Replies to post #30920 on ETF SWING & DAY TRADING

[GLENO34]

Based upon a un-named poster who developed this S/R system we hit a minor support area this week...This is very interesting if you look at the lines and price action..We need to get back above 2225.....
<img src="http://stockcharts.com/c-sc/sc?s=$COMPQ&p=W&yr=2&mn=0&dy=0&id=t93214852450&a....

[farooq]

Glen,
You are day trading with weekly chart, you should use three months to 1 month chart. Use one year chart for bigger picture.
Do not dishearten now.
You are looking a wrong chart, look at this one.

http://stockcharts.com/h-sc/ui?s=$NDX&p=D&yr=1&mn=0&dy=0&id=p78484259697

I am still bearish but I am not in extreme. I sold some bearish spread for Monday if we do not crash I will cover them tomorrow but I am betting only 10% of equity so my max loss would be 5-10% of my bet. In this business money management is 80 % and 20 % is TA and Picks.

Good luck.