RE: RE: CheckmateThanks ellgar
I follow the futures but don't count the overnight futures in my charting, but it can flirt with those levels for sure. We still need to see 1073 in the regular session imo. I do think we'll see it next week. Mkt will spike down during Wed-Fri next week imo. First, mkt rallies to around S&P 1119 next few days.
Now if the mkt were to drop below 1070 at any time in the next few weeks, that would mean my theory is incorrect. I really like the way things are lining up though so I believe my calcs will prove to be accurate.
In terms of risk management when I'm in tune with the mkt (like right now), I take large positions on both sides of every trade. FAS and FAZ. When I'm out of sync then my position size drops, and I'll just trade the one that is aligned with my view of the mkt bias up/down. If my theories are wrong then my regular indicators usually keep me from getting too far off course.
The beauty is we don't need to be right all the time. If we make sound decisions for the most part and then cut our losses when proven wrong, then we come out with profits at the end.
BTW my targets here are strong support and resistance levels on a technicals basis. To be clear I'm not providing investment advice or trade recommendations. Everyone is responsible for their own trades. I'm frequently wrong and often change my mind too! Do due diligence and if I'm heading over the cliff don't follow me over!!!! lol
SC