Watch out triangle pattern breakout on S&P 500
Updated
Triangle pattern breakout could lead to a strong price momentum (either up or down).
RSI is in a similar pattern and candle range is very narrow which show there is a strong indecision in the market at this time.
You might want to take position only once the breakout clearly shows in which direction the market is going.
There is no way to know in which direction the market is going at this point, however I keep a bearish bias since long term analysis shows S&P might not have hit bottom yet.
RSI is in a similar pattern and candle range is very narrow which show there is a strong indecision in the market at this time.
You might want to take position only once the breakout clearly shows in which direction the market is going.
There is no way to know in which direction the market is going at this point, however I keep a bearish bias since long term analysis shows S&P might not have hit bottom yet.
Note
Wait for the 1h candle to close above the 2820 to confirm the bullish scenario.Trade active
Bullish scenario has been confirmed, you can enter the trade with a stop loss at 2790.Note
You can probably wait for a small pullback on the 15m chart to improve your ratio.Note
If a 1h candle closes below 2790 we will close this trade.If 1h candle closes below 2760, we'll take a short position.
In any case, it is best to wait for US market to open.
Note
Sorry, we'll take the short position if it closes below 2737, which corresponds to the 4h SSB.Order cancelled
This trade didn't setup properly for short position.
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