Sunday, July 4, 2010
Near term bottom Near?
I was studying the daily and hourly charts and considering the comments on CNBC and Bloomberg. I mentioned in one of my previous posts that the Elliot wave count on the hourly chart looked to be early in this move down. I agree with the previous post about not relying on predictions exclusively and I try to remain flexible in my opinion since THE MARKET IS ALWAYS RIGHT. Anyway, subtle clues do exist as to the line of least resistance of the price trend. The hourly Elliot wave count still looks incomplete. The TV experts are all talking about a bottom any time and I still see no clear divergence in the daily or hourly chart. Combined with this I am ALWAYS early in my prediction of a reversal and I see a reversal any time now. In the past, I have noticed a reversal hits me in the head like a hammer. When it does happen I don't believe it since I am so beaten up by my previous attempts at finding a bottom. Therefore I believe the market has further down to go.
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Hi bj139
ReplyDeleteApologies, was expecting it to be an UK website. Nice to meet you anyway I am from HK currently trading in Singapore.
Sounds like day trading over the US is so much easier compared to where i am trading.
Were you actually referring to CFD or future, for the $1 to $2 commission?
I am actually thinking of joining the skype chatroom in the forum, it's also about live discussion for day trading. Think it may help.
Cheers
Brian
Interactive Brokers charges $1 for 100 shares of stock and $2 for 1 e-mini S&P. I try to trade ETFs in my retirement account where I can't go short, but I can buy short ETFs. The $1 commission is wonderful. You must have $30 in commissions/month or you pay $10/month for the data feed. If you make 3 round turns(buys/sells) per day it will cost $6 for 100 shares. With my old broker it would be $42. It is a substantial savings.
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