edit: Pring’s book on Price Patterns is highly revered and for good reason. It’s my opinion that most indicators ( moving averages, stochastics, EMIs, Boillinger Bands, RSIs etc ) tell you nothing more than where price was. In such a volatile market like we are in now, those indicators will just get you burned. Price always moves with a pattern, and understanding the concept of why price moves like it does will give you a lot of insight as to where price will go.
So is that suggesting a new entry point around $220 based on yesterdays chart? Does reading charts of leveraged ETFs vary from typical stocks or does it just provide more resolution since it should magnify (the inverse in this case) what the sector that it is following is doing?
I cannot intelligently comment on that, it’s out of my area of expertise. I’m sure Joe could provide more reputable insight.
I read these charts and analyze what everyone in here is in just for my own fun. I trade the currency market, not the stock market and as a result don’t yet know how everything correlates. I do have an excited interest in the stock market though, and may consider dabbling in it when I see obvious no brainer trades.
That being said, reading a chart is the same in almost every market. Price action / patterns are still going to be valid, as is any other charting method ( Picking out S/R lines, fib retracements, defining price pattern zones )
edit:
Here is a description of what a pin bar is, taken from that thread I linked:
SMN is dropping like a rock today. But I think a lot of people used the higher open to reaffirm shorts. I wouldn’t be surprised to see this turn red by the end of the day.
yep, thats why i held on.
SKF didn’t open up down nearly as much as widely expected. It’s definitely trading at a premium to NAV right now since most of their short holdings are in the green this morning
expecting in(SNM)to close+? what is driving basic materials down other than market trend?
we need a private forum that we can discuss this in w/o worry that someone is going to read 2 posts and go dump $10k in and complain when it is mysteriously gone.
I’d say + from where it is now but - overall. I’d say 125-130. And lets be honest, no one here is going to waste 10k on ETF’s. They’ll waste it on turbo kits for their stock engines.
Right now its around 123… early morning volatility has it jumping all over the place. It’ll be interesting to see where things settle after we are an hour or two in to the day.
i got in with sprint and ford, waiting for lcc to drop again after i missed out on a huge opp last friday =( o well, maybe buying some cctyq just for the hell of it for a quick sell, hopefully shit keeps going up =)
It will be interesting to see what hapen after the long hoiday weekend. Market sentiment is changing to the positive side. I don’t see it until we break through 10k which is not likely to happen soon. This will make the shorts run for cover. Short term I like the SDS ultra short dow and long on the GBP/USD. The regular players will be back on Monday to erase gains.