What works, what doesnt, what might, what never will... all I friggin know is that this is a rock-hard s&p to be trading right now. 'Standard' floor trader type s/r suggests to me that on monday if it breaks below 907.6 with some conviction, it should run down to 904, and if it breaks that, 899.4. Alternatively, if it breaks up above 907.6, it could run to 912, pausing in all likelihood around the previous close of 908.6, and 911 high... Or it might do something completely different. Its times like this I wish I WAS a papertrader, and had a 'real' job... Happy NY!
You know, I have never thought paper trading works. All jokes and talking b.s. aside. You just can't get the feel as when you use real money. Of course, that means that I have lost a bundle learning how to trade. I quit losing money when I learned to start following rules, without exception. I think we are going to have a good break soon. All the major indices are "overbought" I still have a real job, but I set my own hours. I would need to be a millionaire before I quit, and called myself "retired". When you speak of standard floor trader resistance, do you mean fib retracements?
Hrmm... So called Pivots.... (High + Low + Close) = Pivot. Not much worth if you don't intraday trade.
I never hold a position overnight - dont have the tolerance (balls) for it, so pivots work ok-ish for me. Self-fulfilling prophecy... Agree with Oddball, papertrading is a waste of time. I remember way back when, I created my first system, papertraded it for a few weeks and I was zillions up. Er, it aint like that in the real world....
the second resistance would be 915.8, and the third, 919.4. On the down sides, second support would be 899.4, third = 895.8
Odd - So much for the S&P being overbought That's the problem I mentioned with the 16 bar daily frame - the 32 frame shows the better perspective on the multi-month price action - you probably also got an immediate frame shift this morning too that blew out your previous picture on the 16. Temporarily stalled at the 914 and especially the 921-923 resistance levels (not Gann-based, they're shown by the charting software I use). Getting into the overbought zone now though (might already be putting in short term top already, but if not the 950-954 area seems like the outside max this go around). Plus so far we've got crappy dollar action and the VIX near November lows. Might be time to grab some index puts?? BTW, the 905 area held up in this morning's action which is what concerned me about your planned short at 908.
Although I do believe the MM system works, it is based off the Square of Ten, whatever that is. I trade off the Square of Nine, and I think this is the easiest day I have ever experienced.....similar to last Thursday's trend up day. I encourage all of you who are reading this message to look into the Square of Nine. Today there were numerous trend continuation trades that bounced off of my support lines that were placed at the beginning of the day to the tick. Whereas most traders see percentage retracements, Square of Nine traders see angles.
Sarasota - What price did you start the Square of Nine rotations to for today and what incremental angles are you using?
15 min time frame with a 180 degree, and then changed it later to a 90 degree. From today's low. Price ran right up the target line. Please keep in mind that different software packages use different calculations for the Sq. of Nine, so you may not be seeing the exact same thing I was looking at.
Well, to be honest, I don't remember Gann writing about Square of 10. Hmm.... Did I ever see this? 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 ... ... ... 91 92 93 94 95 96 97 98 99 100 ????? Spiral charts I know of are Even(4), Odd(9), 360, and Hex. I think it's more correct to call it Base 10 Master Calculator than Sq. of 10... Don't know... Gann-ese and oddman, fill me with Sq. of 10.