again I've stated before, you can make systems out of anything -
I could see someone trading a very simple system where they only
took trades near a 61.8% Fib retracement for shorts or longs, since
stops can be very tight, risk/reward ratio works
Posted by anjali25 on 10th of Apr 2025 at 02:27 pm
Matt / Steve - So since we broke the 5267 level, and there is no
60 min divergence at the bottom - so this means a wave 1-4 overlap
so the bounce from last few days has been corrective ?
Is that the right way to look at it ?
if so does that mean one more wave down to be expected ?
Sorry - I have no idea of what you mean with a wave 2 - trade
the zones (there is a bullish break in structure from yesterday)
and one needs to trade against as I have shown on the SPY 30
minute. Buyers responded from my zone. Please post an
annotated chart showing your thoughts. Lastly, put the EW
counts to the side and focus on zones/levels as EW is simply
mapping not for triggers.
Steve do you have any good resources for learning how to draw
supply/demand zones? There's so much info out there on the internet
that it's hard to determine who's actually teaching something
correctly
No, but you can start by using the search button here in
the trading community and reviewing many of the prior examples.
I did a summary awhile back that you can find with the
search function here as well. I will review some basics
in tonight's newsletter.
SPX 30 min with fibs
Posted by matt on 10th of Apr 2025 at 11:42 am
$SPX - Chart Link-
Update: SPX 30 min with fibs
Posted by matt on 10th of Apr 2025 at 12:26 pm
$SPX - Chart Link- testing 61.8% Fib
Update: Update: SPX 30 min with fibs
Posted by matt on 10th of Apr 2025 at 02:05 pm
$SPX - Chart Link- nice easy trade off that 61.8% Fib
again I've stated before, you can make systems out of anything - I could see someone trading a very simple system where they only took trades near a 61.8% Fib retracement for shorts or longs, since stops can be very tight, risk/reward ratio works
Matt / Steve - So
Posted by anjali25 on 10th of Apr 2025 at 02:27 pm
Matt / Steve - So since we broke the 5267 level, and there is no 60 min divergence at the bottom - so this means a wave 1-4 overlap so the bounce from last few days has been corrective ?
Is that the right way to look at it ?
if so does that mean one more wave down to be expected ?
Yes but could be a
Posted by steve on 10th of Apr 2025 at 02:30 pm
Yes but could be a diagonal (LD) as part of an impulse if move up to new highs
Thanks so what would we
Posted by anjali25 on 10th of Apr 2025 at 02:33 pm
Thanks so what would we need to watch for to determine if this is a LD vs this bounce from 61.8 retracement is a wave 2 of the final wave down ?
Sorry - I have no
Posted by steve on 10th of Apr 2025 at 02:38 pm
Sorry - I have no idea of what you mean with a wave 2 - trade the zones (there is a bullish break in structure from yesterday) and one needs to trade against as I have shown on the SPY 30 minute. Buyers responded from my zone. Please post an annotated chart showing your thoughts. Lastly, put the EW counts to the side and focus on zones/levels as EW is simply mapping not for triggers.
Amazing guidance steve. Thanks for
Posted by arun on 10th of Apr 2025 at 02:57 pm
Amazing guidance steve. Thanks for sharing
Steve do you have any
Posted by waves7 on 10th of Apr 2025 at 03:23 pm
Steve do you have any good resources for learning how to draw supply/demand zones? There's so much info out there on the internet that it's hard to determine who's actually teaching something correctly
No, but you can start
Posted by steve on 10th of Apr 2025 at 03:34 pm
No, but you can start by using the search button here in the trading community and reviewing many of the prior examples. I did a summary awhile back that you can find with the search function here as well. I will review some basics in tonight's newsletter.
That would be very helpful
Posted by anjali25 on 10th of Apr 2025 at 04:43 pm
That would be very helpful - I struggle with how to choose it and which candle top and bottom to use for it …
thank you !!
Update: Update: SPX 30 min with fibs
Posted by matt on 10th of Apr 2025 at 12:34 pm
$SPX - Chart Link- trying to find some support around the 61.8 Fib the Master Fib