S&P 500 IndexLong
2023 Jan 12 SP500
Updated
Risk/Reward 3:1
Bias: Longs
Confluences
Macro
Daily - Market major support zone from price 3800.0 (daily key level) this daily key level being a major psychological level and the previous week's low.
Daily - Two previous daily candles closing confidently above price 3900.0, this price zone being a weekly key level as well as another psychological level.
4h - Bullish market condition
4h - new creation of structural higher high from the recent Asia and London sessions, as well as market retesting the recent structural high. Which in turn, indicates that the market is creating a new structural higher low. (Uptrend)
Micro
15m - Yesterday's (Wednesday) US session zone used as entry zone
5m - Bullish support candle closure off of said zone used as entry point
Remarks: FUNDAMENTAL NEWS!! CPI was today (30min into US Session. CPI negatively affected SP500 . Once CPI was released, SP500 pushed down to the said lower timeframe US session that I was looking for. Although there wasn't any change from CPI today, (forecast being 6.5% and actual data being 6.5%) price still pushed to the downside towards the entry zone. (Yesterday's US session zone)
Bias: Longs
Confluences
Macro
Daily - Market major support zone from price 3800.0 (daily key level) this daily key level being a major psychological level and the previous week's low.
Daily - Two previous daily candles closing confidently above price 3900.0, this price zone being a weekly key level as well as another psychological level.
4h - Bullish market condition
4h - new creation of structural higher high from the recent Asia and London sessions, as well as market retesting the recent structural high. Which in turn, indicates that the market is creating a new structural higher low. (Uptrend)
Micro
15m - Yesterday's (Wednesday) US session zone used as entry zone
5m - Bullish support candle closure off of said zone used as entry point
Remarks: FUNDAMENTAL NEWS!! CPI was today (30min into US Session. CPI negatively affected SP500 . Once CPI was released, SP500 pushed down to the said lower timeframe US session that I was looking for. Although there wasn't any change from CPI today, (forecast being 6.5% and actual data being 6.5%) price still pushed to the downside towards the entry zone. (Yesterday's US session zone)
Trade closed: stop reached
Yet another probability loss. Price actually pushed even further down to another potential US session zone. This was actually a mistake on my part due to the fact that I DID NOT wait for price to properly retest the previous structural higher high. What ended up happening is exactly what I said. Once price properly wicked off of the previous structural high, the market retested another US session zone (which was lower in price from the original US session zone I was expecting) and is now pushing to the upside. Ultimately this trade was a pre-mature entry.I did not enter another trade from that retest and accepted the loss for this instrument.
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