I am happy to be able to post back here again (With the approval of my new employer allowing me to post ideas without any form of COI.
We are technically at a major level (An area of consistent resistance. This level is strong Fibonacci confluence zone meaning we're obviously looking for a ricochet scenario back to the lows again.
Due to over-enthusiasm of the SPX0.46% recovering after its short term price crash, we had over enthusiastic buy backs at this level, back up to the resistance level, giving us another free opportunity to short the market at a aforementioned reliable level.
The signals are very bearish , we have a Harami cross, bear engulf, and gap down, to give us an obvious entry point with tight stop loss utilisation.
Thanks so much, good to be back. Tom
Comments
Killy_Mel
⋅
thats looks complex))
Daniel.B
⋅
Good to have you back Tom! Very nice analysis! I had wondered what happened to you but now that you mentioned new employer and COI it makes sense. Anyhow, I like the short idea, you've definitely made the case for it! Cheers =)
TomProTrader
⋅
Thank you Dan. It's good to be back :), thank you for the kind words