goodguy

SPY: What I am watching. First weeklyclose< line since 2009???

AMEX:SPY   SPDR S&P 500
spy
105 5 5
spy
You may want to keep an eye on this. It's only Monday but I am trying to look ahead. Will we have a close below this long term trend line after 6 years? If so would seem bearish to me. Recheck on Friday. Take care. Have a good week.
Follow your logic, why use low on Oct 2011 rather than close, like Oct 2014?
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How much do you risk and what do you target, at least initially? Any further confirmation techniques that you could use?
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Tim I follow the long term charts to look for major trend changes. Personally I usually trade leveraged 2x, and 3x ETFs using 2 hour and daily charts. I use Fibonacci relationships, some simple patterns, channels, and some candle formations to decide when to get in or out of a trade. I also use some momentum indicators looking for divergences . Can get an idea from some of my postings. I'm always trying to improve so feedback is greatly appreciated.
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Thanks. I was hoping to find out what your risk tolerance was on this short position. Do you risk 1%, 2% or 3% of your equity? Do you place your stop far away from the market and start with a small position or do you go with a big position and use a close stop? I guess I'm asking for the risk management aspects of this trade idea. Those are what determine your success in this trade. Just curious. If you add those I can make the chart "suggested". I like you have a divergence and a trend line break, but the risk side is the essential part too.
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Tim I agree. I was not planning to trade this weekly chart. If I set up a trade in SPY on a shorter term chart I will include my stops.
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