SPY: Trading to the upside until top out in Momentum
The 1 Day MACD is clearly indicating that we're in a current uptrend with the cross of the oscillator through the signal.
Due to this, I will be entering trades with the intent of buying to the upside. Although a clear indication of the possibility of a 395 pullback based on liquidity levels, upside momentum allows for a more timely exit of a bullish position in my opinion.
Tests to the downside may be simply potential tests by bears to feel out order books, if the uptrend is lost you must get out.
Due to this, I will be entering trades with the intent of buying to the upside. Although a clear indication of the possibility of a 395 pullback based on liquidity levels, upside momentum allows for a more timely exit of a bullish position in my opinion.
Tests to the downside may be simply potential tests by bears to feel out order books, if the uptrend is lost you must get out.
Note
Good idea lol
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.