Nice rally from the lows, however I
can now count 5 waves up. A pullback would likely retrace to one of
the Fib#'s and form a higher low.
Currently the 34 EMA is acting as support and 60 period
stochastics is holding above 80%; once those are lost, then a
decent pullback will begin
This is not for day traders, but for
swing
traders. If the market has put in a bottom and is
going to work it's way higher over the next several weeks. The time
to go long for swing trades will be after a pullback.
I'll wait for the pullback to go long on my IRA account
(will probably save me Thousands) as that is my biggest
account.
The 13 and 34 EMA crossed up (and over the 50 as well) so I
already scaled in with my Cash and Brokerage account.
I am off now to go camping for the weekend but since I read your
update for SWING traders, I am fine to wait and NOT ad to my
positions today. (which I was tempted to do) YEAH this
is working for me. I am just filtering the Blogs from you and
dodger and not reading all the day trade stuff.
THIS SITE CAN WORK FOR SWING AND LONGER TERM TRADERS. We
just need some clear buy and sell rules and some suggestions
from you too.
S&P 500 15 min chart.png Here's
Posted by matt on 18th of Jul 2008 at 12:33 pm
Here's a 15 min chart of the SPX,
Nice rally from the lows, however I can now count 5 waves up. A pullback would likely retrace to one of the Fib#'s and form a higher low.
Currently the 34 EMA is acting as support and 60 period stochastics is holding above 80%; once those are lost, then a decent pullback will begin
This is not for day traders, but for swing traders. If the market has put in a bottom and is going to work it's way higher over the next several weeks. The time to go long for swing trades will be after a pullback.
Pullback
Posted by finam on 18th of Jul 2008 at 01:36 pm
THANKS MATT:
I'll wait for the pullback to go long on my IRA account (will probably save me Thousands) as that is my biggest account.
The 13 and 34 EMA crossed up (and over the 50 as well) so I already scaled in with my Cash and Brokerage account.
I am off now to go camping for the weekend but since I read your update for SWING traders, I am fine to wait and NOT ad to my positions today. (which I was tempted to do) YEAH this is working for me. I am just filtering the Blogs from you and dodger and not reading all the day trade stuff.
THIS SITE CAN WORK FOR SWING AND LONGER TERM TRADERS. We just need some clear buy and sell rules and some suggestions from you too.
I hope EVERYONE has a GREAT weekend, FinaM
Comments like these on your
Posted by saturn6 on 18th of Jul 2008 at 12:45 pm
Comments like these on your tech updates are very useful, and will help me pick my entries as swing trader.