US500: Short-term Sell Opportunities
Updated
-Introduction-
US500 has retraced to retest the resistance level of $4100 after reaching the yearly low of $3860. Currently, the price has formed a three black crows bearish candlestick pattern, making a new short-term lower low from the resistance level. Therefore, we have entered our sell position to target the recent yearly low of $3860
US500 has retraced to retest the resistance level of $4100 after reaching the yearly low of $3860. Currently, the price has formed a three black crows bearish candlestick pattern, making a new short-term lower low from the resistance level. Therefore, we have entered our sell position to target the recent yearly low of $3860
Trade active
Sell Position Entered: $4020 Target: $3870
SL: $4110
1% risk
1:1.5 risk-to-reward ratio
Note
Reasons for sell entry: A pullback strategy from the previous support level (Trend-following); Gap unfilled at yearly low, three black crows bearish price action, and US market opened with a strong bearish momentum.
Note
Just reached 50% of the target. We now place SL at breakeven. This is a risk free trade.Trade closed: target reached
We have closed our sell positions at $3877.
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