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.
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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?
ReplyDeleteThanks!