Trying to make the transition from trading as a hobby to trading for income.
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Monday, July 25, 2011
For the $SPX this 1340-1350 ish area is some fantastic resistance, break that and tally ho!! As for the downside 1250-1260 ish area is some fantastic support, break that and everybody gonna scream "it's just like '08...told ya so". I know 80-100 SPX points is some decent movement but on a macro scale, we've been consolidating all year in a BULL cycle market since 09. It's great to be "quick and nimble" as Vanilla Ice used to claim, but for longer term traders, it's been a swinger (3-7 day) market. Best edge i've found is scalp intra day, when get some cushion, keep a little skin in overnight for bigger moves. We're still above the 200 SMA but the trading around the 50 SMA has just been too noisy. I'll keep trying methods while in this range for hit and runs, but am still showing a fear of commitment like all my ex's used to say...