Replies to post #30241 on ETF SWING & DAY TRADING

[Mr Nasdaq]

Re: They were "Stooges" indeed!

LOL! Slap the three of them for me, will you?

You are correct in your observation that the "Support & Resistance Report" is not a "guarantee" of a successful trade. It is, however, a good "guideline" that works most of the time.

One rule that I try to follow is to avoid a trade whenever a Sell Signal is triggered by a price that gaps above an area of "Gathering Resistance" at the open, as was the case on Friday. That's a "no trade" situation for me unless the price pulls back below the area of "Gathering Resistance" and begins using it as such.

That happened at one point on Friday and provided a temporary opportunity for a modest short trade.

It's a good idea, too, to use the various stock indicators (CCI, MACD and ADX) in combination with the "Support & Resistance Report" Buy and Sell Signals.

I haven't tried Nocona's RSI-5 approach, yet. I have, however, read enough good feedback about it to convince me to look into it (create an hourly chart and slap an RSI-5 on it).

Mike