actually what i am asking is are there no more 'levels' we can confidently trade at this time? why? do you often only trade the open?
I start trading in the premarket im usually done by 11.00 EST The market is really pumping to the downside we have to be careful in this kind of environment. The market tanked down hard, did you notice how even with that amount of volume and force to the downside the market still pulled back around our level at 57.50. Please remember the S/R areas are a guide only trade if you have a set up based opon your system. You can trade the levels all day long, new levels emerge throughout the trading day.
Just missed my 47.50 long area by a tick. However the set up was there. (I am done trading so just watching) It may retest the 47.50-46.25 area again please note that this area will now have lower odds, it could still work but please be catious and look for a good set up.
Indeed! And i might also add that the greater the time scale that S&R levels refer to, the more important those levels. And i will also add that the market internal s should be constantly monitored. There now, i guess we have pretty much given away the "secret".
lol piezoe. Totally agree about the timescale comment. I look at 4hr and 1 hr day to day, once a week I check the daily and weekly What do you mean by market internals? I have a pretty blinkered approach to trading and concentrated on an area I like. If you think that information can add value to the thread please feel free to post.
No no you misunderstood. It missed the area i posted by 1 tick, I would have probably taken that trade because I had a great set up. The S/R levels are our core reference areas. most of the time price does hit our area, sometimes a little discretion based upon the power of the set up you have is important. Trading is NOT a science, its an art. So judgement is a very important part of that. My main point with my previous statement was even with the Market falling like crazy and every man and his dog selling, we managed to call the bottom using S/R almost to the tick! Now thats powerful!
I'm refering specifically to market breadth on NYSE and NASDAQ and to advance decline on these same markets. It is very hard for the market to swim against these. This am for example the breadth was becoming increasingly negative but the market was moving counter to this, strongly suggesting that the counter trend could not hold, and that's exactly what happened.
We've had many messages today, just incase someone missed the worksheet in the clutter I am reposting it
The market is not giving up with a fight, 46.25-47.50 did provide a bounce, depending on where you positioned yourself it should have been enough to take profit of around a point or exit BE. Below this area we have support at around 43.50 38.00 and 33.00 Please be sure to take profits quickly and look for a set up according to your system at these levels. The down trend is ferocious so be careful out there.