Please do your own DD - and feel free to criticize my work.
This is my 2 cents on SPY -to be honest- the weakness that I see is for a pull back just to set new highs afterwards. Yes, I understand economy etc but stock market /= economy.
I'm learning all this- please do your own DD and feel free to criticize my work
I jumped on entry too soon but it was 50% of my original position intended and yes - if it ends up bouncing from here then i'll just put my SL on my entry , if not then i'll update the idea
I'm thinking of little long term hold on this -like December or so considering Holiday...
I think NATGASUSD is in for a bigger drop and report may be the catalyst .
Consider the scenario.
1. It consolidated in a range for a long time
2. Made a higher but was unable to hold gains
3. Second wave up after the last report failed to make a newer high
4. It closed on channel below the channel
5. Almost half the volume on the upswings and new...
Disclaimer-I'm new to all this.
This Up bar on daily had no volume compared to a previous Up bar we saw on 20 March 2017-(drawn for comparison). or 4 April 2017
I don't like to recommend anything but it's a requirement to post so ,
Stop loss -3.200 (if this seems too close, well it's a good placement so it'll make it clear pretty soon)
You can wait for the 50.13 resistance to break to go long
or go long now and have a stop at 47.52.
However, there seems to be a better risk/reward if you go
long after 50.13.
Be patient with this kind of setup since it's a daily chart.
Also, I'm new so please trade accordingly.
I really dislike recommending short or long because I am a newbie and I just chart without news or feelings. So please take them accordingly.
This is outside the channel now volume seems relatively high on down move compared to last time.
12.63 seems to be the support on Weekly- Daily support is 10.99
Trend is indeed in favor of SPY -now some may suggest that we need to chart Futures but to be honest it won't make a difference in this case.
No point of taking a long position until either 235 is re-tested or 237 for a scalp.
I'd wait until 235.22 test though. It could also come down all the way to test upper channel line, slim chance but possible.
It seems if the channel line breaks 1234 -only support is 1198-1199 on daily.
Trend seems like it's not in favour of Gold either.
I would recommend waiting for a clean break with volume to confirm then short.