Trading ‘The Edge’
The best traders I know, are
the ones that keep ‘the edge’ real
by continually adjusting to what the market
is saying. They might believe the market is going down, but
when push comes to shove–in the court of public opinion, namely price, volume
and patterns off key levels of support or resistance–it’s these lil’ things,
rather than the big, bad ol’ ego that ultimately keep the decision an easy one.
The market has a very interesting way of making those who can’t be humble on
their own–kneel before the market on its own terms, and usually at much less
desirable levels.
Off some disturbing geopolitical news this
morning, the S&P500 became rattled, but not unglued…
08:45:27
Pre-Market Levels: Potential technical
support/resistance based on Fibonacci Analysis, EMAs, Pattern, and prior Price
Support/Resistance levels
|
SPY |
SUPPORT LEVELS | 104.20 – 104.25 = 2 Levels Minor Intraday support 103.60 – 103.92 = 4 Levels w/1 & 1.25 VB 102.89 – 103.20 = 4 Levels w/ 2 VB 102.50 = 1 Level 100% 30min price projection 102.15 – 102.20 = 2 Levels of Key Daily |
The second tier of supports listed in our premarket analysis held, and with a
pattern in place, it was finally time to make the call out to our subscribers.
09:58:15
Intraday Setup Alert
The S&P500 ETF (SPY)
has formed an
Opening Reversal FlipTop pattern. With the index proxy currently down.43 at
104.32, triggers for possible reversal longs are set above 104.41. Session lows
of 103.82 have been contained within an awareness zone of support outlined in
the premarket.
It’s not ‘the edge’ for everyone out there–as
traders, we do have many different expectations based on price, time, and other
things that go way beyond what I personally would consider an ‘obvious
edge’–but then again, I know my edge, and I’m willing to accept it for all it’s
worth…although, admittedly, as most traders know, sometimes ‘the edge’ is
worth a little bit less, but it’s something we accept within the realm of
disciplined, consistent daytrading.