$SPY Downtrend Reversal Setup Looks for the First High Volume Break
Top 3 trading set-ups for 300%-1000% winners daily:
1. Reversal of a downtrend.
Anytime $SPDR S&P 500 ETF Trust(SPY)$ sells off start looking for this set-up on 1min or 2min time frame. Wait for a big impulse candle with insane volume to close above the trend line. This is your entry.
2. $SPY double bottom
Any given day there has to be a low of day. Wait for the low of day to get RETESTED later on in the day. As soon as you see buyers step up and volume come in. The entry will be waiting for the 1st candle to close above the support level, then take entry.
3. Breakout THAN pull back into key level $SPY
Make sure you identify what the key resistance level is. Don't rush this process at all, wait for the candles to tell a story you can explain to a 5 year old. Then wait for that key level to breakout.
Now, you need for it to come back to the key level to test it one more time, as soon as you see buyers, this is your entry.
The hardest part to making money on these trades is this:
1. After taking an entry, waiting for the move to hit your price target before you sell. Sometimes it takes a while to develop you need to be patient.
2. Not trusting the set-up so you make mistakes like getting in too early. Not practicing enough so you lack confidence and not after taking the trade thinking that you know what will happen next so you sell early.
3. Trading mistakes that happen right after you sell early and it rips 500% or taking a tiny loss and then losing confidence to take another trade that turns out to be a 1000% winner.
Markets are always moving - and sometimes, the best move is knowing what works for you.
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