S&P 500 looks ripe for a relief bounce
Direction: Long
Entry: Around 238.05 (Keep an eye on H1 PA to time entry)
Stop: Around 233.52
Target: 252.92 (previous range low that has now been broken)
R:R: 3.28
Reason for Entry:
1) 2nd rounded retest of weekly OB
2) Bullish RSI divergence on weekly TF
3) 200 EMA support approaching soon (see below)
Entry: Around 238.05 (Keep an eye on H1 PA to time entry)
Stop: Around 233.52
Target: 252.92 (previous range low that has now been broken)
R:R: 3.28
Reason for Entry:
1) 2nd rounded retest of weekly OB
2) Bullish RSI divergence on weekly TF
3) 200 EMA support approaching soon (see below)
Order cancelled
As stated above H1 PA never gave signal to enter. Ideally I wanted to see at least a H1 candle close above the proposed entry price 238.05 and subsequently couple of H1 candle closes above this price with wicks rejecting further down move to confirm that support is holding. Instead of the above, H1 closed cleanly through the weekly OB (green rectangle) which is a signal of bearish continuation. Hence, I don't wish to trade the proposed set up anymore.
Note
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