Using the TD Sequential strategy, there's currently a TD 9 (sell) on 1h, TD 13 (sell) on 4h, and TD 13 (sell) on 1D chart. Not to mention, the gap has been filled and a hanging man candle is present on the 1W chart.
I have set a stop loss at $319, because a high volume breakout through the recent high at $318.50 would mean that it is no longer a potential double top in the making and would indicate further weakness in bears.
I have set a stop loss at $319, because a high volume breakout through the recent high at $318.50 would mean that it is no longer a potential double top in the making and would indicate further weakness in bears.
Trade active:
Did not stop myself out from this trade. Still holding SPY short opened at $318, reason being is VIX is also going up along with SPX. New stop loss at $323.5, expecting weird movements throughout earnings.
Comment:
Something did happen. SPY dumped hard, forming a potential bearish engulf on the 4h chart.