lessons learnt, page-3

Maxi.

I don't know how to chart.

I get 15 different Fibonacci numbers from 15 different technical guys.

I get 15 Elliot Wave counts from 15 different guys.

So I don't bother. I just go on past experience as to where the buyers congregate and the sellers remain poised (judging by market movements on the past 96 hours), and set my positions for entry/exit slightly away from that depending on the mood of the market.

For example, I have for the SPX -

Potential reshort level - 1095 (Offer at 1098 due to market exuberance).

Potential closeout if done at 1095 - 1067 (VWAP premarket during S&P downgrade Monday).

Potential closeout if not done at 1095 - open ended freefall down to 1116 - (Monday's close - minus 2 points for overshooting).