So you don't think support and
resistance matter...well the 60 min chart of the Nasdaq today is a
perfect example. Today the Nasdaq bounced perfectly off the 50 day
MA by 0.07 cents (350 on the 60 min chart). Also corresponded to a
horizontal support line.
Traders can make money by simply
buying support and selling/shorting resistance.
Also this morning the SPX tested
1370 (former support) and reversed back down.
Matt: Nice call on the Nasdaq playing catch up - it
did. I bought back into QID early yesterday morning. Now
I just plan to hold it through this next upleg. FinaM
Nasdaq 60 min chart.png So you
Posted by matt on 9th of Jun 2008 at 04:08 pm
So you don't think support and resistance matter...well the 60 min chart of the Nasdaq today is a perfect example. Today the Nasdaq bounced perfectly off the 50 day MA by 0.07 cents (350 on the 60 min chart). Also corresponded to a horizontal support line.
Traders can make money by simply buying support and selling/shorting resistance.
Also this morning the SPX tested 1370 (former support) and reversed back down.
NDX
Posted by finam on 10th of Jun 2008 at 07:04 am
Matt: Nice call on the Nasdaq playing catch up - it did. I bought back into QID early yesterday morning. Now I just plan to hold it through this next upleg. FinaM
this was a VERY good
Posted by dylan398 on 9th of Jun 2008 at 04:21 pm
this was a VERY good day for daytraders......I did very well..thks for AA...also SRS broke out and I flipped that one....
keep an eye on those refiners...they took volume in the last hour..