-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
Target: $3870
SL: $4110
1% risk
1:1.5 risk-to-reward ratio
Comment:
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.
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.