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ES and the Great POMO Rally


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ES and the Great POMO Rally

  #591 (permalink)
 
tigertrader's Avatar
 tigertrader 
Philly, Pa
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Big Mike View Post
News Headlines

This guy calling for 1120, and says 1248-1252 is resistance as the neckline of H&S.

I don't trade these patterns, mainly because if in a week this H&S failed no one calls it a failed H&S but instead there is some new name to justify what happened

But, just sharing..



Mike


IMO, H&S is one of the most unreliable formations out there - very prone to " false breakouts " , if there is such a thing.

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  #592 (permalink)
 
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 Surly 
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tigertrader View Post
Added...I'll get out of the another 1/3 of my longs @ 1271.00 and hold the last third. Of course, there is stiil time for "broken dreams" and "heart break"!!!

Well then I hope the bulls pull it off. You won't have to wait long to find out... The 5m 20 EMA may just create the support you need...

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #593 (permalink)
 
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 tigertrader 
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Surly View Post
Well then I hope the bulls pull it off. You won't have to wait long to find out... The 5m 20 EMA may just create the support you need...


Really need the $ to roll over.


Price targets for position: 1/3 position at each diamond level

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  #594 (permalink)
 
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 Lornz 
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Haha, I subscribe to The Onion on Facebook, and I just noticed this:

Drunken Ben Bernanke Tells Everyone At Neighborhood Bar How Screwed U.S. Economy Really Is | The Onion - America's Finest News Source

Seems fitting for this thread...

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  #595 (permalink)
 
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 tigertrader 
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market has lost momentum , but you have to keep it in perspective , to allow yourself the chance to stay in your position...

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  #596 (permalink)
 
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 Private Banker 
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Lornz View Post
Haha, I subscribe to The Onion on Facebook, and I just noticed this:

Drunken Ben Bernanke Tells Everyone At Neighborhood Bar How Screwed U.S. Economy Really Is | The Onion - America's Finest News Source

Seems fitting for this thread...

I just fell out of my chair! Lol!!! That was hilarious! The photo's are perfect.

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  #597 (permalink)
 
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 tigertrader 
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Still holding long according to my trading plan. There is no doubt that the rally was largely short covering and the mo-mo chasers have not entered the market..yet. Nevertheless, it was an orderly rally, with little to no attendant panic. There is an old saying, "Buy the creeper, sell the leaper", and this rally could hardly be characterized as a leaper. The market tested the 50MA on the weekly and held which is positive long term, although the bulls still have their work cut out for themselves, especially with payrolls tomorrow and unenjoyment Friday. Tuesday, however, is the FOMC announcement, which carries a very bullish seasonality with it. For now, I am sticking with my pre-determined profit targets, but I am remaining flexible - ready to bang out of my position if it is warranted, but also ready to pull my offers and add, if that opportunity manifests itself.

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  #598 (permalink)
 
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 tigertrader 
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COT shows that the shorts consist of large and small specs, while the the longs consist of commercial specs. In other words, smart and dumb money are the same way, but on a relative basis, not extremely short. What it doesn't tell us exactly, is if they are short at good levels or in the hole, and how much pain they are willing to take. Nevertheless, dumb money is short, and will be quick to cover. Large specs are strong hands and can take more pain, but at some point they will pay up also.

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  #599 (permalink)
 
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Took profits on 1/3 of my position @1263.00-1263.25.

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tigertrader View Post
Took profits on 1/3 of my position @1263.00-1263.25.

Great trade! Have you established a target area or are you just using your discretion for the remaining 2/3's position?

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Last Updated on November 9, 2014


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