Monday 11-19-12

I saw Bruce's comment on the previous daytrade thread and thought it would be good to have at least one thread for the Thanksgiving week.

This PA is a kick in the head to me.

The fact that the virgin VPOC from 11-14 (wed) at 65 has been exceeded makes me think that area has been converted to support.

One thing I have noticed in studying charts is that after a downtrend (of more than a day) the first test of the CLOSE of the WEEK 2 ago is often a rejection zone, even if it is only rejected for a day.

The weekly close for the week ending 11-9-12 (2 wk ago) was 1376.00 at 4:15,
the 4:00 C for week ending 11-9-12 was 1375.25

BTW,
just because price prints at one of the levels I mentioned in previous comment does not mean a blind short. That's when you have to look to your short-term intraday.

I haven't seen anything yet to lend confidence to a short.

Paul..I'm watching this HV cluster up at 76 - 77 now that the close of Friday seems out of play...so my plan is to sell up against this now..

only challenge is that we have a report at 10 so we shouldn't go in too heavy

Bruce, I don't think there is enough oomph to get this thing much higher for now and shorts (even if they fail) are the only play right now IMHO

10am headline awaits

starting at 78.50.....76.75 is Vpoc first...may take a few tries up here..then going for 74 and then 71.50 is my plan

It's usually harder to trade near a composite HVN..so much time and volume has traded so it takes a bit of power or time to get free from there.

For me it's only shorts too Paul and this will be a series of small profits and stop outs on runners most likely..

I have only traded short, one time for virtually nothing.

This is not a week I like to trade and half day tomorrow is the end of my week.

it would be great to see this failed break outside the hour highs now...may be too easy...suspicious..so still keeping everything smaller today

a better sell zone may be up at 83 - 85 ..

agree paul..volume usually starts dropping off big time...sometimes that is a bonus to us faders...still watching the 76 - 77 close..vpoc and poc is there...must get under and hold under that..otherwise I am cautious of the POP up above 83..

hate those HVN composites

that ledge ( 15 minute) at 75.25 is my main target now...tuff hold up here and hopefully the 11:30 close players will show up soon to help out

been tricked and early on ledges before and they are not the best probability ..especially as volume winds down...

triples at 76 might help u 2 Bruce

took one of the tests of the 79 area but on the sidelines now

i think they want 81ish first and possibly 84-84.5

i was not planning on changing things either, but wanted to get some thoughts on what people that watch profile charts were doing

thanks !