Tuesday, September 14, 2010
9/14 pre-open
Stock futures declined to their 30-minute M/A twice last night. This M/A has advanced to make an attractive entry point if Dec SP futures decline to .5% below it. I sold 4% SDS at 30.88 to bring me to 10% SDS. I still hold Dec DJ futures short with a stop at 10,507.
Silver rallied to new high. I have a 2% short silver ETF that I will sell. I will continue to hold short gold ETF 4% DZZ. I have been waiting for an entry point in precious metals below the silver hourly M/A which has not been breached by .7% to the downside. Therefore I am keeping powder dry for this opportunity (see the red line in the chart below):
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you mean sold sds @30.88?
ReplyDeleteYes, sold 4% SDS 30.88.
ReplyDeleteChart: ES
ReplyDeleteWolfe Wave target of 1070. Good luck!
http://www.screencast.com/t/MTI0ZjEyM2Qt
? If you bought SDS @ 30.64 and sold @ 30.88 what are you using as your sell objective?
ReplyDeleteDid you have a sell price intered after you purchased the SDS.
Thanks,
John
As you can see I'm not a TA guy....
I have a portion of my position that I use for short-term trading. When SP futures hit the 30-minute M/A, that is a key M/A for me for the short term.
ReplyDeleteSI
ReplyDeleteSince the 8th, prices appear to have broken out of both an IH&S as well as a Cup with Handle. Very bullish to me.
Yes, silver has broken to upside. I am looking to sell my tiny ZSL on weakness. Gold bumping against old highs gives me the opening for this to occur.
ReplyDelete99er
ReplyDeleteCan you explain your wave forecast?
I'm a relative newbie and despite staring at charts for a year I've yet to count correctly. The issue for me was trying to forecast the next wave; Fib retracement levels proved unpredictable. I now focus on patterns.
ReplyDeleteMy current best guess on Elliott Wave counts is that we have completed the second "2" in a 1-2, 1-2 and will soon have that "moment of recognition" when everyone decides to sell.
Double zigzag, yes.
ReplyDelete