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S&P 500 Long trade idea1. Basic Rules (Filter Trend using H4 timeframe) a. Only take Long when the price is above the 50 EMA b. Only take Short when the price is below the 50 EMA 2. Check Market Structure using H4 TF a. Look for trend structure (Point A, B, C) i. Long – look for higher highs ii. Short – look for lower lows 3. Use Fibonacci Retracement tool (after trend structure and Points A, B and C are identified). Apply on H4 TF a. Bullish bias – draw Fib tool from start of move below to new higher high b. Bearish bias – draw Fib tool from start of move above to new lower lows 4. Wait for price to pullback from higher highs or lower lows to acceptable Fib level (38.2% or 50% or 61.8% levels). DO NOT ENTER IF Fib Levels ARE NOT RESPECTED. 5. Look for trading edge on these Fib levels using M15 timeframe. Enter trade on M15 timeframe using VMC buy or sell signals 6. Stop Loss – Place stop using the previous swing high or swing low in M15 or the next Fib level 7. Take Profit a. TP1 = 1:1 RR or the 100 fib level b. TP2 = -27.2 or -61.8 Fib levels Indicators: Vu Man Chu Swing Free by Jazal in M15, 50 EMA, Fibonacci Retracement tool
OANDA:SPX500USDLong
by Jonee711