On the hour


Dow -0.5%.

10-yr +0.1%.

Euro +0.17% vs. dollar.

Crude -0.32% to $104.96.

Gold +0.36% to $1683.15.

Comments (2)
  • squire PB
    , contributor
    Comments (48) | Send Message
     
    no way gold is $1,683.15 !
    7 Aug 2013, 12:07 PM Reply Like
  • aarc
    , contributor
    Comments (3654) | Send Message
     
    For the Super-Duper Short-Term Bulls this is the trade setup:

     

    >> YM 360min Chart: http://bit.ly/18aLCYo

     

    YM is a high-probability A-B-C Flat at the top of the I-ii-iii-iv-v rally. the 1-st wave rally terminated with an Ending Diagonal, also called a Terminal Triangle, for the v-th wave. The C-wave has an equal move target of 15,379 but still got a potential to become an Expanded Flat if it breaks down below the A-wave.

     

    IF YM rallies; nominal 1-2-3-4-5 target is 16,463 with an upper target range of 16,878.

     

    * I bought some YM Intrepid Trade today at 15,399 using the 60min; 15min; and 5min charts for precision entry. Obviously, hard stop loss is at today's low.

     

    ** To improve the probability of Intraday Trade; wait for SPY to make a minute 1-2-3-4-5 rally on 5min chart with 169.44 nominal target. Then buy an A-B-C Pullback Down back to the 168.80 to 169.10 range. Hard stop loss is today's low in order to minimize possible loss.

     

    *** Stocks and ETFs are not very suitable for very short-term trades with over-night holds since they can gap down at the open exaggerating the potential loss. Futures are ideal for over-night holds but suitable for the more experienced traders.
    7 Aug 2013, 02:02 PM Reply Like
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