Monday, August 30, 2010

8/30 pre-open

 
Shorted DJ futures 2% 10,179 with stop 10,231.  Entered at the 90-minute M/A.
The stop is the futures equivalent of the 5-minute, 380-unit M/A.  The cash DJI M/A closed at 10,100. Add 1.35% to get 10,240 cash or 10,230 futures.
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3 comments:

  1. pimaCanyonAugust 30, 2010 at 9:46 AM

    trying to figure out the count since the high on Friday afternoon. Looks to me like we are in a 4th wave of an extended 3rd wave down from that high. But we cannot exceed 1058.81 on SPX cash or this 4th wave will overlap the 1st wave of the third....

    It's possible we are in a series of ones and twos.

    Steve, how do you count the move down from Friday afternoon's high?

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  2. pimaCanyonAugust 30, 2010 at 9:49 AM

    well, there goes the 4th wave/1st wave overlap. So now a series of ones and twos is the only VST bearish count left. Otherwise, this move down this morning may have been a corrective move in a new bullish phase that began at Friday morning's low.

    That would go against I1, but is it possible the market could bottom 4 trading days ahead of the I1 turnaround?

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  3. AnonymousAugust 30, 2010 at 3:50 PM

    Steve,

    Looks like everything is tracking just like I1 indicates. You had mentioned last week that you will not be going long the market between 9-2 & 9-10. Are you going to exit all of your short posistions on 9-1 and wait to reload near 9-10? or are you going to hold a core short posistion and day trade this time period then re-enter at the top full short?

    Thanks for your time.

    Brett-

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