Totally agree with that strategy and I will take some or all off the table on any weakness tomorrow. So I’ll have a screen with 4 time frame charts on it. 5, 15, 30 and 60 mins. I use and 8/20 ema combination with a 5 wma on the 5 and 15’s. The 5 wda gives me a fast and aggressive directional indication. With this set up and monitoring the tape rolling through you can determine selling strength if and when the 8 crosses over the 20 on the shorter time frames.
W3 to his credit uses the shorter combination of 9/13 ema but he’s a lot sharper than me.
To me today has warning signs as the SP closed too far out of bollies for my comfort. I don’t mind the SP running the gauntlet wicking outside or even closing just above the upper bollie as the SP climbs on the dailies but today was a bit much. So the first hour or so in the morning will be important.
Cheers.
May Chart, page-5442
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