takinprofitss

$SPY overnighting/intraday with Areas of Interest On Chart +

AMEX:SPY   SPDR S&P 500 ETF TRUST
I only trade $SPY weeklies usually all expiring week of, sometimes next week depends on different factors (message me or comment ill explain them). The top box is the resistance area, the one below is the support area, resistance = support once it surpasses + you can see the amount of touches both boxes have the two bottom lines are support in case we get a weird day or two or even a slight pullback like the days we've had. Consider watching these levels, I ONLY play $SPY because it works, last fri got 2 400%+, thurs 3 200%+, the 3 min, 5 min, 1hr chart for shares, 5 min or 3min (preference, really you would still get better entries than using a 10 min and have a much better and clearer picture/direction than 1 min. Also, add lvl 2 (shares & option you are eyeing) + time and sales (for shares & options) i see a lot of similiaries (pattern wise) on the 3-5 and 10 min (which a lot of option traders use) . I like expiring week of 1-2 strikes OTM I want it to turn to ITM within 3-12 min, if you can't afford to buy ITM for whatever you're playing don't play it. Weeklies is playing with fire at a gasoline station covered in oil, unless you got a plan, stragety and the mindset to withstand losses because you will lose.
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