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2barreversal

SPY / ES - (Bearish) 2 Bar ReversalLast Friday SPY had formed a very large 2 bar reversal from a key support and resistance level. This could see prices rotate down towards 2600 before potentially finding some support. As this market has been strongly bullish , caution is more than warranted if you are looking to short it. Although, this looks to be the best bearish setup that I have seen since the initial rally started last December. If price gaps down tomorrow, I may be looking to short once the gap is filled, or even more aggressively waiting for a 50% retracement of the 2-bar reversal pattern. The weaker ETFs such as XLF or XLE may be even more attractive shorts.
AMEX:SPYShort
by krugman87
USO / CL - Bullish price action buy signal from key support**Market Structure** *Market has been making higher highs *Large rejection off of the key support zone of $67 - $66.40 *Intra-day pattern is a 2 bar reversal, daily is a bullish pinbar **Trading Ideas** *Go long at an upper break of the pattern for a less aggressive entry ($68) or enter long on a pullback for a more aggressive entry($67-$66.80) *IV rank in oil is still very high so either get long by selling puts to collect on both direction and premium, or simply get long via /CL or USO
NYMEX:CL1!Long
by krugman87
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