Chart Analysis #7 $SPX Scalp Strategy
SPY 0.00%↑ HTF Analysis 📊
Primary trend is determined by monthly and weekly. It is bearish. I use the divergence indicator to determine trends. Yellow line is making lower lows.
Secondary trend is determined by daily and 12H chart. It is bearish. Both purple and yellow line are below the 20 mark.
SPY 0.00%↑ LTF Analysis 📊
Refer to above chart: 3min chart (left side) and 2hour chart (right side).
Vertical red line on both charts signify the entry point for a short trade on 2H chart. Notice the yellow line formed a strong bearish divergence (purple line near 20 mark and yellow line near 80 mark).
🔥 Swing Strategy: Use the 2H chart and trade the divergence by opening a short position as soon the yellow line marks first low as discussed in the previous point.
🔥 Scalp Strategy
The 2H chart displays one robust divergence, while the 3min chart produces 5 divergence cycles. You can spot an entry point for a short position at each red circle.
To maximize your profits, align your scalp positions with a higher timeframe divergence setup.
✍️ Current Setup: Purple line on the 3min chart moved above the 20 mark causing the price action to make higher highs. 2hour chart is ready for another bearish divergence cycle. This implies that we monitor the 2-hour chart until the yellow line reaches the 50-mark or 80-mark. Then, we position for another short, provided the daily chart supports the bearish trend.
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