Past several days SPY was walking sideways. Today top price was tested and quickly rejected by professional trader in PM, forming bearish spindle, ascending triangle. During next few days, either top price will be tested again, broken out or fall down.
Whatever scenario happens, it doesn't matter on trading technique. When price is falling down below opening price and net price, then short , short only at the peak price of 5 min chart.
When price is up-trending above opening, net price, then long only at the bottom of 5 min chart and unload at the peak of 5 min chart. Surf along with tide and wave. Repeat several times a day. Stop loss price is not constant and has to be adjusted depending on volatility, according to 5 min ATR by 1.5 to 2.
I Scale in and scale out. Once 1st tier is profited, my trading plate is automatically moved to break even, so I never lose on any trading. Cheap money pumped by Fed are flooding into speculative derivatives so far in Wall St, has sign of losing steam in these days due to fear of ending QE. Once interest rate starts to go up, party is over, great bear will start to growl. Until then, dance while music is on.
Whatever scenario happens, it doesn't matter on trading technique. When price is falling down below opening price and net price, then short , short only at the peak price of 5 min chart.
When price is up-trending above opening, net price, then long only at the bottom of 5 min chart and unload at the peak of 5 min chart. Surf along with tide and wave. Repeat several times a day. Stop loss price is not constant and has to be adjusted depending on volatility, according to 5 min ATR by 1.5 to 2.
I Scale in and scale out. Once 1st tier is profited, my trading plate is automatically moved to break even, so I never lose on any trading. Cheap money pumped by Fed are flooding into speculative derivatives so far in Wall St, has sign of losing steam in these days due to fear of ending QE. Once interest rate starts to go up, party is over, great bear will start to growl. Until then, dance while music is on.