So, I posted an analysis on the S&P 500 with a short bias.
I am short biased on TSX and S&P, but I think my timing is wrong here. I think we see upside on both the S&P and TSX for now (for now meaning within the next couple of days).
We see the TSX is in a descending channel. It did do this double top type pattern; however, looking back historically, these generally lead to bullish pullbacks to the upside. The telling thing for me here is that it is quite oversold on the Z-Score indicator looking at the 4 hour time frame and it has triggered 2 recent buy signals.
The indicator on this time frame tends to be very reliable for both S&P and TSX.
My game plan here is to long a bounce. Likely entering tomorrow and TP indicated with the red lines, essentially center point on that channel. Very short trade with a conservative target because I don't like holding longs too much in this market.
I will be entering via TSX:HXU with TP return of roughly 5% (trading shares not options here; see image below).
Hoping this works out. It will be the first time I have swing traded the TSX. Haha
Overall I am short biased. I have done a time series assessment on the TSX which I will share in a later post. For now, this is my short and to the point game plan.
That is it for now!
Leave your questions, comments and critiques below!
I am short biased on TSX and S&P, but I think my timing is wrong here. I think we see upside on both the S&P and TSX for now (for now meaning within the next couple of days).
We see the TSX is in a descending channel. It did do this double top type pattern; however, looking back historically, these generally lead to bullish pullbacks to the upside. The telling thing for me here is that it is quite oversold on the Z-Score indicator looking at the 4 hour time frame and it has triggered 2 recent buy signals.
The indicator on this time frame tends to be very reliable for both S&P and TSX.
My game plan here is to long a bounce. Likely entering tomorrow and TP indicated with the red lines, essentially center point on that channel. Very short trade with a conservative target because I don't like holding longs too much in this market.
I will be entering via TSX:HXU with TP return of roughly 5% (trading shares not options here; see image below).
Hoping this works out. It will be the first time I have swing traded the TSX. Haha
Overall I am short biased. I have done a time series assessment on the TSX which I will share in a later post. For now, this is my short and to the point game plan.
That is it for now!
Leave your questions, comments and critiques below!
Trade active
OMG I am in this. Seems like my entries were on point though. LOL! Entries listed with the green arrows.Wish me luck here. And good luck to anyone also longing!
Trade closed: stop reached
Yeah, NOPE!
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- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
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Related publications
Disclaimer
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Get:
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
patreon.com/steversteves
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
patreon.com/steversteves
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.