The Importance Of Daily Support And Resistance Levels | Rob Hoffman Trader

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http://www.BecomeABetterTrader.com In this video: With all of these moves that we’ve been getting in the market a lot of people have been asking about potentially taking longer term positions in some of these stock indices. Now, a lot of people don’t like to take long term positions in futures. For instance, on a spike down on the NASDAQ, looking for that bounce, a lot of people don’t necessarily want to trade the future on that. This is because they are not comfortable with the risk. Fortunately, there are ETFs that will allow us to do this. Now many people know that standard popular ETFs. For the NASDAQ is the QQQ, for the S&P it’s the SPY and for the Russell it is IWM. There are also inverse funds and leverage funds as well that we can use for our trading. For instance, the NASDAQ, to take short positions, one could buy the QID which is the ultra-short Qs fund. That moves an inverse to the NASDAQ as we can see here (on my chart at 2:50). As the NASDAQ has been moving up, QID has been moving down. The NASDAQ here made a speed line to 20 trade (on my charts at 2:59) and over here QID made a speed line to 20 trade in the opposite direction. That’s one way that you can play these by using an ETF instead of the underlying futures contract itself. – See more at: http://robhoffmantrader.com/etfs-stock-index-futures-support-resistance-levels/

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