In my trading view, it's a bit dangerous if trading at this level. The Index is nearing Old High, but that is still on Lower Channel Line.
I have 2 scenerios:
1. The Old High can be a strong Resistant Level and makes a correction. However, placing a Short is a danger in the short-term uptrend until seeing a clear reversal signal.
2. The Index is on the Lower Channel Line and can reach to the Upper Channel Line. In this case, I see a big P/L ratio if placing a Long and put a Stop-Loss in the Stop Area.
Hope my idea can help your trading :)
I have 2 scenerios:
1. The Old High can be a strong Resistant Level and makes a correction. However, placing a Short is a danger in the short-term uptrend until seeing a clear reversal signal.
2. The Index is on the Lower Channel Line and can reach to the Upper Channel Line. In this case, I see a big P/L ratio if placing a Long and put a Stop-Loss in the Stop Area.
Hope my idea can help your trading :)
Note
The Market Index has been reaching close to the strong Resistant Level. Maybe the breakout that beyond this level can be a confirming signal for Bullish in my trading system.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.