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ABCDE and up up away.
Interesting work, I'm game on a rebound here, or a riding of the MA for a week at least. (Condors)
Handsome count. Some are calling for way too much more upside with today in a 1 count of 3 up. 1100 is max. in my book, earming surprises are done.
MktMike, thanks for the post. I've been reading, unable to post or trade for a while. Thanks.
nice...wave 1 to 2 looks like a mini fractal of P1 to P2 (if you can imagine this without a chart)...sorry, not at computer.
;)
sold it short just under $72 and told my friend to do the same. stops are in. maybe only a trade for pull back to confirm strength of crossing averages. wait and see.
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SPY computer patterns with Prophet
Looking back on the predicting powers of prophet charts... every bullish signal hasn't worked. And the bearish signals (not shown) did work, and usually exceeded the prediction by several points. Lastly, fib fans for this last run up caught this high and low very nicely and show that were about to pullback. BB's aren't showing much here.
… Continue
… Continue
Posted on July 26, 2009 at 11:30am —
Senator Graham "Wouldn’t Reject Idea of Nationalizing Banks"
There seems to be momentum on this from academia, gov't and both political parties. I wonder if the Senator went on the ABC morning show to leak this prior to further announcements.
MISH had this great post to his blog today:
http://globaleconomicanalysis.blogspot.com/2009/02/cumulative-bank-failures-over-time.html
… Continue
MISH had this great post to his blog today:
http://globaleconomicanalysis.blogspot.com/2009/02/cumulative-bank-failures-over-time.html
… Continue
Posted on February 15, 2009 at 3:00pm — 3 Comments
Comment Wall (2 comments)
- At 11:45am on July 30, 2009,
arlo said… - Many of the Indicators and Patterns used in this club come from David Elliott's (aka FirstWave) educational materials (live chats, CDs, and seminars) available from www.wallstreetteachers.com .
* 2x4 = a fun visual image CJ got from the arcade game called 'whack-a-mole'. Where you use a mallet to hit the mole on the head when it pops its head out. A similar idea of when Price pops its head up to test a 50 period (or major) Moving Average, as a possible Ice Hole Failure pattern then we look to hit price on the head with a 2 x 4 piece of lumber, to get it to fall back down. (as if that's how it really worked. ;-) )
*
5/50 = short hand for the 5 minute 50 simple Moving Average. Minutes implied unless otherwise stated.
*
50d MA = 50 day simple Moving Average
*
50h MA = 50 hour simple Moving Average
*
50w MA = 50 week simple Moving Average
* ABOT50 = The opposite of an ice hole failure, thus A Bounce Off The 50 moving average from above.
* ACH = anything can happen, a reminder to stay objective, and know in advance, what you will do under any situation. Focus, from 'Trading in the Zone' by Mark Douglas.
* ADD, AD/D, AD/DC, Adv/Decl = the NYSE Advance/Decline index, calculated by taking the number or NYSE listed Stocks up today minus the number down for the day.
* A-Team = a fun name CJTrader gave a set of Market Internals to help remember and talk them ... (such as VIX, Adv/Decl, TICK, VOLD, etc.) These help us see short term momentum chages in the overall markets. More powerful when they work together as a team. Very helpful for Day Traders and Scalpers.
* ATH = All Time High, example use; New ATH for a new Highest price that stock or index has ever seen.
* Chop = Charts Have Opposing Patterns. Prices remaining within a narrow range for a period of time.
* CLM = Counter Lunch Move, the price retracement of part of a move that occurred during the lunch hour ( ref. USA East Coast time = New York City time). Starts at 1PM EST ENDS 1:20-1:30pm .
* Consolichop = a term created by CJTrader to describe the pattern Price makes when it is in a consolidation pattern, or a Wedge, as it chops back and forth in a narrow or narrowing range.
* DBK = 'Doji Bull Kicker' a 2 candle pattern, with a Doji neutral candle at support, followed by a gap up strong Bullish up Candle. This is one of FirstWaves Favorite Patterns, especially when it occurs at a major moving average.
* DING = A target has been hit
* DJ 2d/50 = DJIA 2 day 50 period simple moving average (same as 100day moving average)
* DJ 5/50 = DJIA at or near the 5min. 50 period Simple Moving Average. minutes are implied unless otherwise stated
* DJIA = Dow Jones Industrial Average (30 component stocks)
* Donuts = a fun name CJTrader chose to talk about the tendency of Price to bounce or often find some degree of support or resistance at 'Round Numbers', such as when DJ-30 approaches 12,300 or 12,400 etc. as well as when you may see some support or resistance when the daily 'Change' is a round number (eg. DJ-30 up by +100, +200 or down by -100 or -200) etc.
* FNH = Failed New High, what may have started as a continuation pattern in a bullish trend, fails to make a new High, thus becoming a reversal pattern, for a new Bearish trend.
* FNL = Failed New Low, what may have started as a continuation pattern in a bearish trend, fails to make a new Low, thus becoming a reversal pattern, for a new Bullish trend.
*
Fuel = a fun way that CJ thinks of those Long or Short Traders, who will feel STUCK in their losing position, and will eventually get to their uncle point, where they feel that they MUST exit. Those orders and participants act like more 'fuel' to really get the markets moving.
*
Fuel Cells = What David Elliott calls the MACD histogram, when looking at trend strength in context of Snap Back patterns. SnapBack CD from http://www.wallstreetteachers.com
* FWVI= First Wave Volatility Index, the markets seem to increase in volatility on days when FW is traveling.
* HOD = High Of the Day
* HOY = High Of the Year
* HS = Hockey Sticks, reference to the buy and sell patterns from short term oscillators, TSV (Telechart) signals, VOMO, and Elliott Predictive Price Volume indicator ( Tradestation users).
* IBM 60/200 = IBM at or near the 60 min or 200 hour simple Moving Average
* IHF = Ice Hole Failure, a pattern where price first breaks down thru the 50 period moving average, then rallies back up towards the 50 MA from below, and tests the 50 MA as Resisatnce, which holds as resistance, price fails to break up thru the 50 MA, and then drops back down. A form of a MAP pattern. See David Elliotts' MAP CD from http://www.wallstreetteachers.com
* Ivan - 'Doing a Crazy Ivan' (from the Movie Red October). A fun way that Alan Ojai came up with to describe the observation, where either markets may reverse, or a random movement out of chop, or an acceleration from a slower movement may occur near the top or bottom of the hour.
* Key Reversal = A key reversal day marks an important turning point on a chart but it cannot be correctly identified until prices have moved significantly in the opposite direction to the previous trend. A top reversal day is defined as when a new high has been set in an uptrend and is followed by a lower close than the previous close. A bottom reversal day would be a new low followed by a close above the previous day’s close.
* LOD = Low Of the Day,
* LOY = Low Of the Year,
* MA = Moving Average, simple moving average implied unless otherwise stated
* MAP = Moving Average Price Pattern. Patterns recognized and taught by David Elliott (relationships formed around Major Moving Averages and all time periods). See http://www.WallStreetTeachers.com for the 'MAP CD'
* McFly e.g. A Reminder to always keep Perspective, of the market context, with longer period charts. Often, traders get tunnel vision, looking at short term charts, and can loose perspective of larger patterns. That can be dangerous... analyzing the rail road ties, and not see the freight train coming at you at full steam, is what will kill you.
* MOBO = Momentum Break Out Ref. MOBO CD from http://www.wallstreetteachers.com
* Mongo = Someone able to really swing that 2x4 (from the Movie Blazing Saddles)
* NH = New High, usually referring to a Higher High was just made in price
* NHSNHUFNH = the tendency of prices in an up trend, where 'New Highs Suggest more New Highs, Until they Fail to make a New High', a quote by FW.
* NL = New Low, usually referring to a Lower Low was just make in price
* NLSNLUFNL = the tendency of prices in a down trend, where 'New Lows Suggest more New Lows, Until they Fail to make a New Low', a quote by FW.
* OB100 = a fun name CJTrader chose to describe an OBligatory 100 pt move in the DJIA, up or down, often seen as a minor form of support or resistance
* ONH = Overnite High
* ONL = Overnite Low
* PII or P.I.I. = Price is Ignoring an Indicator . . . a condition that FirstWave teaches, that usually only last for a brief (intraday) period, where an indicator appears to be in a direction opposite with Price behavior, but then later, when the indicator reverses, sets up for usually a strong move in the opposite direction.
* Pivots: Are calculated on prior period price data. Daily, weekly and monthly are commonly used. Pivots are used to identify price values where it may be likely to find future Support and/or Resistance. You can read up on Pivot Points and how they are calculated in various books on Technical Analysis, or, by doing a search on the words 'pivot point' at http://www.investopedia.com with equations posted at http://www.investopedia.com/articles/technical/04/041404.asp other educational web sites. Daily and weekly values for key indexes and futures are posted at http://www.mypivots.com/DailyNotes/dailynotes.aspx
Unless otherwise stated, 'daily' pivot levels are implied. Weekly or Monthly pivot levels would be identified as such
o R3 = Pivot, Resistance level 3
o R2 = Pivot, Resistance level 2
o
R1 = Pivot, Resistance level 1
o PP = Pivot Point, the average of the prior period' High, Low and Close prices
o S1 = Pivot, Support level 1
o S2 = Pivot, Support level 2
o S3 = Pivot, Support level 3
* Poooosh = When A Team is accelerating positively
* RC = Roses and Chocolates, or RCF = Roses Chocolates and Flowers, Refers to a story that FirstWave tells of his past dating history, as a way to help teach MAP moves, where the underside of a 50 period Moving Average may be tested and rejected the first time, but then may break above the 50 Moving Average on a later test.
* SBD = Snap Back Down
* SBU = Snap Back Up
* SHANGHAI DUO = This is not in any book as a combination pattern, it was invented here. David Elliott identified the combination pattern of a Doji and hanging man candlestick pattern as being an important TOP and BOTTOM indicator. Named after the Movie Shanghai Knights. This is a candlestick pattern of Jackie Chan and Clint Eastwood, Chan the Doji, and Eastwood the Hang em High Hanging man. The combination of these two candles at new market highs usually signal a sell signal. The signal is confirmed by price the next day. The combination of these two candles at new market lows usually signal a buy signal. The signal is confirmed by price the next day. SOAP, FLATS, and SNAP BACKS can also confirm these reversals. THIS WAS FIRST PRINTED IN DAVID ELLIOTT'S AET CLASSES, THEN PUBLISHED IN 2004 ON TCNET AND OUR YAHOO SITE.
* SMA = Simple Moving Average
* Snappa = Snap Back Pattern (aka Snapper) Ref. SnapBack CD from http://www.wallstreetteachers.com
* SOAP = Served On A Platter pattern Ref. SOAP CD from http://www.wallstreetteachers.com
* SOH = Sit On Hands... often an underutilized strategy, is to Not trade, effective at retaining ones capital when your 'Edge' (favorite trading pattern) does not exist. Be Patient...and wait for 'Your' low risk / high odds opportunity to form.
* STAMP = STochastics AMPlified, a name David Elliott gave a pattern formed by multiple Stochastic Oscillators.
o Chevy Suburban = a STAMP pattern for a sure and steady move in the market
o Yugo = a STAMP pattern for a slow drifting move in the market, (with some help from gravity)
o Ferrari = a STAMP pattern for a fast market move
* TOBS = The One Bullet Sniper – a story CJTrader tells to reinforce the importance of Discipline and focus, to wait for your best clear shot, stick to the plan & your Edge.
* Uber = a fun name CJTrader chose to talk about a 50 pt move in the DJIA (or YM), up or down, often seen as a minor form of support or resistance.
* VOLD = NYSE Up volume less Down volume for the day. (Like Adv/Decl but based on Volume, not price data. On TOS use “$UVOL-$DVOL” for the symbol.
* W3 = shorthand for Wave 3
* Wedgee = another name for price consolidation pattern, same as 'Consolichop'
* Weeee = the joy of seeing the market accelerate our way.
* Whack = the sound of a 2x4 connecting with Price ;-) Used when the A TEAM is accelerating negatively
* YM = is the mini-Dow Futures ($5) contract symbol.
* Zamboni - The name of the machine used to groom the ice in an ice rink. A fun way CJ came up with to describe when Price is dragging along the 50 Moving Average.... Dragging the ice.
*
Zoom Zone = what David Elliott calls the area of an oscillator value that shows strong momentum. (When one or all three CCI's are at or above +100 or below -100, prices rocket with this set up)
updated by CJ...4/6/2009
- At 1:59pm on December 13, 2008,
hyperstagflation said… - yeah I found it fitting for my online name....what city is that picture of in your avatar?
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