I spent much of this trading day
watching a Bullish RSI play out in the 30 Minute time frame in S+P Chart.
For illustration purposes, I am showing you my favorite simple
short term trading indicator "Know Sure Thing Indicator" in the 15 Min Time frame
Look at how today's sharp down open in the S+P to 2825 low
shows the "Know Sure Thing Indicator" bullishly, at almost at the top of it's chart.
That was a clear sign that today's trip back down to test the weekly low at 2822 was going to be a successful retest.
As a trader I am constantly looking for glaring bullish or bearish intra day divergences,
that I just try to focus with lazer like precision on that divergence, all the while price continually gyrates in large swings.
Today felt like a bottom to me.
I am going to play it that way.
If that proves to be the case, then the S+P will soon be challenging 2911,
very important primary overhead resistance
Let's see how this strategy plays out, for the balance of the week.
SPX Last 2883.98
THE_UNWIND
8/7/19
NEW YORK
watching a Bullish RSI play out in the 30 Minute time frame in S+P Chart.
For illustration purposes, I am showing you my favorite simple
short term trading indicator "Know Sure Thing Indicator" in the 15 Min Time frame
Look at how today's sharp down open in the S+P to 2825 low
shows the "Know Sure Thing Indicator" bullishly, at almost at the top of it's chart.
That was a clear sign that today's trip back down to test the weekly low at 2822 was going to be a successful retest.
As a trader I am constantly looking for glaring bullish or bearish intra day divergences,
that I just try to focus with lazer like precision on that divergence, all the while price continually gyrates in large swings.
Today felt like a bottom to me.
I am going to play it that way.
If that proves to be the case, then the S+P will soon be challenging 2911,
very important primary overhead resistance
Let's see how this strategy plays out, for the balance of the week.
SPX Last 2883.98
THE_UNWIND
8/7/19
NEW YORK