Symbol: ES
Time frame: 1h Chart
XA Move: Swing Low (X) at 2603.25 to Swing high (A) at 2766.25
AB Move: Using Fibonacci retracement of 38.2 of XA, we are able to get the B point at 2704 which price action hit and fulfill the criteria of a valid B.
BC Move: Using a Fibonacci price extension of 127.2 of XA, we are able to get the C point at 2811.50 which price...
The entry of 2614.00 is based on the previous day close of the 200 SMA
Stop loss is 2 ATR from the entry.
Profit target #1 is 2 ATR from the entry, giving you a reward to risk ratio of 1:1.
Trading Plan:
1. Set Stop loss(2531.50)
2. Sell half at Profit target #1(2696.50)
3. Once Profit target #1 hit, shift stop loss to 1 ATR above your entry. (2655.25)
4. Sell...
We always wait patient for the trade to come to us rather than chasing the trade.
Previously on Part 3, we missed the trade by a thin margin of 2.25 points.
The market bounced back up and retrace back down.
Luckily it presented an opportunity for us to enter the trade.
The Profit target #2 is identical to Part 3 Profit target #2 as price action did not reach to...
*Missed the trade by 2.25 points ( 9 ticks)
The entry of 2583.75 is based on the previous day close of the 200 SMA
Stop loss is 2 ATR from the entry.
Profit target #1 is 2 ATR from the entry, giving you a reward to risk ratio of 1:1.
Trading Plan:
1. Set Stop loss (2491.25)
2. Sell half at Profit target #1 (2676.25)
3. Once Profit target #1 hit, shift...
The entry of 2536.75 is based on the previous day close of the 200 SMA
Stop loss is 2 ATR from the entry.
Profit target #1 is 2 ATR from the entry, giving you a reward to risk ratio of 1:1.
Trading Plan:
1. Set Stop loss (2422.50)
2. Sell half at Profit target #1 (2651.00)
3. Once Profit target #1 hit, shift stop loss to 1 ATR above your entry. (2594.00)...
A simple way to trade S&P 500 using the daily chart and be profitable.
As you can see from the chart, the black line is the 200 SMA (simple moving average).
Since the beginning of 2018, there are 5 instances where the price action touches the 200SM
