SP500, high AB=CD, multiple inside bars entry
Updated
Weekly Bias is UP, Daily is UP as well.
We have an AB=CD which happens above the 38% retracement of the bigger swing up. (some people might refer to this as a high-tight flag).
30 min is showing divergence. The entry is a breakout after multiple inside bars pattern also known as a popgun pattern.
The risk to reward to the previous all-time high is 1 to 5 if no scaling out. Scaling out will still give you some 1 to 3 RR. If you pick a longer-term trailing target that looks pretty sweet.
We have an AB=CD which happens above the 38% retracement of the bigger swing up. (some people might refer to this as a high-tight flag).
30 min is showing divergence. The entry is a breakout after multiple inside bars pattern also known as a popgun pattern.
The risk to reward to the previous all-time high is 1 to 5 if no scaling out. Scaling out will still give you some 1 to 3 RR. If you pick a longer-term trailing target that looks pretty sweet.
Note
You also have a 1-hour multiple inside bar trigger. Same pattern as on the 30 min chart.
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.