Short
S&P500 - Pt.4 CPI is the trigger, 61.8 is the level
Hello traders!
Finally price seemed to take the path the we were waiting for!
To maximize risk reward and reduce risk, we prefer to open multiple trades in a scenario at different key levels, being stopped out eventually some time before getting the final position. In any case, WE CAN NEVER LOSE MORE THAN 1.5% of equity. This is our most strict rule!
In this case, we took a stop loss of 1% of equity, and we are now riding the descent with stop loss on entry. As we said in our first post, news and the price action reveal themselves simultaneously, volatility of CPI and market opening were the trigger, but the price was rejected exactly at the golden fibo level as our count was expecting! That's what we love about trading.
Our main target is the wolfe wave target around 3640, but we will update observing the price action for other possible entries and targets.
Finally price seemed to take the path the we were waiting for!
To maximize risk reward and reduce risk, we prefer to open multiple trades in a scenario at different key levels, being stopped out eventually some time before getting the final position. In any case, WE CAN NEVER LOSE MORE THAN 1.5% of equity. This is our most strict rule!
In this case, we took a stop loss of 1% of equity, and we are now riding the descent with stop loss on entry. As we said in our first post, news and the price action reveal themselves simultaneously, volatility of CPI and market opening were the trigger, but the price was rejected exactly at the golden fibo level as our count was expecting! That's what we love about trading.
Our main target is the wolfe wave target around 3640, but we will update observing the price action for other possible entries and targets.
Note
Strong resistance, leaving it more roomNote
Stop loss on entryNote
we may go for an ending diagonal in this last corrective leg, making another high before dropping
Trade active
short position from 3996 still in with stop loss on entry
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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.
Related publications
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.