/ES, SPX500, SPY FINGERTRAP SCALPS FAVORED TO THE UPSIDE
So long as the 8 EMA is above the 34 EMA on the 1H chart and similarly set up on the 5 min., look for long scalps to the upside on the 5 min. chart in the direction of the 1H trend.
As of the writing of this post, however, the 5 min. 8 EMA has crossed the 34, so the setup is no longer favorable for a trade in the direction of the 1H trend. Consequently, waiting is advisable until there is consistency between the two time frames.
When and if consistency develops, look to enter upon candle touches or penetrations of the 8 EMA, placing your stop slightly below the last 5 min. swing low (in the case of a long) and move the SL to break even as soon as practicable.
As of the writing of this post, however, the 5 min. 8 EMA has crossed the 34, so the setup is no longer favorable for a trade in the direction of the 1H trend. Consequently, waiting is advisable until there is consistency between the two time frames.
When and if consistency develops, look to enter upon candle touches or penetrations of the 8 EMA, placing your stop slightly below the last 5 min. swing low (in the case of a long) and move the SL to break even as soon as practicable.
