Daytrading SPX (Continued)
Updated
Took profits on my last short on the double top and have been out until now.
What I see:
- Double top
- Overbought
- 5 Min MACD Divergence
- A very volatile push that will absolutely run out of steam soon due to lack of fundamental reasoning.
- Moving averages above price level should keep price down (Until it doesn't, of course)
The Trade:
Short, using the double top as an addition to the trade and a stop loss a bit above the double top to add in the standard deviation. One way I thought about doing this is just taking the StdDev of the previous 20 bars and adding it on top of the trendline, but I am still working on the concept.
Per usual, this is not an advice or recommendation and is for educational and/or entertainment purposes only
What I see:
- Double top
- Overbought
- 5 Min MACD Divergence
- A very volatile push that will absolutely run out of steam soon due to lack of fundamental reasoning.
- Moving averages above price level should keep price down (Until it doesn't, of course)
The Trade:
Short, using the double top as an addition to the trade and a stop loss a bit above the double top to add in the standard deviation. One way I thought about doing this is just taking the StdDev of the previous 20 bars and adding it on top of the trendline, but I am still working on the concept.
Per usual, this is not an advice or recommendation and is for educational and/or entertainment purposes only
Comment
Filled the gap and then bounced back, didn't quite reach my take profit point. As it double topped AGAIN with 15 minute MACD divergence, I added more to my short at the double top. I am under the assumption that this is a short term- top until we get tomorrows economic data (assuming it is positive). I am short right now strictly on a risk/reward basis, and I will probably cover the short by the end of the day in order to protect myself from either side of the economic data coming out in the morning. Per usual, this is not an advice or recommendation and is for educational and/or entertainment purposes only
Comment
Took small profits to protect my downside for tomorrow morning. SPX found resistance at that line because the nasdaq found its own resistance at the 150SMA (I believe its 150... it may be 100, apologies, I don't recall, but it doesn't really matter which either way). While this puts us as at a short term top, I am not going to bet against the economic data tomorrow. Instead, i will wait until it comes out and adjust accordingly. This could be a great place to buy if both the SPX and Nasdaq break out from this range. This would be an amazing place to short if they cannot make it over resistance. I will be trading this either way tomorrow and will try to keep updates going.
Per usual, this is not an advice or recommendation and is for educational and/or entertainment purposes only
Comment
Here is the NQ1 to show what I spoke about in the last update... it is a buy if it gets out of this downtrend and over the 100SMA, it is a short if it cannot. Per usual, this is not an advice or recommendation and is for educational and/or entertainment purposes only
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