Luna $ Ticks

November 5, 2008

Our Friend, Oscar Wilde

Filed under: Trading SPX SPY — moontrader @ 6:14 pm

After posting yesterday with the title “Fighting Temptation,” today I had to quote our dear friend Oscar Wilde:

“The only way to get rid of a temptation is to yield to it.”

And I did:

spy-110508-h

So, my position is already profitable. There’s only two things that I’m concerned about. As you can see in the above chart, the redish trendline: SPY pierced it, but recovered at the very end and closed right on it. Second, tomorrow (Thursday) DMA 3×3 will be at 96.75, which might give SPY a little bit of a lift. But DMA 25×5 should work as a resistance at 99.09. So, everything seems to be ok.

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9 Comments »

  1. Moon, you rule. Would you be so kind as to tell me how to program DMA 3×3, 25×5, etc in TOS? Much obliged!

    Comment by jcoors — November 5, 2008 @ 8:52 pm | Reply

  2. Moon,
    Good call on the short, I took it myself. We are are getting a head and shoulders forming on the Dow at 8500. I also noticed alot of stocks I follow are forming the same formation. It looks like the 86 to 87 range on SPY would also be one. That would be very bullish for a sharp rally back to the 50day and maybe take SPY to 106 in the short run. Lets see how it develops. Keep up the good work with all that DMA stuff and we will see how it all plays out. I’ll be watching.

    Comment by Tim — November 5, 2008 @ 8:53 pm | Reply

  3. If you’d kept original triangle from 10/07/08 – today’s morning was the apex of that triangle

    Wave59 guy had what looks like a Spiral thingy today on Yorba
    http://yorba.tv/archive-2008-11-106-4-start.htm

    Comment by Fork_Master_Serg — November 5, 2008 @ 10:14 pm | Reply

  4. Great stuff MoonT, for acting.

    I find in trading I have more regrets due to not taking the trade than actual losses. I guess it’s a bit like the old saying …. ‘it’s better to have loved and lost then never to have loved at all.

    Comment by Darren — November 6, 2008 @ 4:45 am | Reply

  5. jcoors, go to “edit studies” (ToS charts), then “new study.” Then paste this code in:

    input length = 7;
    input displace = 5;
    input price = close;

    def MAPrice = Average(price, length);

    plot DMA = MAPrice[displace];
    DMA.SetDefaultColor(GetColor(0));

    Do the same for the other 2 DMA’s (25 length, 5 displace; 3 length, 3 displace).

    Comment by moontrader — November 6, 2008 @ 7:28 am | Reply

  6. Darren, great quote.

    Comment by moontrader — November 6, 2008 @ 7:30 am | Reply

  7. Tim, the DMA’s are extremely helpful especially during reversals. I’ll keep an eye on the levels you mentioned.

    Comment by moontrader — November 6, 2008 @ 7:32 am | Reply

  8. Fork, thanks for the links, yes it’s a spiral thingy, completely different, though.

    Do you think we are developing a symmetrical triangle on SPX?

    Comment by moontrader — November 6, 2008 @ 8:01 am | Reply

  9. Only one left is 4-5 weeks away

    Comment by Fork_Master_Serg — November 6, 2008 @ 9:41 am | Reply


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