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Is anyone familiar with Butterfly tops ? I was reading about them today, the levels the s&p & dow are at at the moment seem to be 1.272ish from the initial drop to 1775 – >1735. then the bounce to 1770, retrace 50% to 1555 and then current levels.
I have never looked at or used them before and am only just learning about them now
http://tradinglib.com/trading-strategies/an-introduction-to-trading-gartley-and-butterfly-reversals
anyone seen them in practice before ?
anyone else listening to Yellen…. good lord she’s happy to roll out the QE bazooka for almost anything it sounds….
To be honest, I never used to believe in the PPT, but these last days has me wondering !! FOB I think it is in the glossary, lol.
oh well you cant argue with corporate results… cisco trading down 9.9% after hours at the moment.
that should get it up 20% tomorrow lol.. I did some day trades today but am still frustrated with the inability of this thing to stay down… I guess im fighting the fed, a losing battle !
Is this the reason why….or this not taken into account yet !!
http://www.marketwatch.com/story/yellen-defends-qe-as-best-way-to-normal-economy-2013-11-13-1691307
WASHINGTON (MarketWatch) – Janet Yellen, President Obama’s pick to be the first
woman to lead the Federal Reserve, on Wednesday defended the central bank’s
unpopular and unconventional asset purchase program, calling it the best way to
get the economy back to normal. “I believe that supporting the recovery today is
the surest path to returning to a more normal approach to monetary policy,” she
said. Yellen’s comments came in her prepared statement to the Senate Banking
Committee. Although the hearing is on Thursday morning, the committee released
the text of her opening remarks early. She said the U.S. economy and financial
system have come a long way since “the dark days of the financial crisis” but
that important work lies ahead. She said that the housing sector “seems to have
turned the corner.”I see no reason for it not happening either…. Just hope I’m not long the ES that date without stops.
In the interest of balance I found a counter to it which aLos has some good info..
http://anotherangryvoice.blogspot.co.uk/2013/01/moneyweek-and-their-end-of-britain.html
Cheers gekko…. Some scary history in there, and as we all believe in charts means we all believe in history repeating itself………
Someone sent me this today, don’t know how old it is http://pro.moneyweek.com/myk-eob-tpr-cut/PMYKPB01/
wow…. seems like a big weekend in china this weekend.
Hey Ark, I am hoping today was a secondary high and its down from here for a bit until crooks XMAS rally and NEW YEAR rally. Even that can be cancelled this year if we get lots of good numbers out like todays GDP
ha, but it depends on the mood of the market, does good GDP mean oh no they may stop QE, or is it bullish, with dudley and stein and draghI all about to start gassing it could be interesting……
i have no idea what this market is doing here, the euro rate cut was a classic ooohh good news, which must have been followed by, oh aactually ust really be in the **** (da x spike amd sell off impressive) you just have to love it all, I don’t know how you day trade this on a daily basis I watched it today and yesterday and am left thinking WTF, just waiting patiently for some Armageddon news which always seem to come, I wonder what it will be, or if the euro rate cut was it…….
Merlin bang on so far again today, I wonder if he will be right tomorrow with a rally to new highs? Doesn’t look likely.
with the Dow & s&p bouncing pretty hard I wouldn’t be be so sure as to write Merlin off yet, those dips keep getting bought…..
Blimey, that 1750 ES support is strong (read as pain in the ass for me lol), day traded off it yesterday but felt very uncomfortable buying yet here it is way up here again…… A proper little range, but I can’t for the life of me figure out what it’s doing now longer term, consolidating to move up, but I can’t bring myself to position long side And am more comfortable waiting for a down side, the last 2 weeks day trading must have been a peach in these ranges..
nice gekko
I don’t recall the name of the HL funds, off the top of my head but if you search for S&P & short it brings up a list, I have tried different ones, they all seem to move about pretty much the same as the s&p, so I don’t rate one over the other, sorry for late replyHey Paps, you were bang on, my call was wrong, grrrrr. and here was me thinking I had been patient, lol
Papillion,
Why the rude attitude ?
I have said on here I haven’t shorted the market in the last few days and trade more long term now, I have said I expected it to rise but was not prepared to commit to the long side (because I generally don’t like buying in the regions of tops and resistance) my posts state I was waiting for short entry, the down side I expected but did not back did materialise Wednesday night ( not backed by me as my own style perceived the risk higher than I like to enter anticipating marginally higher levels – trying to limit the detour on the way to destination).</div>I now see that risk as less and have entered short on a medium term based on my own style and timescales.
Each to their own and hopefully everyone respects everyone else’s different trading styles, one person may perceive a close above a high as a signal, others may wait for further confirmation, I wish you well with your trades.
Kind Regards 🙂
