Trade Wrapup - 20080502

11:39 ITG base at lows intraday with daily channel breakdown
13:05 norancho - as ITG drags this out, does it change your interest in it?
13:07 Toni - it the momentum starts to hug the upper end of the channel,,, want it to hold under the 15 min 20 sma zone also and continue to have weaker upside in the channel than on the downside


13:17 NQ support 15 min
13:30 first resistance here on move off support

14:37 RIMM "D" buy on 5 min http://tradingfrommainstreet.com/images/roomexamples/BREAKOUT_TEMPLATE.gif

14:50 charlie might get his rally if this momo shift holds. need a slower downside move

15:05 Eternum - Toni, does YM on 5 min look like bearish D?
15:07 Toni - yeah but the slightly lower lows in the ES and the hugging at the 5 min 20 sma makes me worry it will be a trap.. had too slow of downside pace before the "D" pattern formed... slowed into that support... so risk is higher for failure or just like a double bottom or 2B at best in most cases, but often can trigger then flip fast when this setups up at this point in such a pattern so that is too much of a risk for me
15:11 Toni - see.. triggered then flipped lol