Ok Here is what I am looking at for tomorrow. Long 1268 - 1272 Short 1246.25 for the 2nd day in a row we reversed off of 1246.75. That is good, forms a great support if we can break through it. I want to break it by .50 before shorting it though. On the long, I want to clear the needle top candle from todays high. It should be easy 2 points but may stall in the congestion area from last thursday morning around 1270 - 1272. So long 1268 short 1246.25 any feedback is welcome
4re It's good your strategy works for you. Myself I believe we are at resistance now and one should have a short. Otherwords , short R and buy S, should S hold , if not and price follows through to the downside , one is already short.( more than 2 pts to get) Lows have increased and the selling pressure is stronger than buying pressure. Good trading tommorrow. erie
4re, I see the HOD as 1267.0, so you're looking for a full point of clearance to go long? I guess that's safe if it looks like it's clear sailing to 1272. Speaking of which, are you going go for 4.0 points on a long breakout tomorrow, or stick with your standard 2.0? I do know that you watch for reversing of price and will exit at the first sign of doing so. Jimmy, with 4 points of clearance above a long entry, I guess this would be a good situation to employ your money management of taking half off the table at +2 and letting the rest run for more (while pulling up your stop for the remainder). Big range of 21+ points between the long and short tomorrow. Hopefully one gets hit! Sandy
If the price is moving fast through my entry I will let it ride. As soon as I see it slow down or reverse I am out. I see some congestion around 1270 so I will probably go for 2-3 points. since I put on larger positions 1 extra point buys me a nice dinner. If you know what I mean.
Actually, lows are about the same, and the volume of decliners is increasingly less. In any case, there are multiple levels of S and R, so for "we are at resistance" to mean something, one would have to know resistance in what, where, in what timeframe, in what interval.
Hate to disagree but yesterday we set a new low and today we came down to the same level, double bottom. So I don't see lows increasing. This makes support stronger so that if/when we go through it we do it quickly and powerfully. I just trade breakouts though. Too many bad things happened to me when I was looking/hoping for reversals. I like the momentum behind a breakout. Just my opinion though. GL Tomorrow, 4re
I understand your reasoning, but 65 and 54 might also be candidates if the pace is right. But given that the ranges the last two days have been so wide and that we're so close to the holiday weekend, there may not be enough players to get you what you want.
I believe he's referring to new lows on the Nasdaq and NYSE, what I was referring in my earlier post (yesterday?) along with volume of advancers and decliners.
I got ya. Sorry. And actually the numbers you suggested I saw those as well. I just think they might get taken out in the pre market in one direction or the other so the farther out trade would be in the direction the market is already moving. Either way. But you are right those could very well be good levels. I will stick to my numbers though and if they come up I'll just not trade for the day. I hate holiday weeks.
Sorry, but I strongly disagree. They have increased by 3 times from yesterday. Anyway I was just presenting some comments. Like this journal 4re, at least someone has a plan and sticks to it. Gotta go. erie