SubZero

wait till the $SPY comes into my net

BATS:SPY   SPDR S&P 500 ETF
355 20 3
bounce to me
deeper
4 years ago
Nice touch to your target level. Are you playing the bounce?
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Algokid PRO
4 years ago
Nice
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SubZero
4 years ago
deeper: Yes Im looking to keep some and add more on bounce/retracement to this short. The downtrend is established, this is not over. More than 50% retracement with a couple of days action to the upside on volume would contradict, till then sell into strength. Looking at 131.5 and the blue area. However with this heavy volume and momentum it is likely to have a brief consolidation and break further down towards 126 and 121 when panic kicks in. Those price levels are historically important
SPY key support areas if hell breaks loose
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deeper SubZero
4 years ago
That, or you could of played the bounce ;)
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Nice setup. It's good that you show clear take profit and stop loss zones.
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charttrader PRO charttrader
4 years ago
What is you target today? Do you agree with this idea
SPY, Rally Time
and expecting it goes up? Please comment.
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charttrader PRO charttrader
4 years ago
snapshot
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SubZero charttrader
4 years ago
It is a long way up there, there is a lot to prove. Personally I do not think it goes that high, retest of 136-137 area is more likely. Again nobody has a crystal ball so we will see, small positions and tight stops till there is more clarity on direction. Technically we are still on a downtrend the current counter trend is still just a bounce/retracement. If we break through 133 - 34 on heavy volume I would reconsider my position, if light volume takes us even to 136ish I remain on the short side. No volume = no conviction even with follow through.
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charttrader PRO SubZero
4 years ago
Thank you for the comment.
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SubZero charttrader
4 years ago
wow I nailed it again, not that being right is worth anything you its better to make money than being right the trader saying goes ;) and execution of an idea is not always painless like this
AUDUSD short hunting
anyways back to spy check out my monthly overlook, hope you like it
Market is struggling to hold up here
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SubZero
4 years ago
Since it could not hold above 133 it is still on sell signal, today (23rd candle) on 4h chart there is a bullish engulf signal this cautions me to wait for a better price to short, at the same time we could not make new high and the low is lower which breaks the bounce. Wait and see at the moment. I have a very small short on FB but no position against SPY at the moment.
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SubZero
4 years ago
133.31 stop with a 139.7 target entry at 132.27 still looks like a very good good Risk/Reward setup
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TradeTheIchimoku
4 years ago
What Ichimoku principles do you apply and do you add other thoughts to your trading decision?
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SubZero TradeTheIchimoku
4 years ago
Looking at all four signals to evaluate the probability of a good entry: 1. above/below cloud 2. above/below Kijun-sen 3. above/below Tenakn-sen 4. Chikou above/below price history. So I count how many of them match, say 3 out of 4 can still be a trade if other indicators look promising (see later). 2 out of 2 I would be cautious, with smaller size or not to trade it at all. One signal is obviously no trade. I look at multiple timeframes, if they conflict I prioritize the higher one. Cloud has utmost important to me, trying to avoid trading in the cloud on daily. I also look at volume and momentum indicator, lately I prefer BB% for that. for targets I use cloud shadow and Chikou but also take into consideration key levels such as fibonacci and gaps if there is confluence I prefer that. I generally do not use crosses as they are lagging.
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TradeTheIchimoku SubZero
4 years ago
Thanks for the breakdown - very helpful and interesting. We are similar in approach in mnay ways and I have toyed with blending Ichimoku with some other traditional indicators with some success such as ADX and OSMA. When trades run heavily in my favour I agree that crosses are very lagging and I have been using Parabolic SAR as another option to trailing a stop. You can never stop learning in this business. Much appreciated
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SubZero
4 years ago
Updated plan
The dark side of SPY
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SubZero
4 years ago
both targets were hit check out my updated spy charts on monthly
wait till the $SPY comes into my net
and daily with weekly S/R lines
The dark side of SPY

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