using the CM_Pivot Points_M-W-D_4H_1H_Filtered indicator on
a weekly chart just showing yearly pivots
definite blood in the streets on SPY, DIA and QQQ.
On SPY, if the pink level holds.... the temp bottom?
1) stockcharts.com - above the green line stocks use an indicator SCTR line (90+). Shows relative strength vs stocks in a similar group. on the current daily chart its 97.9 (real good).
2) using moving averages, you can see the pullback
3) using UCS_MMLO indicator twice on the same chart on TV ( 100 and 25 )...the 100 chart stays green and the 25 shows...
I'm already in this early near 217. There's a 15 minute order block in bright green below. Curious if gets hit before this takes off to the upside? The box just above the 15 minute zone is the 1 hr zone. that makes sense too.
SPY - 15 minute chart - bearish order blocks
Major duhhh moment today. I've been looking for great entries, good rewards setups.
bingo! in a bearish enviroment, I am looking for a least 2 RED bars (good size). As it turns out, at least around a $.75 move down. Look for the previous bullish (green) bar; if price retraces to it, then sell.
My target will be...
Here is an updated chart showing an ICT concept (order blocks).
Keep in mind, this trade idea is mine but using his concepts.
Order blocks are a big part of ICT's trading concepts. In the weeks ahead ICT is supposed to release his stock trading system. So this is just my attempt to think ahead and use his concepts.
The definition of a bullish order block;
I got long in the 126 area and will exit around 129. Have you heard of ICT? The thick lines are based off Daily levels and the thinner lines are based off hourly levels. Still learning my craft here but it worked here.
Also, Level 2 shows selling in the 130.00 area.