This pattern just completed in real-time (this chart is 10 mins delayed) with nice high volume bearish pinbar on the 1 minute chart at the entry. After seeing that took an entry at 2397.50. I will look to move stops to breakeven when up a few pips
Trade active
Note
Current price is 2396 (remember chart is delayed)...I have been up as much as 9 pips and think this is a good time to move stops to cover the costs of the trade (so 2397.25) and look to let it run.
If I am stopped out I will continue to watch and choose whether and where to re-enter.
Trade closed manually
Stopped out @ 2397.25...watching for new entry at 2398 based on the last 1 minute candle that just spiked above it and back downTrade active
Just got back in @ 2398.50 ...this is one of the reasons why I think the strategy of moving stops up very quickly can be beneficialTo be sure I have missed at least one great trade and I'm sure will miss many more...but it protects my account and has much more often given me a better entry price so...sticking with it for now!
Note
Have been up as much as 13 pips...time to move back to cover costs -- this time @ 2398.25Note
Limit order placed for 2400...hoping it gets there one more time
Trade closed: stop reached
The idea has been invalidated...looks like SPX will continue to rally. I will consider adding on dips for target 2450, and watch for new developments at that level.
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.