S&P 500 IndexLong
SPX500 Finding Support at its current retracement Low
https://www.tradingview.com/x/w42majgX/
Hello Traders.... here is another trade that is about to complete setting up. The SP500 is in a bullish trend. Do not attempt to sell this market unless you know what you are doing. Price is finding support the Fib 38.2 as shown on the chart. Note how for two times they have revisited this Fib level, giving you a Double Bottom. Our STOP has already been given @ 2909, the low below our counter trend line. Price is attempting to find a close above the counter trend line. Once we are given this candle, which is the second candle after a candle that is well clear of the counter trend line (CTL), that will be our entry. Given a deep retracement to Fib 38.2, our TARGET should be at Fib 138.2 Extension, 2956. Remember the pending retracement that always comes after the CTL cross as they test the back side of the trend line. Because this test can sometimes take you out, I prefer to put my provisional STOP below the Fib 23.6 level. Once this test has failed, i.e. if they fail to close below the CTL, you can then move your STOP to the lower below the CTL. How do you know the test has now failed? I prefer switching to Heikin Ashi candles and wait for candles to switch colours. I hope this little helps. Thank you.
Hello Traders.... here is another trade that is about to complete setting up. The SP500 is in a bullish trend. Do not attempt to sell this market unless you know what you are doing. Price is finding support the Fib 38.2 as shown on the chart. Note how for two times they have revisited this Fib level, giving you a Double Bottom. Our STOP has already been given @ 2909, the low below our counter trend line. Price is attempting to find a close above the counter trend line. Once we are given this candle, which is the second candle after a candle that is well clear of the counter trend line (CTL), that will be our entry. Given a deep retracement to Fib 38.2, our TARGET should be at Fib 138.2 Extension, 2956. Remember the pending retracement that always comes after the CTL cross as they test the back side of the trend line. Because this test can sometimes take you out, I prefer to put my provisional STOP below the Fib 23.6 level. Once this test has failed, i.e. if they fail to close below the CTL, you can then move your STOP to the lower below the CTL. How do you know the test has now failed? I prefer switching to Heikin Ashi candles and wait for candles to switch colours. I hope this little helps. Thank you.
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