Charting the $SPX

Discussion in 'Technical Analysis' started by Port1385, Apr 25, 2009.

  1. I use which I feel is the best chart drawing system out there. I mainly use fib fans and simple trend lines in my analysis.

    As most of you know, I am a prop trader in Manhattan daytrading and just having fun on ET. The rest of my time during the day is spent on ET stirring the pot with the likes of Landis, Rennick, Pabst, etc. who I really feel are shillsters trying to get someone's money just like the sponsors (but the difference is they are not paying Baron anything to do it). This kind of ribbing and jabbing goes on in these bucketshops all day long. Sometimes fights break out on the floor and there can be a considerable amount of swearing.

    The one good thing about the bucketshop is they dont allow sponsors or other shillsters to disturb the guys who are putting up their own money and doing business. I sit here all day long throwing my own money down in the casino at intraday trades unlike the shillsters on ET who are just here to collect other people's money (not trade or invest it, just collect it).

    I dont use the technical software at the place where I trade because Im not a fan of what they have. I utilize All of the trend lines and fans you see are drawn exactly. I go right up to the minute and try to get the price exactly so we have an accurate read.

    My theory is that at any given time there are hundreds or thousands of trend lines on a chart. Each one has their own importance and signifigance, but only one really commands the overall trend and you have to be intelligent enough to find it. The lines are sometimes not lines, but arcs, circles or other shapes. At the end of the day, there is one 800 lb guerilla trend that trounces all others.

    I dont believe the news or fundamentals has anything to do with price. Price is a function of formulas and lines drawn on a chart.

    Sometimes you might see a bunch of trend lines all over my charts and some of them are not pretty. Thats the result of daytrading as I brainstorm through several ideas trying to find which one works. When you see good looking charts, then you can tell that it comes from an internet blogger and not an actual trader. An actual trader that works in one of these bucketshop rooms will be all over the place trying to find the trend and make a decision. Some do it through a maze of charting and lines while others are somewhat more organized. Im not that organized at times on my charts as the day progresses...

    The purpose of this thread is just business (no fooling around).

    In this thread will only be charts of the $SPX. I will be using them as a general reference tool to market direction.