WAITING FOR 1H 8/34 CROSS BEFORE CONSIDERING /ES, SPX500 SHORT
I've been waiting virtually "forever" for a "downward facing" 8/24 EMA on the 1H to initiate a "fingertrap" short on /ES (SPX500 shown here; the "fingertrap" method is described in the post below). The actual EMA cross hasn't occurred yet, but price has broken below the 34 EMA, which is promising for the setup. Naturally, the movement can fizzle out, particular in the Asian, so I wouldn't necessarily get excited yet. Set your alert for the cross, and then come back when it goes off ... .
I'll try to post paper trades in SPX500 here, while simultaneously trading /ES.
I'll try to post paper trades in SPX500 here, while simultaneously trading /ES.
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Typical Asian. "Promising" movement initially, but has petered out here, so not looking good for a continuation down. Will check back at top of the hours or on cross alert.
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And this is why I wait for the cross + confirmation (e.g., a completed 1H candle below the cross). You may miss some of the move, but I'm not looking for 4 points, I'm looking for large point continuation ... .
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The cross is nearly complete. Unfortunately, it's Friday, and I'm not sure I want to hold a short over the weekend. Weird stuff happens ... .
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What the heck, shorted 1 @ SPX 2157.4; SL above 5 min swing high @ 2160.2.
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Scaling in: -1 @ SPX 2159.4; net -2 position at 2158.4.
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Stopped out. (Sad face emoticon).
