Here are the 5 things I look for before entering a trade on $SPY 🧵

1.Direction of Trend:

I normally plot my trend lines on the 5 minute chart, then when looking for potential trade entries, I will look for reversals on the 1 minute chart. Here’s a great vid that taught me a lot about trend line trading!

2.Exponential Moving Averages:

Next I look for a cross in the 9 and 21 EMA’s. Moving averages are commonly used as a tool for traders to identify key areas of support in an uptrend or downtrend. As a result, when the 9 EMA crosses the 21 EMA, this indicates a potential-

2. Exponential Moving Averages (Continued):

-reversal, alerting me of a possible trade entry. Remember there are other key components to my trading strategy that must be checked off before entering a trade! Here is a great video explaining this strategy:

3.Key areas of support and resistance:

This is one of the first tools and new ray trader should learn as it can be used with practically every trading strategy. In a nutshell, support is an area where a downtrend in price is expected to reverse and resistance is an area where-

Here’s a little cheat sheet I put together on Fibs!

If this helps improve your understanding of it then it’d mean a lot of you liked and shared these documents! 🧵

#Daytrading #StockTips #Fibonacci #Trading $SPY $QQQ

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