FXPhantom
Short

Going short idea. Yeah... picking top here.

FX:SPX500   S&P 500 index of US listed shares
spy
175 4 7
spy
Go short on turbo purple trendline break. There is nice, evident divergence on momentum indicator (built while RSI was in overbought area). We've got some missed daily and weekly pivots which shall be eventualy hit at some point plus possible evening star candle stick formation on the daily chart . OK, trying to pick a top here but profit potential might be worth taking a risk.

“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.”

Paul Tudor Jones
elp
2 years ago
Using the CONSECUTIVE UP DOWN DAYS there has been 13 consecutive up days where the close has closed above the midpoint of the previous candle and 8 days with a higher close. If price pulled back here would not be surprised.
snapshot
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FXPhantom
2 years ago
Based on the 15 min. chart I would consider taking short right at current level based on H&S formation
snapshot
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FXPhantom
2 years ago
Neck line broken. I'm short. The only problem is this: https://twitter.com/DRodriguezFX/status/476354447539699712/photo/1
+1 Reply
FXPhantom
2 years ago
Purple trend line broken on data release. Added to short position.
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