A few plunges down below the support levels, probably to bait in sellers. A solid squeeze into the close. Nice way to wind down the week if you caught the upside move. Hope everybody is trading profitably out there!
thanks for posting the chart, a few questions, anyone that can jump in to answer? I don't understand charts, don't understand technical analysis, so for me I simply based on todays (after the fact) want to know what time of day should have I bought & sold before knowing all the pops & drops before they happened or before seeing end of day results? at 10:34 was it possible to know SPY would drop to its ~11:12am low, then recover to the ~3:46pm high?
Chart readers would say sure it was possible to know spy would drop to its 11:12am low and pop to a high at 3:46pm, but in reality they haven't a clue. Its easy to see what you see after the fact, but if any chart pro was professional they would be multi billionaires
Thanks, agree. as would all the pro financial analysts, financial advisors, those that sell training courses, why work selling services, products - if anyone is that good they can do it all on a beach in some tax haven. I dont get or understand TA, what I do understand is for the most part trading/investing day trading/swing trading is guesswork, a crap shoot. I need someone to post before market opens each day what the high & low of SPY will be ... its really that simple & they can use any tool they wish including all the TA & crystal balls.
That's what Algo V9 does. Read their signature above: "All intraday price levels are generated daily, and made available before market open."
thanks, still confused though need the OP to respond to confirm they know there will be highs or lows at what time of day, especially the point in the OP "Nice way to wind down the week if you caught the upside move"
You don't have to know what the exact high or low will be to make profit. TA works with probabilities, like poker. If one consistently has odds that are slightly better than 50% in the long run there will be profit. But just like poker trading is hard mentally because good behavior might be punished and bad behavior might be rewarded for a while.
Hi @never2old Hope this explanation of how to trade using the chart helps. I played a couple of the shorts early in the day for small profits as well, but wasn't at my desk to try and catch the break-out in the afternoon. And yup, as @Baron mentioned, all of our price levels are made available on our app before the market open to help traders navigate through the day's volatility. If our app only posted these price levels after-the-fact, it probably wouldn't be much help to anybody. Thanks
Ah, unfortunately we don't have a way to predict even if a price level will be hit over the course of the day. For all we know, the price could have consolidated within that $280 -> $280.70 range all day and not budge. Our AI only predicts the relevant price levels for reversals/break-outs, but market participants will dictate the actual price movement. Here's $NFLX's chart from today -- our AI's price levels, but marked up to help get a grasp of how a day-trader could use this data for profiting off short-term movements: Again, keep in mind that all the blue lines on the chart were available BEFORE market open.
@Algov9, thanks & appreciate the dialogue & discussion & trust that you won't mind answering a few questions that I have? Thanks & here goes ... IMO after the fact after close charts are meaningless as mentioned throughout the forums, I am a retired senior, eccentric & a contrarian investor. you posted "Ah, unfortunately we don't have a way to predict even if a price level will be hit over the course of the day. For all we know, the price could have consolidated within that $280 -> $280.70 range all day and not budge. Our AI only predicts the relevant price levels for reversals/break-outs " again this is confusing too me, is the instantaneous prior to the breakout - before the event happens, is it microseconds, milliseconds, seconds, minutes? a request - if you'd kindly post a freebie at 9am EST before market option - the range of SPY during the day. I understand its not possible to predict 'or is it' the by the hour, say 10am thought to 4 pm close what the SPY price will be at any given time or period? as far as accuracy, are you using day price range, AM, PM, segments of the day or just the reversals/breakouts?