Look at all that resistance, below us.
I didn't realize how close we got to the decending triangle, that was much closer than I expected,
now that I look at the chart.
Also WHAT IS ERIC'S rule of 3's.... I thought that we had been at it 3 times.... The 3 rule is that you decline, hit the resistance, bounce slightly, then go through.
The target here is 1233.
Those are the technicals and as long as we don't go higher, they are valid.
Wednesday, August 27, 2008
Some charts
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11 comments:
According to your rules #3 shouldn't have happened, right?
I thought we had been at the resistance at 1260 3 times,
The rule is Just like oil "If you test resistance 3 times, the third time you go through."
I thought we had been at that resistance, 3 times, but we have only been at it 2 times... and if we sell off this is the third. and we have to go through it....
The third time you may, hit resistance bounce up to 50%, then you HAVE TO GO THROUGH. If we hit 1260 and bounce back more than 50% of today's move... It's Bad news for the Shorts.
We have been at 110 oil twice... We did move down to 112 and looked to go to 110 but then all this nonsense about Hurricanes happened...Next time we hit 110 we go through....
How are you getting 1233? Where are you drawing from?
I'm getting less than 1200.
target of the decending triangle, hight from the base to the highest wave. which is 30 pts below the base.
sure it could go lower...
and that is the last resistance before the "double bottom" at 1200
Economy gets big stimulus boost
U.S. gross domestic product grew by 3.3% in the second quarter - much more than previously stated. Economists say the economic stimulus package contributed to the rise.
I'm skrewed.
If you have to panic get out, and the hammer could be nasty today. But Relax and watch the open.
NEVER PANIC!
The bears should get aggressive, and better exits are possible.
and the qqqq's are still in a down trend.
But the risk reward isn't particularly good right now on being short.
I decided to wait it all out.
I have a lot of (real) work that I can distract myself with.
But I do want to say "fuuuck!" (just once)
pardon the profanity
that open was Just BARELY there..... It's hard to hit those lines perfectly....
but this is a warning
Volume is anemic, definitely and some of them are starting to bleed. yesss :)
I'm short MOS and after hitting 111 in premarket it's under 109 now.
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