Optioncoach, that's correct. Right around the resistence area. This is the support/resistence chart I have:
Also, don't forget tomorrow is the options day. They wiped out many call holders for the past two days, now they start to wipe out these put holders. It shall be avery interesting day tomorrow.
Almost 9000 views, please keep posting. I have nothing to add as far as tips etc. but have been following this thread and using some of your tips. I'm still working on a system. Thanks!
Thanks. please feel free to ask any questions. I'm refining my own system everday. Getting in or out a position to make a point or two on a big trend is easy, however, stay in the game, making 6-10 points on one play, it's hard. I'm trying to improve my own system daily to make it RED or GREEN on the chart /TA indicators, so I could stay in the game much longer and make less trades in a day. Also I need to work on my trail stop strategy, several times, my order were stopped out right on the dips before the next leg up. Staying in the game, not being shaked out, but get out ASAP if a trend reversal happens, this is a key thing to work on.
I am looking at ER2's support and resistence. Looks to me, if ER2 can pass 676, there is a blue sky ahead like NQ. http://tinypic.com/view/?pic=funigz
Yes..er2 at an interesting point... It is more likely to go higher given that: - NDX broken out, and Nasdaq just made it through today, SPX above this down trend line as of today -- er2 has a lot of catching up to do - also seems there is positive sentiment i.e., bulls seem to be in control ...this of course is a feel thing as I don't have any data to back it up except... - if you look at both MACD and RSI, they have already broken thru the downtrend line - look at yesterday's candlestick - bullish bottom (this bottom looks very similar to the June bottom at 625.8 and the long candlestick the next day) if it follows the same pattern, it will pause for a 2-3 days and take off to the upside -also the timing aligns with the usual rally tendency after Thanksgiving... We will see how tomorrow closes... Good trading! <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=901614>
Boy that sounds familiar. There are indicators that paint red/green for the trend. I use one, it's just a fancy MA indicator but it helps my rookie eyes to spot the trend.
Fine tuned my system a few more times tonight. (1) Put ADX (DMI) on top of the the Aroon. It is much easier to see the buying or selling pressure. (2) Fine tuned the price chart, easy to see which side you're in, RED-short, Green-long. (3) At the start of a new trend and if the support/fib lines are in the same area, a buy signal is printed on the outer Ketlner Channel. Also, before a major trend reversal happens, some trades shall be seen around the outer Ketlner Channel, these are trend reversal signals. (4) Created a long-period stochastic indicator to represent the momentum of trending. If it is trending, red or green dots shall print on that STO line. The 9 period stochastic indicator overlays the long-period STO. If it is trending, make sure on the right side of the game. http://tinypic.com/view/?pic=fuqk9x