Here are hourly charts of the September S&P e-mini futures, the Spiders, and the QQQQ's. I last commented on these markets here.
The S&P's broke below the 1540 level briefly today but I think that the move will prove to be a false breakout. The action in the Q's which held their corresponding low reinforces this view. so I am expecting all three market to start a swing upward to the upside targets noted on the charts.
Here is a reason why you shouldn't take any bloggers advice for your trading. Carl said "The S&P's broke below the 1540 level briefly today but I think that the move will prove to be a false breakout." But, of course, we know now that's isn't true. S&P broke beyond 1540 and now sits around 1533, as I am typing this. So what this means, is that, trade the charts and the patterns. Don't trade on prediction.
Prediction is for entertainment purposes only.
No it is not for entertainment. You got your "predicted" level of support or resistance. When the market goes to it you choose how much you want to risk and place an order. When you are wrong you loose what you planned in advance when you are right you earn money. Buy with support sell with resistance. Now support is 1520. At that level you choose again how much you want to risk. This is the only thing you can control in the market. And Carl is more often right than wrong. And please read one post carefully. Go to the right pane, choose "index of odds and ends" and choose "how to trade your forecasts".
I've been following this blog for a while and it just proves yet again one thing, having a phd etc etc etc in maths, ecomonics etc is worth jack s*** when it comes to trading, thats why this guy is writing a blog and now sitting on a billion dollars in trading profits... predicitions are consistently wrong!
Carl is the best Market technician. He is doing things almost impossible. As far as I can say, he did great job !!! The levels he identified and the pattern he followed are just a guideline. You need to control the risk on your side. This is nothing to do with Phd, etc. So don't get it personally. You can simply ignore it if it doesn't add value to you. JH
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