SP500 FUTURES: End of consolidation, resume of downtrend Short

CME_MINI:MESH2020120

Micro E-mini S&P 500 Index Futures (Mar 2020)CME

Description

⋅ Mar 5, 2020 10:28 AM

I HAVE NO CLUE
THIS IS ONLY MY THINKING EXPRESSED IN WRITTEN WORDS AS A WAY TO ORGANIZE MY THOUGHTS

THIS APPLIES TO:
CME_MINI:MES1!
CME_MINI:ES1!
AMEX:SPY
TVC:SPX

AFTER ATH A -16% DOWNTREND
CONSOLIDATION IN TRIANGLE SHAPE
DOUBLE REJECTION FROM 50% RETRACEMENT OF DOWN MOVE
TRIANGLE BROKEN TO THE DOWNSIDE WAIT FOR A CLOSE BELOW TRENDLINE
SO, WHAT ALL OF THIS MEANS TO ME:
1 - DOWNTREND + CONSOLIDATION = RESUME DOWNTREND
2 - CONSOLIDATION END = CLOSE BELOW TRENDLINE AND 38.2% RETRACEMENT
3 - IF 2 = LOOKING FOR GOOD ENTRY LOCATION TO PLACE SHORTS

Comment

⋅ Mar 10, 2020 8:40 AM

OK, THAT'S IT
AFTER A 350 POINT DECLINE SINCE THE IDEA WAS PUBLISHED IT HIT SUPPORT AROUND 2700 (2009 SUPPORT TRENDLINE)

Comments

javedjack

⋅ Jan 10, 2024 12:42 PM

hey I need you help making indicator

elroy26

⋅ Dec 9, 2021 9:47 PM

hey I need your help in decoding an indicator, can you help me do it? I found your recommendation on tradingview

ridethepig

⋅ Mar 5, 2020 11:41 AM

Tracking the same leg here, GL!

makit0

⋅ Mar 5, 2020 11:56 AM

@ridethepig, Thank you very much! :D
I'm in my second trading year and my execution is the worst but I'm trying to learn and do better at each trade...