SPX500 - 15M - Bat Pattern with uptrend
Updated
Back from 2 week vacation. so will be posting more from now on again.
First thing here is the bat pattern on the 15m that terminates pretty nice at a trendline cluster. Since we had a pretty strong upmove recently in the S&P i think its time for a bigger correction (to the downside here) so i wouldnt suggest goin for trendcontinuation targets. Also keep your stop tight below X and move them fast while taking quick profits. We will most likly see an ABC correction (to the upside) here on the 15m. so i cant really tell you what the target zone will be yet. it depens on the momentum. the two most likly setups are drawn in in orange.
Note that we might not complete the pattern since it already struggles quite a bit to go further down. but i dont like the RRR yet to go long, so either it goes further down or no trade for me.
First thing here is the bat pattern on the 15m that terminates pretty nice at a trendline cluster. Since we had a pretty strong upmove recently in the S&P i think its time for a bigger correction (to the downside here) so i wouldnt suggest goin for trendcontinuation targets. Also keep your stop tight below X and move them fast while taking quick profits. We will most likly see an ABC correction (to the upside) here on the 15m. so i cant really tell you what the target zone will be yet. it depens on the momentum. the two most likly setups are drawn in in orange.
Note that we might not complete the pattern since it already struggles quite a bit to go further down. but i dont like the RRR yet to go long, so either it goes further down or no trade for me.
Trade active
my target 1 will be the lower A point from the chart, so a retest of previous structure. TG2 will be placed after I see and and B wave unfold.Note
since the market was more messy than expected i took TG1 profits early a couple minutes ago at 2053ish. im still keeping half of my position but my stops are breakeven now.Note
rest stoppe out for breakeven
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