Picture Perfect Support
Oh that 13! Trust it, use it,
and bank it. Combine a textbook pullback
into a strongly angled 15MA on the morning retracement, add in a sprinkle of
your favorite one or three minute reversal trigger, and…
voila! It’s simply another case study in why after all these
years, I continue to encourage using the 13-minute trend as the key intraday
trend, with lesser timeframes as triggers.
With respect to yesterday afternoon’s turn, readers of this column and school
students should have noticed the changing midday dynamics as we were testing
daily supports on both the Qs and SPYs. And while the weekly charts show both
indices likely running out of steam soon, leveraging off the daily, hourly,
AND 13 have been picture-perfect long supports and
should have you on the right side, and more importantly, off the wrong side of
the trade with capital intact and the market makes minced meat of those fighting
intraday trends.
As the column goes to press, initial reaction to the
Philly Fed data has turned the tide a bit and watch for the prevailing trend
heading into the afternoon.
QQQ
Thursday
August 15, 2002 12:30 P.M. ET SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Good
Trading!
Don Miller
Remember,
ETFs vs. Futures is the subject of this week’s live TraderTalk.
Click here to join me at 4:30 p.m. ET today, Thursday August 15.