Ok, will use QQQ or SPY
Can be applied to most any chart or timeframe though. Most market followers or 'trading teachers' that I have followed in the past all put a strong emphasis on whether the SMAs are Support or Resistance and using the tests of them as triggers to enter a trade Long when uptrending and testing the Support or entering a trade Short when downtrending and testing them as Resistance. When the SMAs are being tested you need to be careful of them changing from Support to Resistance or Resistance to Support though as that could signal a change of trend. Using a 6 month chart as a Longer term indicator might have had you Long the SPY since mid March? Exiting only on the piercings of the Upper Bollinger bands when the Williams %R was topped and re-entering when the SMA Support was tested and held Support? Again, I rarely look at longer term trades :^)
Can be applied to most any chart or timeframe though. Most market followers or 'trading teachers' that I have followed in the past all put a strong emphasis on whether the SMAs are Support or Resistance and using the tests of them as triggers to enter a trade Long when uptrending and testing the Support or entering a trade Short when downtrending and testing them as Resistance. When the SMAs are being tested you need to be careful of them changing from Support to Resistance or Resistance to Support though as that could signal a change of trend. Using a 6 month chart as a Longer term indicator might have had you Long the SPY since mid March? Exiting only on the piercings of the Upper Bollinger bands when the Williams %R was topped and re-entering when the SMA Support was tested and held Support? Again, I rarely look at longer term trades :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
