Sometimes I Think Technical Analysis Is Too Good

June 22nd, 2009

Really though, these past couple of weeks has been an amazing learning experience for most of you beginning traders. Day in and day out I have been hand feeding you support and resistance targets based on technical analysis. And day in and day out they have been RIGHT ON! This morning I alerted everyone that the S&P would likely fall to 895 before finding support. And from the chart below you can see that we opened up lower and went right for that support level. Just amazing! Are you a believer yet? It’s right here in color for you!

 

spx20

 

Oil’s fall today was great as it moved down more than 3% and broke below a major Fib support level. This allowed us to close out our ERY LONG for a nearly 40% profit in just 2 WEEKS! From here the target support is somewhere in the green region below.

 

oil1

 

Finally, here is one of Member’s best performing shorts today. We had many others down 5-7% today as well, but we are in the money more than 20% on this gem. The complete trade is again in Green below for you to see. It’s break of major Fib support on fairly high volume means more downside is coming for sure.

 

drq

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