Long SPX
SL @ 2593
TP1 @ 1:1.8 RR
TP2 @ 1:3 RR
TP3 @ Trail SL or aim top of rectangle
Price has been ranging within this rectangle since october and formed a pretty solid structure. The bottom of the rectangle overlaps with the lower monthly ATR. If price reaches there early in this month we could see a reversion to the mean and price head back up inside rectangle again. Be careful, you can see a long wick drop out of the rectangle in late october, place SL just outside that wick range. Perhaps wait for some pattern confirmation when price reaches the lower rectangle.
TP1 @ 1:1.8 RR
TP2 @ 1:3 RR
TP3 @ Trail SL or aim top of rectangle
Price has been ranging within this rectangle since october and formed a pretty solid structure. The bottom of the rectangle overlaps with the lower monthly ATR. If price reaches there early in this month we could see a reversion to the mean and price head back up inside rectangle again. Be careful, you can see a long wick drop out of the rectangle in late october, place SL just outside that wick range. Perhaps wait for some pattern confirmation when price reaches the lower rectangle.
Note
TP1 hit, move up SL
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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.