SPY monthly, weekly and daily main trend is still up.The 240 minute frame is showing a bearish candle stick pattern at top of channel, negative divergence and near the BB50 upper band. Price will most likely test the bottom of channel.
This is a simple system good for short term swing trading and to find good entry points for long term holds.. ENTRIES and EXITS : a combination of candle stick patterns(know them), channel boundaries, upper/ lower BB(50) band, overbought / oversold stoch-rsi and divergences. Basic trend change is when the the 10MA crosses the 50MA.
NOTE: if candles stay completely outside the BB(50) it signifies strong selling or buying pressure, when this happens start looking for candle stick reversal patterns and divergences
This is a simple system good for short term swing trading and to find good entry points for long term holds.. ENTRIES and EXITS : a combination of candle stick patterns(know them), channel boundaries, upper/ lower BB(50) band, overbought / oversold stoch-rsi and divergences. Basic trend change is when the the 10MA crosses the 50MA.
NOTE: if candles stay completely outside the BB(50) it signifies strong selling or buying pressure, when this happens start looking for candle stick reversal patterns and divergences