30 Minute Chart/ S+P 500 gave a potentially Important Chart Break Sell Signal this afternoon at 300 pm EDT.OPEN on my proprietary chart read, when opening at 3128.71
You will notice the market's reaction to this chart break, in the last hour of trading today, with the" selling kicking in hidden"below the surface", with the S+P Closing today at 3113.48
If... S+P 3128.71 is not breached by buyers, those traders who were paying attention today could be rewarded handsomely on the" short side,"for the balance of the week.
PLEASE NOTE: This post is NOT to be interpreted as" trading advise", of any kind ! Do your own research, and hard work. That's what it takes to be a successful trader. Thank you.
@The_Unwind, IDK about this beast; if it bulls Friday then the tank is over IMO and she will rise to close the gap at 3330 / 28800.
valentinoamoro
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Hi @The_Unwind , I had a few questions. You mention the 30min chart and the RSI movement.
Are you tracking all of this via computation or visually looking for these? If the former, have you setup your own algos and platform?
It just seems like there are many ways of viewing each index (10 mins, 30, 60, daily etc) and many indicators, multiple technical patterns within each and sometimes correlated, as you have noted above in this example - even if you use intuition to sort through them, it gets very difficult to catch all patterns. Most traders who do EW for example will eyeball the 10 and daily for ex.
Also, is trading your profession (do you have paying clients) or a passion/personal investment activity. I am asking as I find you intriguing and obviously experienced and intelligent.
I use 10 X 10 square paper graph paper taping the sheets together
so they become continuous, with mechanical pencil, and geometric rulers for continuous ted lines to analysis price.
30 Min time frame is my preferred time frame for trading signals, with RSI confirming a favored setup.
Yet I also use the institutional 4 hour chart, Daily, and Weekly Charts for a bigger picture analysis.
When the numbers match up in all time frames, then you know you are on to something.
Finally, and perhaps most important I use years of trader's instincts to enter a trade.
I most often enter in "size" in order to capture the greatest dollar return for the trade,
Markets are very risky. Things don't always go according to plan. Stop loss is crucial, to protecting capital, to fight back another day.
markrivest
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Great analysis - spotting the RSI break below its prior correction bottom while the SPX holds above its prior correction is a good example
of how sometimes RSI can forecast price movement. There's a high probability SPX could be trending down on 6/18 and possibly into next week.