Wednesday, February 20, 2008

Back and Forth Within the Triangle

7 comments:

upsidetrader said...

this triangle is making me feel square stew

upside

upsidetrader said...

it usually makes its mind up about 2/3 of the way to the apex-i don't think today was anything to get excited about imho
but i've been wrong before-glad you had a great day

upside

Stewie said...

hey buddy, yea this triangle is a neutral pattern at this juncture we need to watch for a break up or down BUT a big move is coming soon. i personally think it will break to the upside who the hell knows for sure.

Blue said...

This shits giving me an ulcer.

Today's little rally made zero sense to me. Maybe when the jobs report comes out and the fact that we're increasing inflation, higher gas prices, higher food costs, etc that it'll sink in. Are we only really'ing because people think the market hit bottom? It's not even big or steady volume I'm seeing. Am I wrong?

I hate to be bearish, but I can't help it. I added to my MOS and POT shorts today too. They've had two really big days (POT CEO comments maybe?, price of corn and wheat at near all time highs?, China shortages?), gap ups from Fri. and they have yet to retest those gaps. Everytime they hit a 52wk high they corrected in the last three instances. So I bet on that. I'm really nervouse about a rally, but I know we're stuck trading in this range so even if it goes up a little more I can't think of anything that will keep this market up. Wait till a homebuilder or two go belly up.

I don't like to short but I can't imagine going long just yet. Hopefully I don't get burned on MOS and POT before they do correct. I shorted BIDU...again. LOL

Stewie said...

are you still long MA? that setup is looking very strong and the banking sector looks like it wants to rally. check more recent charts i just attached. Stay objective and look at the charts, don't get emotional and just short out of frustration.

upsidetrader said...

blue,
don't ever hate being bearish or bullish,every morning you get dealt a hand and you have to play it the best way you can-the best traders sometimes fall into the trap of having "a feeling"-i do all the time,but i immediately pull myself out of it, or at least try. I was bearish all day but after the fed minutes i had to slap myself to lean bullish,even then it was a stretch for me at the time.
And by the way,the market never makes sense-hope my opine helped a little-when it comes to this game we are all a work in progress--good luck man

upsidetrader

Blue said...

Thanks fellas. For me shorting is really against my past nature (buy and hold), but looking at all the charts (and I'm a big candlestick chart nut) it made sense to short BIDU and MOS and POT. I know POT and MOS are monster stocks in a monster industry with monster growth. So if I'm wrong I'll get out fast. I don't hold shorts very long at all and I'm not even holding long positions in this market. I've only taken half profit doing that several times now when I should have taken my profit and ran.

MA sold yesterday on a 206 stop loss while I was commuting to work. I do this and a day job. Hard to do this well part time. I'm usually in on a stock late and out early, heh. I'm happy just to take a piece, I don't have to get all of it on a trade. As long as I keep making money I don't care how screwed up this market is. Short, buy, hold, whatever.

I want to be right big and wrong a little : )

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