Fuinhaz $SPY read for February 28 2013

I don’t know if many of you follow me on twitter, but On February 26, at around mid day I wrote that we had reached the 148.90 Fibonacci level, and that we were about to bounce. On that same day I talked about in the morning that I had seen people calling for a 7 to 10% pullback. I also got called out for saying that this 148.90 level was not important since we did not have any economic data to bring us back up.

Well clearly my Fibonacci levels are not that silly. They were as close to spot on, and I missed nailing the 3% pullback by only .03 cents.

Am I being cocky?

Not at all, my goal as many of you have been witnessing, is to give you the best picture scenario possible to protect your investments or trades from the talking heads on TV. The people that give panic a whole new meaning.

I study these market, and come back to explain it to you in the most simplified way so everyone can understand, and profit from it by taking trades with less emotion, and more precision. I do that so even though we are competing against the High Frequency Trade (HFT) robots/machines we still can get a price that even these computerized fake traders can’t pick up themselves.

I get complements of people who at some point would like me to trade for them, but the truth is that the best thing I can do is to help you understand how all this work, so you can control your finances and not get loomed by a financial advisor that is mostly working for his own interest and the firm he/she is working for.

When I make mistakes, I have no problem pointing them out. Making mistakes while being a disciplined trader is good. That is by having stops in place when trades don’t work, and exiting the trades and raising stop so you can get the most out of a position.

Making mistakes by not being disciplined is what most retail investors who abandon the market do (ex. loose stops, adding to a losing position, not learning to take a loss).

I will soon be offering to help new and experienced traders some extra help by sharing my knowledge of charting and taking the trades according to my Fibonacci levels. So if you are interested please let me know. If you are interested please contact me at fuinhaz@yahoo.com.

Now let’s go to the numbers.

$SPY 1st support is 150.82, 2nd support 150.26 and 3rd is 149.35 (Fibonacci Level).