Recently, we've had lower highs and lower lows after a huge rally. Currently, we have a bearish cypher at completion for a short term set-up. Price action could likely rally through the X point; however, I'll be looking to short the SPY for a short term trade. If we break above 2390, I will shift back to a bullish mindset. As always, follow your rules, and trade with caution. Good luck!
Trade closed: stop reached
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TP1 hit at 2350.
Exited second position right above 2365 level.
Comments
jjburrel
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TP1 hit at 2350. Looking for a move down to TP2 at 2340 before taking off remainder of position. If price action moves above 2365 first, I will exit. Good luck!
Reekardo
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is this the ENDING diagonal?
jjburrel
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@Reekardo, Yes, the pattern is at the completion point if that is what you're asking; however, I'm expecting a small push higher before seeing a move down.
Reekardo
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@jjburrel, i luv the CYPHER... it sounds like a toxic brew for mindless robotic bulls.