SPX500. The Leap paper trading competition
Hi traders and investors!
In the previous idea, I analyzed the weekly and daily TF to find price zones for sales and purchases. In terms of sales, the idea worked. In terms of purchases, the pattern has not yet formed. It's time to update analysis.
Daily Timeframe Analysis:
There is a short trend on the daily TF. The last impulse of the seller is from the level of $5594.4. The key impulse candle is located at the bottom of the impulse (the candle with the highest volume, marked on the chart "KC") This is the daily candle from 07/25 and is the one with the highest volume over the last 3 months. What is interesting is that most of the body of the candle is below 50% of the last buyer impulse on the weekly TF (see the related idea, where there is an analysis of the weekly TF).
Hourly Timeframe Analysis:
On the hourly timeframe there were more than 3 price touches of 50% of the seller’s last impulse on the daily timeframe; the seller failed to update the minimum, which may indicate the seller’s weakness.
Selling opportunities:
There is a high probability that the buyer will reach $5504.1 (the minimum of the seller’s previous impulse on the daily timeframe) and $5511 (50% of the seller’s last impulse on the hourly timeframe), where I will watch the seller’s reaction to look for sales.
Buying opportunities:
It is advisable to search for purchases when the price returns above $5504 and the buyer protects this level. On a 30-minute time frame, this will mean an upward exit from the sideways trend and the protection of this exit by the buyer.
In the previous idea, I analyzed the weekly and daily TF to find price zones for sales and purchases. In terms of sales, the idea worked. In terms of purchases, the pattern has not yet formed. It's time to update analysis.
Daily Timeframe Analysis:
There is a short trend on the daily TF. The last impulse of the seller is from the level of $5594.4. The key impulse candle is located at the bottom of the impulse (the candle with the highest volume, marked on the chart "KC") This is the daily candle from 07/25 and is the one with the highest volume over the last 3 months. What is interesting is that most of the body of the candle is below 50% of the last buyer impulse on the weekly TF (see the related idea, where there is an analysis of the weekly TF).
Hourly Timeframe Analysis:
On the hourly timeframe there were more than 3 price touches of 50% of the seller’s last impulse on the daily timeframe; the seller failed to update the minimum, which may indicate the seller’s weakness.
Selling opportunities:
There is a high probability that the buyer will reach $5504.1 (the minimum of the seller’s previous impulse on the daily timeframe) and $5511 (50% of the seller’s last impulse on the hourly timeframe), where I will watch the seller’s reaction to look for sales.
Buying opportunities:
It is advisable to search for purchases when the price returns above $5504 and the buyer protects this level. On a 30-minute time frame, this will mean an upward exit from the sideways trend and the protection of this exit by the buyer.
Note
On the 2-hour time frame, the price formed a sideways trend. buyer vector 5-6 is relevant.Targets for long positions on the 2-hour timeframe – $5567-$5593
Note
Update here
Good luck with your trading!
t.me/user_friendly_trading
t.me/user_friendly_trading
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