NaughtyPines
Short

WAITING FOR 1H 8/34 CROSS BEFORE CONSIDERING /ES, SPX500 SHORT

FX:SPX500   S&P 500 index of US listed shares
I've been waiting virtually "forever" for a "downward facing" 8/24 EMA on the 1H to initiate a "fingertrap" short on /ES ( SPX500             shown here; the "fingertrap" method is described in the post below). The actual EMA cross hasn't occurred yet, but price has broken below the 34 EMA , which is promising for the setup. Naturally, the movement can fizzle out, particular in the Asian, so I wouldn't necessarily get excited yet. Set your alert for the cross, and then come back when it goes off ... .

I'll try to post paper trades in SPX500             here, while simultaneously trading /ES.
Comment: Typical Asian. "Promising" movement initially, but has petered out here, so not looking good for a continuation down. Will check back at top of the hours or on cross alert.
Comment: And this is why I wait for the cross + confirmation (e.g., a completed 1H candle below the cross). You may miss some of the move, but I'm not looking for 4 points, I'm looking for large point continuation ... .
Comment: The cross is nearly complete. Unfortunately, it's Friday, and I'm not sure I want to hold a short over the weekend. Weird stuff happens ... .
Comment: What the heck, shorted 1 @ SPX 2157.4; SL above 5 min swing high @ 2160.2.
Comment: Scaling in: -1 @ SPX 2159.4; net -2 position at 2158.4.
Comment: Stopped out. (Sad face emoticon).
Yesterday's Asian session turned out to be fairly typical with range bound action between the previous day's hi/lo .361 and .618 Fibs. If I hadn't had my heart set on a fingertrap setup, trading this range could have been productive.
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