SPX500 Buy – Targeting Bounce from Support (Valid only 9/5/24)
Updated
Entry 1: 5,480 (First entry at support)
Entry 2: 5,472 (Adding to the position at deeper support)
Stop Loss (SL): Below 5,445 to manage downside risk.
Take Profit (TP) 1: 5510
Take Profit (TP) 2: 5540
TP1: 5,550 (First resistance zone)
TP2: 5,673 (Next significant resistance level)
Analysis:
Support Bounce: The price is expected to bounce from support between 5,480 and 5,472. Buyers are likely to step in at these levels.
Break of Structure (BOS): The recent BOS at 5,550 gave a lot of Gaps in the market, which is expected to get filled soon
Risk Management: A stop loss at 5,445 protects against a bearish continuation if support fails.
Entry 2: 5,472 (Adding to the position at deeper support)
Stop Loss (SL): Below 5,445 to manage downside risk.
Take Profit (TP) 1: 5510
Take Profit (TP) 2: 5540
TP1: 5,550 (First resistance zone)
TP2: 5,673 (Next significant resistance level)
Analysis:
Support Bounce: The price is expected to bounce from support between 5,480 and 5,472. Buyers are likely to step in at these levels.
Break of Structure (BOS): The recent BOS at 5,550 gave a lot of Gaps in the market, which is expected to get filled soon
Risk Management: A stop loss at 5,445 protects against a bearish continuation if support fails.
Trade closed manually
We didn't get entries at our buying zone. It started to go up from 5490 (5500 psychological support was not broken)
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