At this point, we are looking for price action to retrace back to 2350.00 after the downthrust that took place across the board in major indexes.
IF the price retraces to a more faborable level, we can look for a short entry that meets our trading plan's entry criteria for the S&P500.
The key word for this opportunity is patience since we want it to set up for a short and not hop on board before it does set-up.
IF the price retraces to a more faborable level, we can look for a short entry that meets our trading plan's entry criteria for the S&P500.
The key word for this opportunity is patience since we want it to set up for a short and not hop on board before it does set-up.
Comment:
Looks like the E-Mini S&P500 stopped a few ticks away from our short entry area. We did not enter the trade since it does not yet meet our entry rules. #patiencepays
Comment:
The E-mini S&P500 is currently in our short entry area. We are awaiting further confirmation before initiating the short as shorting right now would prove aggressive.