The Cure To His Own Curiosity
Day Trade : 19 May 2010
Blog site have been down due to hard disk crash.
Kudos to chimou.com for bring it up so fast. I hope everything is fine on your side and biz.
And since everything is down, my personal chart site was also down, and thus, I wasn’t able to go thru the filtering process, and decided not to trade anything for the past 2 days.
Eventually, this gave me time to delve into new ventures, and this brought me to quotetracker.com, which I’m now a very happy user of it, thanks to being a client of TdAmeritrade. A very very cool charting software indeed ! 
Anyway, last night, I did monitor the market.
$SPY seems to be having a hard time trying to break above the previous day’s low, but failed during the opening.
There was a false breakout after an hour (red arrow), which even further enforced that the bears are in control.
Found a very good candidate, $GG.
Gapped lower, and eventually fall thru.
Bar 4,5,6 saw some consolidation.
Bar 6 is an NR7, right above a support and below the 5ema, which should be a very nice trigger bar.
If entered at the next bar, and trail stop lost on previous bar’s high, we should be out after 5 bars from here,
which should see a profit of around +2R.
Talk is cheap. Hahahahahh 
Let’s see how the market performs tonight.
The $SPY’s 50MA and ~$112.50 area looks like a critical resistance point that we should be looking at.
A fail breakout above that level will see more bears coming in.
| This entry was posted by lionel on May 20, 2010 at 7:34 pm, and is filed under Trading. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site. |
Stock Market Update : Week 34
about 6 days ago - No comments
SPY has came close to the $104 support line, and the last 3 trading days has shown that this support is currently a valid one, with price bouncing off this level. The gap that was opened on Tuesday around $107 will be the immediate resistance that it has to break in order to break out
Stock Market Update : Week 33
about 1 week ago - 1 comment
SPY was in a very tight range last week. Ever since the SPY broke below it’s trend line 2 weeks ago, everyone has been guessing which direction will the market move in the near future. As of now, that is really something which is very unclear, and from the look of it, i believe traders
Stock Market Update : Week 32
about 2 weeks ago - 1 comment
SPY traded back below it’s 200MA once again. The $113 level, which was the previous peak made during mid July proven to be too tough a resistance for SPY to clear this time. With the break down on last wednesday’s candle, it not only came below the 200MA support, it also broke the up sloping
Stock Market Update : Week 31
about 3 weeks ago - 2 comments
The U.S. stock market has been trading in a narrow congestion range for the past week. For the entire week, it moved hardly more than $2, which is approximately less than 2%. Overhead resistance is seen at $113, the previous high made on mid Jun, while the immediate support is at previous hurdle that it
Stock Market Update : Week 30
about 1 month ago - 2 comments
It looks like the market has formed an inverted Head and Shoulder (H&S) pattern. The H&S neckline, was drawn in beige color. Price managed to break out from the horizontal resistance at around $110, which also coincidently was the area of the H%S neckline. It did make a pullback, but looks like it was well
Stock Market Update : Week 29
about 1 month ago - 1 comment
The market staged an impressive come back last week. Though will all the impressive gain last week, we are still not out of the woods yet. There’re still a bunch of resistance ahead that the market needs to workout before determining whether this temporary downtrend has come to an end. The 200MA, the previous gap
Stock Market Update : Week 28
about 1 month ago - 1 comment
This week’s action was really very interesting. Let’s start it off by taking a look at how the overall market reacted. There’s just soooooo much overhead resistance for $SPY at the $111 level. First, the 200MA, then the min May gap, followed by the down slopping trend line. And now, the gap up window which
Day Trade : 12 July 2010
about 1 month ago - 1 comment
Market is in a clear uptrend. currently SPY trading back towards 22MA. A good low risk entry point for LONG. $CCJ looks good. – Open strong. – pullback to OR high, resting on 5ema on 5th candle – 5th candle was also a doji and NR4, this is our trigger bar (if only price trade
Stock Market Update : Week 27
about 1 month ago - 1 comment
$SPY successfully defended the $104 support level last week. On the MACD, we see a positive divergence, which indicates the likely-hood of a turning point here. A death cross (50MA cross below 200MA) happened last night, at around the $110 resistance level. The $110 level also coincides with the gap which occured in mid May.
Stock Market Update : Week 26
about 2 months ago - 1 comment
Things are really looking pretty ugly right now. As I’ve mentioned in last week’s post, the market not only visited the $104 mark, but also penetrated the support, and is not staying below $104. We’ll need to see how the market reacts to this critical $104 level next week. A close back above the $104,
about 3 months ago
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