I know, but wish it weren't so. This part of the day feels like that ride "Tower of Terror" at Disneyland where you're suddenly dropped 4-12 stories and then spring back up, only to fall lower, lower, and your stomach compensates by rising up and .... I got short just before your 1212. Thx.
I will do a video on how I trade them but for now I will mention how you can use them The levels I put up are done by hand not by a calculation then there is the breakout and breakdown areas this is a level where the market has a high probability of getting to it's target once it gets penetrated On the levels, you can look to find support or resistance, near or at the levels I put out Trading support areas are not to hard to do, resistance becomes support once it have been taken out and support becomes resistance when it is broken so when I do my intra-day trading I look for over bought signals on my indicators at or near the levels and I will fade that area, same for oversold areas for a bounce It is all based on supply or demand, there may have been supply @ 1222-1224 today and I was looking for it @ 1222 so that was an area I was looking to short but 1187 area was an area that in the past has been an area of demand as well as 1193 so I would be looking for those areas to hold, if they do not hold I look for a break then retrace back up to or down to then enter my position, I always want the market to prove it self to me before I buy or sell. I hope this helps Good Trading Joe Baker
<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/hsjXh8W784k&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/hsjXh8W784k&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object> Vid for Friday
Wow. Scary. And yes the patient is coding, good analogy. Great video. Great advice, as usual. Thanks. Who knows what's next, so have a great weekend with family and friends. I'll be locked up in a psych hospital all weekend. Lol.
Googled and found: Joe DiNapoli: . . . . Wed, Feb 19, 8:17PM PST ( -0900 GMT) To Clarence, I'll try to be specific so I'm not misunderstood. The monthly crude oil chart is showing me some startling possibilities. The recent highs on the crude should never have been achieved. By that I mean although we did not exceed Fibonacci resistance we kept hammering against it in an uncharacteristic way. If we go back up and exceed those recent highs on the monthly continuation chart we could be in for an explosion of oil prices. Anything in excess of approximately $30 would likely lead to the highs set during Saddam's fiasco. Just imaging what this would do to western Europe, Japan, and our federal reserve as we try to bail everyone out. Don't get me wrong I am not predicting explosive oil prices. I am saying that if certain Fibonacci levels are exceeded our stock market, our bond market, and for that matter the rest of the world could be in major trouble and those price levels are not very far away. Wow, he's a smart guy, and now I want to hide under the bed.
There is an old song that Doris Day sang back in the Day. "Que sera, sera, Whatever will be, will be; The future's not ours to see. Que sera, sera. A more simple analogy would be Don't worry about something you don't have control over. Just be happy and live your life. oops, I almost forgot. Just Trade!
Target hit! wait does premarket count... Ps I love DD movies. And like Joe and all the other smart men including my dad tell me, the market does what it wants, and it wants to take your money. Good trading!