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Thursday, January 15, 2009

Watch those key levels (Dow 8,000)

Remember this post from last year.

4:00PM EST edit:

Note the intraday double bottom in the DOW (perfect offsetting bars) that coincided with a test of 8,000. The ensuing bounce lifted the markets higher (~260 DOW points) and created a lot of long setups (I traded an NQ setup that yielded 30 points).

note - thoughts and prayers to the U.S. Airways crew and passengers - I hope they all made it.



David R. said...

Thanks for the heads up. I caught 20 NQ points!

Trader-X said...

PayPal 10% of your profits to Good Karma.

: )

T.J. said...

Thanks X! You should run a live chat.

Prospectus said...


Two things:

1. Please get on Twitter!!

2. Would you post the NQ chart?

Anonymous said...

X -- thinking about getting RealTick (on demo right now) .. do you know any way to have a previous day high/low on the intraday chart? just like they have pivots?

Thanks in advance.

Trader-X said...

I am not sure that I understand your question - with RT, you can have multiple days on the chart so the previous days high/low is readily visible. Look at my charts on the blog.

TL said...

I've been studying my charts a lot and that definitely helps my own trading.

On the trading front, I don't trade futures (hope I do though), but I traded RTN (long on break of 14th 15-min bar). Does it qualify as your "retracement" trade? I like it because,

1. It made several attempts to close below 50% retracement level and failed every time.
2. The 5 bars up to my entry all left lower tail, of which 4 were green.
3. The 3 bars up to my entry were NR7 hammer/ doji, formed just above the support level.
4. The whole action was quite orderly, except the 1130 bar.

The only thing I don't like is that the entry was a bit late in the day. What is your opinion on this trade?

Thanks for your time on sharing your thoughts on this amazing blog!


TL said...

Just spot that there is a entry on the 1150 5-min bar. Is that correct? Exit is PDH as usual.


TonyB said...

Hi X,

I need to echo "Prospectus". Please get on Twitter. I don't think it would be a drag for you. I mean, if you don't want to post, you just never post. But if you do post, either thoughts or links, we would all benefit. Just a thought.


TonyB said...


To add to my prior post, I thought you might find this interesting. Sorry if it's too much.



Trader-X said...

Thanks for the Twitter info - I will look at it this weekend. In general I don't have a desire to try and make any real-time calls because it takes the focus off MY trading, and as a general rule I don't care about the overall direction of the market. The reason for my post yesterday was really to alert anyone that was short of a potential bounce...not necessarily have people pile in long.

But I have always wondered about Twitter so I will take a look. Thanks!