SPX has been on a bullish trend for about one year now and I'm projecting further momentum to the upside after the break and several retest of previous highs.My targets are at the top of the expanding triangle in formation
Nice breakout today, im looking for a pullback to previous highs / 20 EMA / Daily pivot followed by bullish price action to then and then only take this market long.
We must had an understanding of sentiment i.e. Risk on or Risk off
Entry details are shown on the chart.
We're only looking for TP3.
Trade history can be seen below this trade idea too for full transparency.
I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily.
Jumping on random trade ideas 'willy-nilly'...
The market has reached its all time high creating a new higher high which can be treated as a resistance @3941.1 for now. The RSI suggests that the market has been heavily overbought on 30m chart and a recorrection is to be expected.
On 4hr chart the support level 3896.8 is constantly being tested and looks like the market will test this level one more time...
Stocks were lower for the week, as coronavirus continued to escalate, with 330,000 deaths across the US and almost 19-million cases reported. Risk-off could continue into the upcoming trading week, notwithstanding the US government’s vaccination drive. As of Friday, more than 1 million Americans were inoculated, and it has been the underlying tailwind for stocks...