SPX500 Long Position
Entry: $3,772.9
TP & RR: $3,849.1 (2.92)
Stop Loss: $3,746.8
REASONS FOR THE TRADE
SPX500 has formed an ascending channel, so I am looking to open a long order at the lower trendline. In addition to bouncing off the trendline, I also want to see a divergence in the Market Flow indicator, which will signal a potential reversal. In any case, I will be carefully examining this level, because I will not be too surprised if the price breaks through it and makes a sharp drop.
Stop Loss is relatively close here, but the entry is also fairly conservative. To get filled, the price should make a small drop and then gradually start going up. If it does touch the trendline above my entry I will examine the situation and might open a long there with a SL just under the lower trendline.
Entry: $3,772.9
TP & RR: $3,849.1 (2.92)
Stop Loss: $3,746.8
REASONS FOR THE TRADE
SPX500 has formed an ascending channel, so I am looking to open a long order at the lower trendline. In addition to bouncing off the trendline, I also want to see a divergence in the Market Flow indicator, which will signal a potential reversal. In any case, I will be carefully examining this level, because I will not be too surprised if the price breaks through it and makes a sharp drop.
Stop Loss is relatively close here, but the entry is also fairly conservative. To get filled, the price should make a small drop and then gradually start going up. If it does touch the trendline above my entry I will examine the situation and might open a long there with a SL just under the lower trendline.
Order cancelled
I don't think that price will reach our entry and it's heading straight to the lower trendline in a zig-zag manner. Even if we get a fill, that wouldn't make sense and the setup would be invalidated. So, I'm canceling this order and we are looking to open a new one near the trendline.
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.
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.