- SPY is near some big horizontal en trend lines resistance.
- On the 4H it made a gravestone doji near this resistance.
- SPY went quite high on lower volume. While this is normal, it is an additional tell that a reversal might be happening.
- Volatility has been very low around the gravestone doji, this often means a volatile move will come. This tells nothing about direction, but considering the other factors, it's likely down.
- Potential H&S forming.
Two things that bother me with this setup:
- RSI is not showing signs of weakness yet.
- Draghi will have a talk this week. Quite tricky.
- On the 4H it made a gravestone doji near this resistance.
- SPY went quite high on lower volume. While this is normal, it is an additional tell that a reversal might be happening.
- Volatility has been very low around the gravestone doji, this often means a volatile move will come. This tells nothing about direction, but considering the other factors, it's likely down.
- Potential H&S forming.
Two things that bother me with this setup:
- RSI is not showing signs of weakness yet.
- Draghi will have a talk this week. Quite tricky.
Note
Depending on your risk appetite the SL could be adjusted up to account for a possible Thursday Draghi fake out.Note
I've taken some profits here, due to Draghi speaking tomorrow.Trade closed: stop reached
MehNote
SL I LOVE YOU
Related publications
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.
Related publications
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.