SPX (SP500) Cup And Handle Breakout
Updated
We see a Cup & Handle pattern playing out quite well on the S&P500 4HR chart.
Since the break happened at the end of trading session last week, we will wait one full bar after open before entry in case of the price reverting.
Target is usually the height of pattern, multiply that by chances of successfully reaching target (0.61 or 61%).
Entry: Risky method is as soon as market opens, I will be waiting one full bar for confirmation.
TP: 200$ from break or ~3655
SL: Last swing low or ~3412, I will do 3390 to be sure Monday morning wicks don't close me out.
R/R: ~2.9-3.1 depending on entry point.
Pattern info: thepatternsite.com/cup.html
Since the break happened at the end of trading session last week, we will wait one full bar after open before entry in case of the price reverting.
Target is usually the height of pattern, multiply that by chances of successfully reaching target (0.61 or 61%).
Entry: Risky method is as soon as market opens, I will be waiting one full bar for confirmation.
TP: 200$ from break or ~3655
SL: Last swing low or ~3412, I will do 3390 to be sure Monday morning wicks don't close me out.
R/R: ~2.9-3.1 depending on entry point.
Pattern info: thepatternsite.com/cup.html
Note
Fell back into pattern, wait for breakNote
Updated estimated entry point, SL and TP :Order cancelled
Invalidated
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