Using the TD Sequential strategy, there's currently a TD 9 (sell) on 1h, TD 13 (sell) on 4h, and TD 13 (sell) on 1D chart. Not to mention, the gap has been filled and a hanging man candle is present on the 1W chart.
I have set a stop loss at $319, because a high volume breakout through the recent high at $318.50 would mean that it is no longer a potential double top in the making and would indicate further weakness in bears.
I have set a stop loss at $319, because a high volume breakout through the recent high at $318.50 would mean that it is no longer a potential double top in the making and would indicate further weakness in bears.
Trade active
Did not stop myself out from this trade. Still holding SPY short opened at $318, reason being is VIX is also going up along with SPX. New stop loss at $323.5, expecting weird movements throughout earnings.Note
Something did happen. SPY dumped hard, forming a potential bearish engulf on the 4h chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.