Support is only know AFTER the fact. If you want to play guessing games and try to buy early your PnL will show you what is wrong with that strategy. For every stock, ETF, or any position you enter, keep these guidelines in mind.

1- If the 5 dma is declining, it is guilty til proven innocent and the odds favor short or cash, if you attempt to buy it is extremely high risk and you should only attempt it for daytrades.

2- If the 5dma is advancing, it is innocent until proven guilty and the odds favor long or cash, shorting is extremely high risk and if you attempt it should be for a daytrade only.

3- Volume doesnt pay, nor does VIX, MACD, RSI, etc. What the bonds are doing is interesting but trade what you are trading, dont trade realationships which arent always there. Keep it simple and manage risk in your individual stock. Everyday. Regardless of the market trend, manage risk in the stock you are in.

4- If you are daytrading against the intermediate term trend, trade in the direction of the vwap.

5- No strategy is perfect which is why we have stop levels on every single trade. Stops make sure that if we take a loser it is a small one.

6- Before you enter any position ask these 2 questions
a- Where has it come from?
b- Where does it have potential to go?

We want to make sure we are entering at a LOW RISK point, not a stock which has already had a big move and we want to make sure we are not entring at a point where our price target is too close to where the stock currently is.

6- Keep your analysis simple, ONLY PRICE PAYS- 90% or more of your focus should be based on PRICE ACTION!

Please print this out and refer to it before you enter any position. I wrote this up quickly today and I will make it better.

There are no accompanying sheets today, you must view the video if you are interested in getting ideas.