I am posting the chart to show you the RSI indicator... RSI breaking its trend line is the first sign for a trouble, but usually a move in the opposite direction starts after a retest of the broken trend line and a divergence.Do you see something similar on the chart? - broken trend line, retest, double divergence, indexes making all time highs and RSI can not move above 66 to confirm strength. That is the reason why I was so eager to close the trade even when there is still now signs for reversal.
Shame on me.... I wrote on the weekend that there is nothing interesting - just the opposite SP500 reached another point of exhaustion according to the TD method. Last week TD Setup 9 was finished on the weekly chart and today on the daily chart we have TD countdown 13 finishing.
Shame on me.... I wrote on the weekend that there is nothing interesting - just the opposite SP500 reached another point of exhaustion according to the TD method. Last week TD Setup 9 was finished on the weekly chart and today on the daily chart we have TD countdown 13 finishing.
Krasi, do you have another Long signal coming up or a signal to go short?
ReplyDeleteOr we have almost two days base building and another move higher, this is an option too, especially if the indexes does not move lower today.
DeleteThe signal is still up. Nice entry point will be a test of support and EMA50 on the hourly chart around 1525-1530.
ReplyDeleteIts clear up move no reversal signs or warnings but the charts above bother me. Anyway a day trade should not be a problem.
Krasi, if we retest those levels, can you post a long signal from your trading system? Thanks.
ReplyDeleteHi, I will try always to post asap but bear in mind that when I come back from work the NYSE is already opened for 1-2 hours. For swing trading is not a drama, but for a day trade like this it could be too late.
DeleteToday is another sideway day. We can see several points higher, but without some pullback there is too much risk for a too small gain.