iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,781 Blog Posts

From False Moves Come Fast Moves

Yesterday price in the NASDAQ composite stretched to a new swing high.  We poked up above and no follow through occurred.  One of our favorite trades as of late has been the false bear technical patterns.  This means, we wait for a technical chart setup which favors the bears occurs, then we watch to see if it follows through.  If it doesn’t, then you pile in, essentially calling the sell flow’s bluff.  The moves occurring after false moves are often vicious. The effect may be similar into the close of this week, should the sell flow continue overpowering demand.

It will be a more difficult task however, for the long term control of the market is controlled by the buyer.  This can be seen as a series of higher highs and lows on the daily and weekly charts of the NASDAQ composite.  It has been a resilient bull, and it certainly is an aging bull, but it’s still a bull until proven otherwise.

Intermediate term, we have a solid balancing act occurring.  This balance area continues to grow, and I continue to profile it for our benefit.  The intermediate term can be seen transitioning from buyer control to balance when a series of higher highs and higher lows became sloppy and now we are seeing indecision.  I have highlighted some interesting levels on the following micro composite of intermediate term balance:

NQ_VolumeProfile_intermediateTerm_02272014

The short term timeframe is controlled by sellers.  They have successfully pressed price and value lower since yesterday’s new swing high and have successfully negated the buying tails we have seen on recent market profiles.  We are set to open inside range, slightly inside value as of this post, which presents a medium risk intraday environment.  If price can sustain above 3675 we would negate the seller control on the short timeframe shift to a balanced focus.  Otherwise, I am preparing for a test of intermediate term extremes to ensure buyers are still as confident as they were on 02/13.  I have highlighted these observations on the following market profile chart:

 

NQ_MarketProfile_02272014

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19 comments

  1. Sooz

    sweet Pacific Ethanol..
    took a bit more profit at open
    continue to hold position Acquired 08/16/2013 at $3.70

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    • Sooz

      CORN
      has been a dud..so far
      mentioned my plan to take position going into Feb (posted entry late Jan)

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  2. Sooz

    added to TBT @69.13

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  3. Sooz

    no comment on those beaten down retailers..

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  4. Sooz

    forgive this repeat I’ve posted umpteen times but it goes hand in hand with my little disco duck..(traded core for at least 8yrs now)
    all my pickr Pals know this one..haha
    Dance babee..((Dance))
    http://youtu.be/ceU4ANZKdOM

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    • Sooz

      taking some more here:
      (+239.19%)

      Status Filled at $12.5501
      Symbol PEIX
      Description PACIFIC ETHANOL INC COM PAR $.001
      Action Sell

      make it a great day all you Beautiful People..even though it’s a Blizzard outside March with wind chill zero..wth!!

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      • Sooz

        Holy Moly..
        Change % up(+48.39%) HoD

        wowza there..

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        • Sooz

          wait a sec..;)
          Change % up (+51.38%)
          while I was jammin out that ^

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          • Sooz

            therefore I shall sell more here:

            Status Filled at $13.6201
            Symbol PEIX
            Description PACIFIC ETHANOL INC COM PAR $.001
            Action Sell

            believe it or not I continue to hold at above mentioned entry $3.70

            ~cheers

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          • Sooz

            just a little tid~bit info..
            It was a penny stock before its reverse split..last year

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  5. matt_bear

    i feel calm right now, because I appear to have a decent road map with my chart.

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  6. Sooz

    *as we approah March..
    oopsa there

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