This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
That 60 min shows a very low risk, high reward short. Stop loss is just above the 200 hour moving average (depending on the filter). The setup is beautiful. Possible RSI and STO swing failures, MACD possibly failing at the zero line, ADX looking to confirm negative with price triangulating under short term and longer term moving average S/R with still more time for the down cycle to possibly run - if there ever was a short setup in the last 6 months, this is it, and if you're not taking it, you'd better ask yourself what you're doing in the market to begin with. ;-)
The first big long level is just as clear as the short level BTW - 1600 price, trend, and 50dma (not shown here obviously). Very nicely defined risk/reward regardless of your tendency, and a long would certainly be reasonable if the markets are unable to break down.
Nice chart illustrating the setup, and the 30 minute isn't bad either.
That 60 min shows a very low risk, high reward short. Stop loss is just above the 200 hour moving average (depending on the filter). The setup is beautiful. Possible RSI and STO swing failures, MACD possibly failing at the zero line, ADX looking to confirm negative with price triangulating under short term and longer term moving average S/R with still more time for the down cycle to possibly run - if there ever was a short setup in the last 6 months, this is it, and if you're not taking it, you'd better ask yourself what you're doing in the market to begin with. ;-)
ReplyDeleteThe first big long level is just as clear as the short level BTW - 1600 price, trend, and 50dma (not shown here obviously). Very nicely defined risk/reward regardless of your tendency, and a long would certainly be reasonable if the markets are unable to break down.
Nice chart illustrating the setup, and the 30 minute isn't bad either.
Yes it should be an interesting week.I wouldn't rule out a spike on Monday to take out some stops,then reverse :-)
ReplyDeleteHere's a great article with a lot of great stuff, including a failed retest level on the /es that lines up with the SPX 200hma we talked about above.
ReplyDeletehttp://www.safehaven.com/article/30166/sp-longer-trend-weakening-daily-trend-turning
I also really like his "SM" volumen and price action at highs analysis!
thanks HR,good stuff !
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