This is a study of using TiTTs3 on the 16 September 2022. In this trade, we are just watching the colour of the candles. When the candles are green, it is in an Up Trend. When the candles are Red, it is in a Down Trend. When it is Yellow, it is in a sideward Trend or Range Trading.
The other thing that we are looking at are the Momentum dots. When the dots are Green, the momentum is Upward. When the dots are White, the momentum is Downward. When there are no dots, the momentum is Neutral or Sideward.
Chart 1: 16 September 2022 – 1 minute chart showing the Entry points and also the possible Exit points
In the chart 1 above, there was a steady down Trend before the market Open at 9:30 am ET. There was some volatility and the Bulls managed to push candles upward but was unable to hold it above the 55 SMA. The Bears managed to sell down below the 55 SMA and it continued downward.
Chart 2: 16 September 2022 – 1 minute chart showing the Entry points and also the possible Exit points
In chart 2 above, the Bears were able to overwhelm the Bulls and it trended downwards after market Open. At about 10:05 am ET, the candle changed to Yellow which is a neutral trend. It appeared to want to move upward but the upward movement was met with Resistance by the Bears at the moving averages of 55 SMA, 89 SMA, 144 SMA and 233 SMA. It was unable to break above the 233 SMA and the Bears managed to take the /RTY down after that. The long term moving average of 233 SMA is a strong Support and Resistance.
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