Registered: Mar 2010
08-02-12 10:18 PM
if a bounced off a low of X price, it is a bottom
if b dropped off a high of y price, it is a top
or just think those so far lows or highs as bottoms and tops.
for an intrady, so far the high/low can be thought as top and bottom.
if you bottom fishing, wait it boounces off low, buy
if you top short seller, wait it peaks off high, sell
easily said, but hard to pindown, since the market is fast.
like today, qqq, it hit 63.91, then bounced to 64+, I bought some calls, thought it is a bottom, then I saw 65+, late 64.8, I think that is a top, sold my calls, bought some puts, when it retarced back to morning low, I sold my puts, thought it is a support, it will bounce.
hard to pindown, I made a mistake in USO, when it hit 33+, I thought it just started, I bought 32.5 calls, late it backed off to 32.8~32.7, just oh my god, I know I bought a top, sold to cut loss.