“Cheers to a new year and another chance for us to get it right.”Happy New Year all. It was a great holiday and always seemed too short. However, like a good blacksmith and continued to sharpen my blade of knowledge reading and understanding the workings of the market. Okay so I read a couple of days when the weather was bad outside in-between drinks. This year I'll will be posting only when i see potential set ups that I would like to execute on. The posts will be shorter (thank goodness) but still helpful I believe.
― Oprah Winfrey
Without further delay below is the SPX 15min PnF chart highlighting in green the current trading range. We simply wait to see which way it breaks and jump on board. The red area highlights the potential first target (support and resistance) on a break of the trading range. Simple right? Just try trading in real time. Not so simple. I would like to see a break (either way) and subsequent test of the broken support/resistance area before having the confidence to enter a position but sometime the market is not that kind.
Lets watch and see.
Thanks for reading.