So in dealing with trends, and trend patterns, each of the following longer timeframes are in an Uptrend - 2h, 3h, 4h, 6h, 12h
The longer downtrends are currently D and W only.
That being said, I always warn about trend change reversals. As noted before, there was a brief one at the 2 Hour Uptrend, and again at the 3 Hour Uptrend. The 4-Hour only briefly paused and the 6 Hour had zero pullback until just recently, where it came near the trend change line itself, which can show a bullish sign that it will go further forward if it bounces and pushes upward past 3926.
My concern is that the 12-Hour trend change at 3926, and hasn't yet closed above that to appear to be continuing it's trend, but initially reversed. So, I'd caution any approach outside of direction until it either begins to fall below 3890 (and then potentially back to 3829) or continues to push upward past 3926.
It is likely safer until a clear sign to bounce trade those two points, given a safety stop loss if it begins to trade past those points.
Safe Trading, and remember, the best part of your trading practice is your risk management!
Note - Nothing provided is official financial advice and I am not liable in any way on any opinion you base your decisions on trading from the data I provided.
The longer downtrends are currently D and W only.
That being said, I always warn about trend change reversals. As noted before, there was a brief one at the 2 Hour Uptrend, and again at the 3 Hour Uptrend. The 4-Hour only briefly paused and the 6 Hour had zero pullback until just recently, where it came near the trend change line itself, which can show a bullish sign that it will go further forward if it bounces and pushes upward past 3926.
My concern is that the 12-Hour trend change at 3926, and hasn't yet closed above that to appear to be continuing it's trend, but initially reversed. So, I'd caution any approach outside of direction until it either begins to fall below 3890 (and then potentially back to 3829) or continues to push upward past 3926.
It is likely safer until a clear sign to bounce trade those two points, given a safety stop loss if it begins to trade past those points.
Safe Trading, and remember, the best part of your trading practice is your risk management!
Note - Nothing provided is official financial advice and I am not liable in any way on any opinion you base your decisions on trading from the data I provided.
Trade active:
Just FYI, my positions so far today, have been I went Short at 3926, then I bought to go Long (and took profit on my short) at 3900, I then went short again at 3926 and took my profit from my Long. I am currently sitting short yet again to see how it reacts around 3890-3900.
Trade active:
I went long again at 3895, to take profit and reverse my position again on the S&P. I'll likely exit that position if I see any indication of it continuing downward past 3900 before close, and may just close out at 17:00 EST if I haven't made any progress past 3926.
Trade active:
I've effectively exited all positions, selling out on my long position at 3905. I will pick up things tomorrow. Not going to ruin a good trading day being greedy =)
Trade closed manually:
Finalizing today, as 15:50, trends are as such
3m, 5m, 15m, and 30m are all in a downtrend, however, the 30m downtrend closed at 3899, and it hasn't really shown any continuation of that trend at this point.
1h, 2h, 3h, 4h, 6h, 12h are all in an uptrend (the caveat that the 12h uptrend hasn't shown continuation trending signs yet, as stated above).
D, W are in a downtrend as well.
My guess is a mostly sidewise dip until just prior to GDP announcement on Wednesday, and then either a plummet back to at LEAST 3830 (likely further via panic selling) or a continuation of the 12h trend until it changes the daily trend (That should be right around 3960ish or above, maybe 3980ish).
3m, 5m, 15m, and 30m are all in a downtrend, however, the 30m downtrend closed at 3899, and it hasn't really shown any continuation of that trend at this point.
1h, 2h, 3h, 4h, 6h, 12h are all in an uptrend (the caveat that the 12h uptrend hasn't shown continuation trending signs yet, as stated above).
D, W are in a downtrend as well.
My guess is a mostly sidewise dip until just prior to GDP announcement on Wednesday, and then either a plummet back to at LEAST 3830 (likely further via panic selling) or a continuation of the 12h trend until it changes the daily trend (That should be right around 3960ish or above, maybe 3980ish).