elp
Short

SPX Good RR Setup for a short.

FX:SPX500   S&P 500 index of US listed shares
274 13 5
I'm not implying the spx             rally is over or a top is in. But looking at the channel the spx             has been trading in since 2011 lows, there is not much room to the upside at the moment and believe by observation there is more room for the spx             to pullback. My plan is to sell the hwb from highs to lows as long as it acts as resistance with a tight stop. Last week was the first time the 61.8 short held as resistance. For the whole month of February there was no resistance, last week it showed up. If it continues, looking to sell resistance. If the market rallies back up to highs which it could, I would look to sell into strength with my stop above the top channel. IMO it's a good rr trade and better than the long at this moment. I would look to take off the trade ar 2020-2012 could even see the spx             trade back to 1968.
elp
2 years ago
Another view why this time is not different than anyother time.
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elp
2 years ago
Accumulation and distribution, two weeks and monthly showing distribution.
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elp elp
2 years ago
The chart above is average true range which shows trendling support where previous corrections have started. Here is the Accumulation & Distribution chart.
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elp elp
2 years ago
NYSE Composite - Rate of Change, Quartly, Monthly and Two Weeks all negative today. This could signal more downside price action for all the indices.
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maximus71
2 years ago
Next week it could retrace complete downside of today...if monthly pivot hold...let we see next week...good trades to all!!
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elp maximus71
2 years ago
Very well possible price could retrace most of todays losses. However, price reached its target off the October long, so the next long setup could see price back at February lows:
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elp maximus71
2 years ago
Here was todays short setup that traded to its second target. Usually when price tradeds to its -0.618 price tends to retrace.
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elp elp
2 years ago
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elp maximus71
2 years ago
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elp maximus71
2 years ago
The next possible short setup. Todays highs could even trade next week. if its all resistance looking at targets below.
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elp maximus71
2 years ago
Next week is futures rollover. My thought is who wants to put on a new swing trade on the old contract next week? Plus traders who were long and did not get out today might look at a retrace to take profit, which could cause more selling. By Thursday the new contract should be in full swing, so could see a Thursday Friday low??? Or further into the month.
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elp
2 years ago
When the VIX-FIX paints back to grey, looking left of the chart, going long has been the trade.
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maximus71
2 years ago
Next big trade to short at 1.161 fibo ....2138 zone... direction 1800...in july 2015
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