This afternoon after 1pm in the "zombie hour" there was actually a great trade on AMEX:SPY. I missed it because I was at the gym when the signal came in but I wanted to make a video about it for my own posterity as to what makes a "GOOD TRADE!"
What made it a good trade is that the reversal signal occurred right at the 50% retracement of this week's big price action from the High of Monday's open to the Low of Tuesday's open. So far it seems as of today Wednesday we bounced off that level and established a smaller range which I'll be watching.
This is going to be compiled as an example of why I think looking for SIMPLE 50% retracement levels in price is one of the most powerful tools for finding Support/Resistance for profitable and high probability trade entries and exits.