Swing Trade on SPX
Updated
Now that I have 2 funded accounts, going to use one for swing trades with around 1-2 lots just cause I'd like to have 1 funded account on a higher TF level. I find Swing Trading 1 account will let me keep my higher TF bias in check or analyzed consistently without choice, and so I am starting it off with this SPX trade.
We've had Equal Highs into a previous FVG around the 50% mark of said FVG. So I am placing a short here. Wicks show the damage done to that liquidity. I'm quite sure we are going to head downward on a daily level toward the next FVG. I have a bearish bias this week as long as we stay below the weekly open.
We are also sitting in Buyside Liquidity while we had pretty good displacement from the downtrend and this displacement has brought us to retest the break in market structure.
TP1 will be at 50% of the FVG, and TP2 will be at the fully closed FVG.
If that were to play out there are some Bullish Order Blocks formed below the FVG, and that would be where I can start to look for a long. Depends on what happens over the next few days.
Looking to stay in this trade to around Friday or Monday; Really depends on the price action. If the trade hits and we react strong off that FVG I will be looking for continuation trades to the bullish first Bullish OB.
My stop is set at the Equal Highs because if we return to those double Equal Highs there is a high probability we break above it a bit. So just trying to keep losses minimal with a bit of wiggle room to those highs. Let's see.
We've had Equal Highs into a previous FVG around the 50% mark of said FVG. So I am placing a short here. Wicks show the damage done to that liquidity. I'm quite sure we are going to head downward on a daily level toward the next FVG. I have a bearish bias this week as long as we stay below the weekly open.
We are also sitting in Buyside Liquidity while we had pretty good displacement from the downtrend and this displacement has brought us to retest the break in market structure.
TP1 will be at 50% of the FVG, and TP2 will be at the fully closed FVG.
If that were to play out there are some Bullish Order Blocks formed below the FVG, and that would be where I can start to look for a long. Depends on what happens over the next few days.
Looking to stay in this trade to around Friday or Monday; Really depends on the price action. If the trade hits and we react strong off that FVG I will be looking for continuation trades to the bullish first Bullish OB.
My stop is set at the Equal Highs because if we return to those double Equal Highs there is a high probability we break above it a bit. So just trying to keep losses minimal with a bit of wiggle room to those highs. Let's see.
Note
The first take profit was hit, at 4466. Next is at 4443.
Trade closed: target reached
Closed the trade as all targets were hit -- Fair Value Gap has now been closed. Time to look for the next setup. Probably the Volume Imbalance below.
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