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Market Recap: Blow My Own Horn

August 8, 2008 7:52 PM

thumbsup.jpgIt doesnt get any easier than today. Ever. I said last night to watch for a reversal early. Bingo, reversed 5 minutes in and never looked back. I said 7 mins after the open in my intraday comments “the trade is long”. I later said “this checkdown to 1266 was likely a gift”. I made 71 posts in all (far too many, I need a life). I also mentioned early “all the charts have a negative bias, I believe they are all wrong”.

There were many reasons I believed a reversal early was likely. But the key is to understand timing. The markets are not just about price, they are about time AND price. I firmly believed that we had to reverse EARLY or we were likely in trouble. It obliged and made the low 5 minutues in. I was long on the futures (paper only) 6 or 7 minutes into the day very near the low. Once we got “agreement” from other charts we never looked back. There several reasons I believed we had to reverse early on, partly price related, partly time related. Point being, when I make an opinion to be “long above X”, many times, it depends on time, generally time of the day and what still could “possibly” happen.

I looked at Tradestalker comments after the close, and he seems to think we should reverse no higher than 1310, or at least thats how I read his comments. Maybe so, not sure. We look at the markets a bit differently. But he does have an uncanny way to know likely tops or resistance that I cannot see when we reach “new” areas. I still have not figured his method out, and not going to pay the big money to take his personal training, although I would like to as I believe it would “fill in” many gaps of knowledge for me. I do mean be a member, he has a training class where he actually teaches you how and why he has his numbers where they are.

I would not chase this higher, for sure. But if we do get a sell off Monday and do not clear today’s high first, the trade is long above today’s low, that I know.

Written by Tom@StockBlade.com · Filed Under General Investing/Trading Commentary 

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