsptalk]

Exactly! It's like a magnet.

 

[Birchtree]

I believe down openings can often be considered bullish in nature - I'm watching and waiting.

 

[clester]

The wedge or decreasing amplitute sine wave pattern continues. It won't be long till we get a break. We're running out of amplitude.

 

[clester]

The wedge or decreasing amplitute sine wave pattern continues. It won't be long till we get a break. We're running out of amplitude.

Today hasn't changed the pattern but another one of these sell offs would do it. 1225 is still critical IMO

 

[clester]

Today hasn't changed the pattern but another one of these sell offs would do it. 1225 is still critical IMO

Looks like we will test 1225 again this morning and that could knock us out of the current pattern. Will we hold? Plenty of negatives. Europe and supercommitee are a couple.
We have a a long day ahead. Anything could happen.

 

[Warrenlm]

Respectable on point bounce. But the question remains is it due solely to Birchtree's buying?

 

[clester]

So, 1225 broke and now we have almost hit the 200 dma and near 1200 level which looks like the last good line of defense. I would like to buy here because I am thinking a bounce is due. Maybe tomorrow with a stop loss sell point about 1200 if we hold today and tomorrow before noon.

 

[nasa1974]

Yep!!! Took it in the short term again today. Just when I think I am getting ahead I get tossed two steps back.

 

[nnuut]

I don't know why but I keeeeeeep thinking the whole thing is rigged and we are playing the game of trying to make a dollar in a market that is controlled by, by, by, by!?

 

[nasa1974]

I don't know why but I keeeeeeep thinking the whole thing is rigged and we are playing the game of trying to make a dollar in a market that is controlled by, by, by, by!?

Sure seems like it. But then you got the top 10 or so on the Tracker make good money. I'm to far in the hole to follow those guys and gals.