perhaps - just have to watch price action, clearly the 50 - 62%
Fibs would be ideal if we can get that high. Otherwise watch
shorter term time frames for triggers like 5 and 10 min charts.
You could also look to scale into those areas mentioned - but
again always have a stop in place.
anyway as you have seen, the SPX rebounded nicely off that shelf
support around the 1540 area, that's why we've been preaching to
take profits at support areas and NOT chase shorts at support,
because as we see, the SPX is now at 1562, that's 22 - 23 points
off support, a heck of a lot better shorting up here vs someone
trying to chase a short at Thursday's low!
Otherwise I would love a little more push here because that
would allow the SPY system, which went long last Thursday's close
to exit with a nice profit
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
Matt objective short entry around 1565ish? up near 1572?
Intra day comments
Posted by holland on 22nd of Apr 2013 at 02:13 pm
perhaps - just have to
Posted by matt on 22nd of Apr 2013 at 02:25 pm
perhaps - just have to watch price action, clearly the 50 - 62% Fibs would be ideal if we can get that high. Otherwise watch shorter term time frames for triggers like 5 and 10 min charts. You could also look to scale into those areas mentioned - but again always have a stop in place.
anyway as you have seen, the SPX rebounded nicely off that shelf support around the 1540 area, that's why we've been preaching to take profits at support areas and NOT chase shorts at support, because as we see, the SPX is now at 1562, that's 22 - 23 points off support, a heck of a lot better shorting up here vs someone trying to chase a short at Thursday's low!
Otherwise I would love a little more push here because that would allow the SPY system, which went long last Thursday's close to exit with a nice profit