Daily Analysis on SPX + Short Setup by ThinkingAntsOk
Use this as a guide to develop your own setup.
Main items we can see on the Daily Chart:
a)Price is on a Major Weekly Structure, an ascending Channel.
b)The upper Trendline of the Channel has been tested 3 times
c)The last attempt was on September 2019, we observed a huge failure of the Index on making a new High
d)That gives us a Doble Top pattern.
e)Currently, the price is inside a Daily Channel (kind of), we can see similar Structures in February 2018 and November 2018
f)The pattern we can observe is that before the Full breakout of those Structures, the price made Small daily formations on the lower trendlines of them.
g)We will be waiting for the same Correction as shown in the charts with the Yellow arrows and the Ellipses.
h)If that structure is formed, we will trade the breakout with our entry below the structure, our stop above the structure and our Target will be the next support zone where there is a convergence.
REMEMBER: NEVER RISK MORE THAN 2% OF YOUR TRADING ACCOUNT.
Main items we can see on the Daily Chart:
a)Price is on a Major Weekly Structure, an ascending Channel.
b)The upper Trendline of the Channel has been tested 3 times
c)The last attempt was on September 2019, we observed a huge failure of the Index on making a new High
d)That gives us a Doble Top pattern.
e)Currently, the price is inside a Daily Channel (kind of), we can see similar Structures in February 2018 and November 2018
f)The pattern we can observe is that before the Full breakout of those Structures, the price made Small daily formations on the lower trendlines of them.
g)We will be waiting for the same Correction as shown in the charts with the Yellow arrows and the Ellipses.
h)If that structure is formed, we will trade the breakout with our entry below the structure, our stop above the structure and our Target will be the next support zone where there is a convergence.
REMEMBER: NEVER RISK MORE THAN 2% OF YOUR TRADING ACCOUNT.
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