SP500 Price channel, RSI and Resistance level SHORT
Dear All,
This idea is based on the few indicators such as: price channel marked in orange, RSI touching the exhaustion levels and obviously the level ATH that we are very close to. My position is short since I don't believe on anything rising without the correction fase and at this pint we had weeks of prise climbing up and no correction, once it happens it will be quite a rough ride fasten your seat belts! The s/l is above the ATH and will be watching the weekly candle bars only if it closes with it's body beyond I will reduce my position and reopen again. The take profit? Well... first of all Fib of 0.5 might be a good place to close half of my position and move the s/l to opening position of the trade this way I would manage my risk and see if the price hits the bottom of the marked channel around 4200
This is just an idea not a trading advise!
This idea is based on the few indicators such as: price channel marked in orange, RSI touching the exhaustion levels and obviously the level ATH that we are very close to. My position is short since I don't believe on anything rising without the correction fase and at this pint we had weeks of prise climbing up and no correction, once it happens it will be quite a rough ride fasten your seat belts! The s/l is above the ATH and will be watching the weekly candle bars only if it closes with it's body beyond I will reduce my position and reopen again. The take profit? Well... first of all Fib of 0.5 might be a good place to close half of my position and move the s/l to opening position of the trade this way I would manage my risk and see if the price hits the bottom of the marked channel around 4200
This is just an idea not a trading advise!
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