Tom_Killick
Short

SPY, Example of high probability set up

AMEX:SPY   SPDR S&P 500
189 3 4
Traders,

We've hit trendline resistance, which co-incides with . 786 retracement of the previous swing move. Also we've had an oversold reading on the stochastic , and the stochastic lines have began to cross. Bearish sentiment confirmed on multiple timeframes.

We've had some bearish candles confirming trend line integrity.

All the best.

UPDATE: Todays             trading session did indeed gap up breaking the channel. This does effect the integrity of this trade, but I have faith that if trading is continiously bearish AND breaks the trigger line, this short will still be valid.
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I agree, my minimum target will be the low of the 6 days.
Reply
Looks good. Potential retest of recent low at least is in order.
+1 Reply
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