Thursday, September 23, 2010

9/23 11:30

We have c wave up complete.  SP futures came up to their 30-minute M/A which is now resistance.
Those of you that have been around for a while on this blog know what I mean when I say "critical support" and "critical resistance".  It is the 5-minute, 380-unit M/A of DJI.  My trading discipline has 3 levels of positions:
a)  I1 turn date.  Put on 4%-8% double short ETFs and 1% futures shorts
b)  Breaking the 30-minute M/A SP futures (which we did Wednesday). 15%-30% ETFs, 1% futures
c)  Breaking the 5-minute, 380-unit M/A (the toughest nut to crack. 40% ETFs, 2% futures.

1 comment:

  1. Steve, do you have a post on your site that summarizes all the MA's you use for support and resistance? I am trying to make up a list and realize that I'm confused not only about the period of the MA, but also its significance. Also, I believe most of your MA's are simple moving averages, but the 380 MA you use on the 5 min chart is an exponential MA, right?