Ever since Dr. Brett left the blogosphere I’ve realized that his daily price target tweets had found a way into my trading. I’m no expert at excel but I was able to build the price targets that he so kindly shared and have added a few tweaks to accommodate my trading style. If you haven’t attempted to create them, or a variation of them, I’d suggest you give it a try.
Since I started tweeting the price targets I’ve gotten decent feedback and I appreciate that. However, there is a common theme that seems to exist and that is why use the traditional pivot nomenclature to define price targets. Honestly, I never liked that either and I can see where the confusion comes in. I’m making some adjustments to what I tweet and thought this would be the best venue to share the changes.
I’ll stick with the traditional pivot and replace R with A and S with B. The A will be levels that are Above the pivot and the B will be levels that are Below the pivot.
Let’s be clear, I’m not making trades based off of these levels but rather treating them as they were designed–as targets. I don’t get in my car and drive aimlessly but rather with the purpose of getting somewhere. Nor do I enter a trade without knowing where I’d get out, wrong or right. I’d love to hear how you use Dr. Brett’s price targets so please leave a comment or email me.