Thanks for this useful information!
Prove to me that Technical Analysis Works.
- Thread starter TazTheLaz
- Start date
You might want to know wmwmw, that SPX is an Index and is not an ETF. You cannot buy shares in SPX. So it is impossible to get "Long SPX" as you say and set a stop. That is why options on the SPX index are "cash settled at expiration". There is no underlying to be exercised.
I trade ES, not SPX.
The reason I use SPX is because overnight price is not valid.Only RTH price counts.
So you will need to trade ES which correspond to SPX.
SPX 3814 corresponds to ES 3816.
But if overnight ES breaks 3816, it doesn't make a break of support. You will need to wait tomorrow when SPX breaks 3814.
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OK, making "a call" does not explain how TA works. Show us your TA analysis that led you to this conclusion.
It does.
The support and resistence level are price analysis, which is TA.
No FA can tell you that.
And nobody will give you a free holy grail.
I was not expecting this kind of answer especially your last sentence. So I will give the analysis that I expected you to give explaining the TA in this situation. See the chart below. You have a low on June 17 and a peak on June 28. After that you had 5 days that were spike down "pin bar" lows all in the area of the 61.8% Fib retracement of the June 17 low to June 28 high. Thus with the strong move up on Friday the 15th there is a TA expectation that this will support a move higher with a stop below the pin bar lows. That is your "holy grail" although you probably did not throw in the Fib analysis which most people on ET do not find a useful tool.
That is what you call a holy grail?
That is garbage.
That garbage is one thousand miles from a winning system, no to say a holy grail.
Out of 10 thousands winning systems, only one can be called a holy grail.
My system has nothing in common with any public known TA tools.
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Just trying to have a civil discussion on TA. But, Nasty once I give you a pass. Nasty twice, I am done with you. Holy Grail was your term not mine.
Kudos to those traders that posted material to help the OP.
I developed a very simple method that gleans at least 30+
ticks a day, but it does not use TA.
I've already shared it on this Forum.
But, I'd like to share other methods that use technical
analysis that consistently earn more than 30 ticks.
I use all of them, especially when my own is
in the losing column.
You'll have to grind it out, but you can earn
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Join their Elite Trading room as they call
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Most will not believe the results of this
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200 to 300 ticks a day for CL, Gold, NQ, ES, YM and
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Creator is David Kuvelas
https://oiltradingacademy.com
OK, I confess, I use David's material every day
simply because it works.
Just one caveat: NEVER allow any naysayers stop
you from reaching the next level. At the end of the day
the only thing that matters is your bank account..PERIOD.
To your continued trading success.