Hello traders.
My long term forecast on SP500 is huge drop as monthly 4th wave. That's why I can't miss any chance of taking short trades. This is one of these aggresive entries. I have a pending order below previous bottom and witing for a correction at the same time. I hope it make a correction, so I can find better entry, otherwise my pending order will be triggered, if it goes down.
If you think this is a valid forecast and good trade setup, please hit the like button.
I appriciate that if you leave a comment and let me know what do you think about this idea.
Trade with care...
My long term forecast on SP500 is huge drop as monthly 4th wave. That's why I can't miss any chance of taking short trades. This is one of these aggresive entries. I have a pending order below previous bottom and witing for a correction at the same time. I hope it make a correction, so I can find better entry, otherwise my pending order will be triggered, if it goes down.
If you think this is a valid forecast and good trade setup, please hit the like button.
I appriciate that if you leave a comment and let me know what do you think about this idea.
Trade with care...
Trade active
Note
Stop loss at the break even.Note
If it makes a running flat, correction might be over at 0.500 and 1.272 confluence. So, it can reverse from here and make a new high, or keep falling for expanding flat or just fall as next down impulse. I closed half of my trade.Note
Take another short trade after the breakout.It can be a risky trade. I will use 0.5% risk for this trade.
I already have a short from the top.
Note
It is too early to say but I think a running/expanding flat is in the making for more down side. Note
It is still not clear. If it drops to 0.786 retracement, I will close my trade. Note
I'm still expecting a drop either as C wave or next down impulse. Then I will start to move the stop-loss to positive levels.Note
Note
Sorry, I didn't update for a while. I moved my stop-loss to 2690.Note
I have placed another entry order. Its stop-loss is the same price as the active trade.Note
Half of the first trade made almost 1% profit. Its other half made almost 1% profit as well and second trade loss 1%. So, almost breakeven.
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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.