@IllusionsCatcher, I would love to. I just looked at your entry today which was perfect, as I went long at the opening today. I am sorry I do not know how to PM on this platform so that you can help me.. I did not see this message until now. Thanks.
@Shiloh777, It's OK if you PM. I was mostly concentrated on my oil trade today as I was scaling in into a long position for about 2 hours as it entered the support zone. As far as IWM I was waiting for a confirmation but still entered a little early but the position was dark green into the close. We'll probably see more Z action early next week and that is hard to trade. I have a good system but following it requires an enormous amount of self-control. Feel free to join.
@Shiloh777, VSA (Volume Spread Analysis) and VPA (Volume Price Analysis) are not indicators but discretionary trading systems. You can google and get some literature on the both. Also "Trades About To Happen" is a nice book that describes this approach. As far as how I pick up my targets it's a long conversation and we can discuss on the future charts. After determining the most probable direction I come up with the location of the most probable profit taking (PT). Pt happen at critical levels. With SPY I anticipate a retest of the most recent high. If the projected PT level coincides with daily pivots, trend lines, major reversal zones then probabilities go up. As traders we can only get about 60%/40% probabilities imho. Everything else is a fairy tale.
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