@VVX565 and others that are interested............
here is a link to a S&P500 chart........... https://www.investtech.com/main/market.php?CompanyID=99200005
It makes a VERY IMPORTANT point. If you look at the 2 support lines drawn in GREEN and marked with an asterisk at 2580 and 2400 and follow those back to earlier this year, and further back to last year, you will see where they intersect the daily chart at REAL levels that are now deemed to be support levels. The IMPORTANT POINT I want to make are these are REAL levels, real spots on the chart where the index has risen to (RESISTANCE), or has been supported in the past.
Folk come on here and mention the 200day trend line, various indicators such as RSI, MAC-D and others including the 20 and 50 day trendlines. THESE ARE IMAGINARY. They are levels derived AND MADE UP from the price and are not real price levels. Support and resistance on any chart are ACTUAL price levels. Also real straight edge trendlines drawn on charts, as that link shows, are real levels.
I think if you really want to make it, you need to be aware traders tend to work off REAL LEVELS and use indicators as a very small supplement to trading. They are not important. Support and resistance is. There is a BIG difference in using the real price, not only for trading, but also risk management and trade management..............than using imaginary levels.
It's little things like this that show the differnce between pro's and market observers. Learn to follow real traders.....which, of course, is not me...............well, not yet anyway!
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