Compared to this other method I've been learning over the past few years, it seems more logical. It makes a bit more sense to me than fibs do. . with fibs you have what are called swing-based fibs (aka "wave-based"), and time-based fibs.. I was always a fan of the swings, but learning what key pivots to draw from were usually a challenge. Sometimes I'll draw a fib to see where it is in relation to its 50 or 61.8% level...the only ones I really care about now. I'dd draw a fib only to check the levels, then delete it when im done. Here is msft with a multi-pivot line...the things I look for in determining trend, a fork (also a median line) and the blue fib.
Wow, there's a lot of stuff going on in that chart. If that helps you trade profitably then more power to you
btw if you guys want to use this method on a long term play, you should be in at the second level in SPY right now. That being said, this puts you at a stop loss of 117. Personally I wouldn't close out my position there, but if you want to you could.
yeah, making money on SPY, go! In at 128. In more at 126. Average cost below 127. Close today at 129.74.
this would probably actually work better on a weighted ETF like UPRO. If so, you'd be in at 72, in more at 69, average cost below 70.50, and price closed today at 74.68. So at least $4.18 gain per share so far.
Hey man, what happened to S&P contracts of ES outright? If the 1, 3, 5 levels hit, thats 20k I still want more volatility on the ES before I start daytrading it, although the past week has been better I admit. As far as my own trading goes, I got my face torn off in the last 2 weeks, I'm now short the YEN against the dollar at around 80, and the world banks are backing me up. If we reverse all the way to 100, I'll make everything back AND THEN SOME.
I've been busy with other stuff recently to day trade. I'd never swing trade the ES. My pockets aren't deep enough for that :eek: