I use a different approach. An intraday trend can end at any moment, if I see price bounce off an upper level, I would then look to sell there. Selling close to the resistance level ensures a small stop in relation to potential target which I always look at conservatively.
%% Party true; but over the long run /like 200 years or 100 years ,US stock market has not been 1to 1 @ all................................................................................./And tends to go up 75% of the time , not 1to 1.NOT a prediction@ all also.
Many traders can not even predict what they will do next, this counts a lot more than knowing what the market will do next.
%% Exactly; + really have to count errors/if they profit or lose. I thought they were going to sell more today so i had to buy some more qqq+ holding QLD ; i dont like to hold TQQQ unless im real sure its going up...................................................................................................
%% Good points; but its not a coin flip @ all. Not that simple @ all. Nowhere will you ever see institutions flipping 33+/ million coins like average day volume in QQQ............................................. But like you hinted\ an oil trader said\ oil has no earnings ,so ANY oil correlation with SPY or es is not much + could easily widely diverge. Good post geth33.
Price by itself can't predict a direction, I laugh at all the new and old traders who sit down in front of their charts and pretend they are in art class and place 10 indicators on the screen and expect to see one of the indicators wave at them to let them know when to buy and sell, Lol, get away from analysis paralysis. My advice to them is to remove everything except for high low close bars or just use candles. Add a V-wap and watch how price reacts when price gets close or when the V-wap is crossed, identify Bullish bars or candles and a Bearish bars or candles, do this for a month, KiSS=keep it stupid simple. Cheers to all