Just wanted to drop my position that I took on the S&P500 short as price has formed an Expanding pattern, broken above the double top to complete the M style pattern in which price gave a 4H bear flag continuation to continue with momentum to the downside.
I will be looking for flag(s) to scale in on to take to the downside.
Weekly time frame is showing momentum heading to the upside as price has impulsively rejected off of the low. Now price is trading above the ray line high as momentum is heading to the upside. Clear impulsive leg in which I will be looking for a 1Hflag with some depth with two tops to then potentially get a risk entry or just take for a reduced risk.
Price has broken above the daily double top and now trading below the ray line low which gives this a high probability of price continuing with momentum to the downside. I love that price is trading below the ray line low as this gives this setup a higher probability of playing to the downside. Banks have now entered the markets as price has a strong impulsive...
Price has now impulsively moved back into the structure with heavy momentum to the downside as we can see this is where the banks are entering the markets in which we have a clear target of the ray line low. Price right now is sitting at the ray line low so I will be waiting for price to push below the ray line low and give a flag correction to take to the downside.
On the higher time frame price has extended from the previous larger ascending channel to make a double top formation with momentum heading to the downside. Taking it down to the lower time frame price has given a nice ascending channel with price impulsively breaking out of the pattern in which I will be looking for a flag continuation on the 1H like so.
DXY showing signs of selling off in which GOLD is showing a bull flag continuation to move to the upside. Price was channeling in a descending channel in which it then rejected off the higher time frame structure and has impulsed out of structure and gave us the first flag which has a high probability of playing out.