Spy Creates Double Bottom 1hr Time Frame. $SPY

Spy is currently developing a double bottom pattern. Demand zone of 568-567 has giving support for buyers. In order for this pattern to have successful upside momentum we need to see a nice push through 575.50 with a nice hold with consolidation. Also be if we do get that break be cautious 576.91 supply zone created 10-31-24

SPY 550 Puts

On July 18, 2024 on the daily time frame Spy has developed a Change of Character (CHOC) Of its up-trend created April 19 2024 – July 17,2024.

We have now started to trade in a downward channel creating Lower Highs and Lower Lows to the down side.

The levels I’m looking for a rejection to happened

Level 550.49 – 550 

This level on the daily chart are at the top of the downward channel

They also were resistance levels on June 20th and June 28.

We also have a pivot on the daily at (550.74)

A Retest in this zone occurred July 18, 2024 and we did get a small bounce

But we then fail on another retest on July 24 with a major break of support

With this price action at these levels I’m hoping that old support has become resistance.

ThinkOrSwim Volume Indicator. Bulls & Bear

📈 Are you looking to gain a slight edge on your day trading strategy? In my latest blog post, I discuss how to use the Think a Swim Bulls and Bears Volume Indicator to help you make more informed decisions in the market. By understanding the volume patterns of bulls and bears, you can better predict market movements and potentially increase your profits. Check out my blog to learn how to effectively utilize this powerful tool in your trading arsenal. #daytradingtips #marketanalysis #tradingstrategy #technicalanalysis #stockmarket #financialfreedom 📊

When it comes to day trading, having a solid strategy and the right tools can make all the difference. By incorporating the Bulls and Bears Volume Indicator into your analysis, you can gain valuable insights into market trends and potential price movements. Stay ahead of the game and maximize your trading success with this essential tool. Don’t miss out on this opportunity to elevate your trading game and take your profits to the next level. Happy trading! 📈

Installation

https://tos.mx/rLFLIDo: ThinkOrSwim Volume Indicator. Bulls & Bear

1. Copy and Paste the TOS Shared Link above in Thinkorswim, by selecting from the upper right “Setup” -> “Open Shared Item”.
2. Paste the above URL into “Shared item URL” and click “Preview” then “Open”.
3. This will import the study and give you the option to rename it. Give it a friendly name such as “VolumeBullsBears”. Click “OK”.

The study has now been imported into your library and can be added to a chart.

On a chart you wish to add the study to:

1. Click the “Edit Studies” button on the chart’s toolbar.
2. In the left panel, find the newly imported study. IE., search for “VolumeBullsBears”.
3. Click “Add Selected”.
4. You should be seeing:

By default the study is added to the “Volume” subgraph.

5. Hit “OK”.

You should then see the study below the asset’s price chart.

If you do not see the study

If you do not see the study, be sure you have enabled the chart’s volume subgraph for that asset type.

1. Click the “Chart Settings” gear icon on the chart’s toolbar.
2. Select the tab page with the asset type being displayed: “Equities”, “Options”, “Futures”, or “Forex”.
3. Check “Show volume subgraph”. Example:

Details

On the chart above at 13:50 there was a total of 2,141 contracts traded. Of that, there was an estimation of 483 buyers and 1,658 sellers.

The number of Buyers + Sellers should always equal Total Volume.

Buyers and Sellers is an guestimation based upon the close of the candle relative to the total range of the candle. That is, this is not by any means a direct reflection of the actual number of units bought and sold.

It is important to understand the underlying formulas used for calculating what percentage of total volume compose of bulls and bears. These formulas use the corresponding price candle’s high, low, opening, and closing prices:

%bulls = (close - low) / (high - low)
%bears = (high - close) / (high - low)

The actual meaning of these numbers and how they can be best used for interpreting price action is left as a judgement call by the user.

Inputs and Options:

By double clicking on one of the bars of the study, you can bring up its customization page.

• FixedScale: Unscaled by default to render the full volume range. Changing to Scaled will limit the range from 0 to 100.
• VolumeAverage: enable/disable volume average plot line
• VolAvgLength: number of bars for volume average

Unscaled

Scaled

VolumeAverage:

*PAPER TRADING* DOUBLE BOTOM THAT TURN INTO BEAR FLAG.

PaperTrade Today around 1:47 pm I purchased 10 Spy 454 Put contracts

PaperTrade Today around 1:47 pm I purchased 10 Spy 454 Put contracts. The reason why was because of the massive drop at the 547 level at 1:30 pm. I then used my Fib,Pivot and EMA clouds for a level of rejection. That level ended up being 545.42, due to the previous consolidation at around 12:13pm – 12:24pm ( I marked it in the blue box in the video). With all three of these indication I decided that the put position was valid for entry. Please feel free to correct me on any bad moves by Commenting Below things I can add and minimize to become a successful trader. Thank you all and be bless.