Edited by hiker, 01 August 2007 - 08:47 AM.
short SPY 146.20 area
Started by
hiker
, Aug 01 2007 08:45 AM
3 replies to this topic
#1
Posted 01 August 2007 - 08:45 AM
higher level better
not a daytrade in mind
will need to not move more than a fib amount calc
SPY could easily go much higher on this bounce attempt...1473 SPX cash is doable at some point if a recovery bounce gets in gear
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later update after post above:
trade update and setup to watch here
convergence of two data points
d/t line on 1 min drawn off 1484 SPX late day high
200sma on 1 minute
#2
Posted 01 August 2007 - 08:49 AM
Bravo, Hiker ! ! ! ! Congrats.
#3
Posted 01 August 2007 - 08:53 AM
Ted Burge horizontals for SPX
1447 is being defended for now
1476
1447
1432
these are off his site from mos. ago...if they have changed, I have not looked lately..he usually does not change horizontal price analysis on the daily
.618 retrace is 1437 approx
time to be flat or long while 1447 holds..just my 2c..can always short a move below
Edited by hiker, 01 August 2007 - 08:53 AM.
#4
Posted 01 August 2007 - 09:14 AM
also. 1448 was the closing basis 200day ema for SPX cash
first try at 1447 horiz and 1448 200ema/sma ....is logical it would bounce on first try of this area..
what next? I continue to short bounces until proven otherwise...and I am betting very heavy in my trades....I could get caught in a stop out but one never knows till the trade is on....why not bet with the direction for now which is down..monthly weekly and daily on sells with major levels of support being taken out one at a time
my levels for shorting take risk into account, so shorting bounces has danger not to be minimized at this stage in early a.m...shorts could get squeezed hard today
1473 to 1476 next?
Edited by hiker, 01 August 2007 - 09:09 AM.