I've been waiting virtually "forever" for a "downward facing" 8/24 EMA on the 1H to initiate a "fingertrap" short on /ES (SPX500 shown here; the "fingertrap" method is described in the post below). The actual EMA cross hasn't occurred yet, but price has broken below the 34 EMA, which is promising for the setup. Naturally, the movement can fizzle out, particular...
If you have any familiarity with looking at trends across various time frames, you'll know that reversals in trend start with building blocks on lower time frames and develop into full-blown ones onlarger ones. SPX500 has begun to break down on time frames 15 min. and below, with the 8 and 34 EMA's experiencing bearish crossovers on the 5 and 15 min. charts. On...
So long as the 8 EMA is above the 34 EMA on the 1H chart and similarly set up on the 5 min., look for long scalps to the upside on the 5 min. chart in the direction of the 1H trend. As of the writing of this post, however, the 5 min. 8 EMA has crossed the 34, so the setup is no longer favorable for a trade in the direction of the 1H trend. Consequently,...
At some point in time, I want to initiate a short in /ES (I'm using SPX500 for the chart here, so the levels won't be spot on ... ). Here's what I'm waiting for to initiate a classic fingertrap scalp. First, I want to see a cross of the 8 and 34 EMA's on the hourly. Secondly, and since I'm looking for some kind of decent continuation to the downside, I'd like...
While I no longer scalp much due to the time commitment scalping generally takes (particularly in instruments most effectively traded during the NY session), I used to scalp a great deal when I was in spot forex. The simplest scalping technique I have come across and used exclusively was the "fingertrap method." Although I am not sure who is the originator of...