Hello investors! Yesterday, I saw some traders calling it a short opportunity, but we already knew it was a bear trap. Just as I said in my last analysis, SPX resumed its trend and yesterday was only a healthy, necessary pullback for the price “take a rest” and go up again.
How we knew it was not time to short yet? Well, it just did a pivot at the hourly chart, and the price found support in both the light blue line (previous top) and the 21 ema. That means yesterday was only a pullback. Hourly chart:
We should be very careful and remember the Dow Theory’s 6th tenet: Trends Persist Until a Clear Reversal Occurs.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
How we knew it was not time to short yet? Well, it just did a pivot at the hourly chart, and the price found support in both the light blue line (previous top) and the 21 ema. That means yesterday was only a pullback. Hourly chart:
We should be very careful and remember the Dow Theory’s 6th tenet: Trends Persist Until a Clear Reversal Occurs.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.