Long on breakout of downward channel
Updated
The end of the Month rally of Friday, took us to just above the 50% retracement level of the entire January sell off, and just below the 50% retracement level of Decembers swing high.
A new month and a new week has seen some profit taking, as we have moved down the channel shown here
Since US market open we have touched the top and the bottom of the channel, and we are currently going for a re-test of the highs, but without much conviction. There is an opportunity here if we can break this channel to the upside, or perhaps we will remain in downward consolidation for the rest of the day.
Watching for a break. If we break above the top trend line and it is confirmed by close of a 5 minute candle, I will look to go long on any pullback.
It's taken me so long to go through Tradingviews verification system to get this published we have now broken the channel - So looking for long opportunity on retest of top channel line for 5 point target
A new month and a new week has seen some profit taking, as we have moved down the channel shown here
Since US market open we have touched the top and the bottom of the channel, and we are currently going for a re-test of the highs, but without much conviction. There is an opportunity here if we can break this channel to the upside, or perhaps we will remain in downward consolidation for the rest of the day.
Watching for a break. If we break above the top trend line and it is confirmed by close of a 5 minute candle, I will look to go long on any pullback.
It's taken me so long to go through Tradingviews verification system to get this published we have now broken the channel - So looking for long opportunity on retest of top channel line for 5 point target
Trade active
I have gone long S&P with a 5 point target, and stop below upper trend lineTrade closed manually
Closed trade for 3 points profitNote
It was a short term trade whilst I saw an opportunity. This is my first post on Tradingview, so just getting used to the platform,
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