A smaller re-accumulation pattern within a larger 6 month long re-accumulation pattern. Culminating in a smaller/larger TSO (Terminal Shakeout). This trade offers an excellent reward:risk profile of 4.5:1 at the current level. Ideally, we wait for a JTC (Jump of the Creek) on the smaller pattern, followed by a BUC (Back Up to the Creek) on low volume; this would be the more conservative entry. The more aggressive entry would be to enter now before confirmation. I wish I had seen this chart on Friday, because I could have entered a small probe position yesterday, and taken advantage of the nice up days of yesterday and today (woulda, coulda, shoulda). I may enter a very small initial position tomorrow and add to it when and if we get a pullback. Good trading all.
Note
Correction, TOS on the larger pattern is SPNote
Trade playing out well right now. Remain long at this time.
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.