This chart is Heiken Ashi with SCMR Trends. Long/Buy entry is at a break above the potential bullish reversal candle (blue) with stops below previous candle low. Once the trade is underway, if price action prints a neutral (gray), stops should be moved up to the low of that candle to reduce risk. I might also consider moving stops up to structure around 240 if we break through the double top @ $242. Take profit will be either a cross down of TSI or completion of our advanced pattern, which ever comes first. The set up here is pretty good as far as R/R from our entry. Also, Date Range Forecasting™ (see below) says we need to break 228.77 in the next 4 days, 16hrs- or we should expect higher highs.
Here is the Bitfinex chart showing the Date Range Forecast. It's also note worthy that one of the bullish reversal signal trades on Finex was stopped out inside the symmetrical triangle (see chart below). One could argue that a less aggressive risk reduction stance might be appropriate on Bitfinex, say by moving stops to underneath the bullish reversal low if/when a neutral candle is first printed... however- had the stop hunt gone significantly lower to our initial stop, we'd have suffered twice as much loss. Ultimately, it's your call.
SPYderCrusher
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Nice looking setup, solid analysis...what else is there? :D
ninjabenja
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A win would be good :p Here is the finish of that move... along with the next long entry.