Good Entry Point Here..
- Thread starter Yasir
- Start date
Agreed!! I did get in a bit early but curious to know if any specific indicators U had in mind.
Is that a long or short entry?
Long ...
Support and Resistance you don't need indicators on dailies but like on weekly/monthly I use standard MACD and RSI, but with RSI, I compare closes and not highs/lows. You eyeball lows and have a variance(rules) of how much from one low to another low is in a parameter of being considered an equal low, way too many traders are rigid thinking 3 lows have to be exactly same price which rarely happens in days/weeks, so you develop a "difference" that is acceptable to you to be able to say they are equal or use word "cluster" of in same area. But an very rigid in length of time, I often use 3 bar time stop, if price not profitable in 3 bars, I will try to get out with one tick profit in 3 days in this case, if profitable I will lock in one tick, I have found trailing stops cuts me short of possible profits in longer term trades, often times where most getting out of a trade cause of trailing stop, I view this as deep retracement to enter. Thousands of different ways to trade and no way is perfect.
This "classic" channel breakout seems way too "obvious" to work. To facilitate the money transfer from the 95% of the traders to the 5% of the traders, the market will sell off, to force the liquidation of the new long positions. In accordance with this rationale, I am short from SPX 2093.
looks like a nice long to me, too (but I tend to pretty much lose on every trade, so maybe it's not 
)
)Holding on to my short. Right now, at SPX 2090, the dumb money is finding their imaginary "support". SPX will close at about 2085 today. This is where today's day-trading longs will give up their long positions, and I will cover my short.