A Strong Defensive Line Needs A Better Offense
When the ETFs are testing key
daily levels I like to use the 30-minute extended chart as a key determinant in
trade execution. Levels of support are
fine, but in my humble opinion, if I don’t see something taking shape on the
longer intraday time frames, I’m less likely to ‘see the edge’–this is
especially true when the market might not be running on all cylinders, if you
know what I mean.
With some of the U.S. markets closed today in
observance of Veteran’s Day, I’m personally in no particular hurry to ‘fight the
resistance’ without first having a good line from which to attack the trade.
Chris Tyler