Not sure how many of you would like to see TA on SPX, but I thought it might be beneficial to some of you.
If you would like me to keep updating SPX, please PM me as sometimes I get too focused on Cryptos and completely forgot about SPX. Just like 30 hours ago, when SPX hit right on the top of the downtrend channel (circled in yellow), my alarm did not get activated and has missed the chance to buy-in. That was a 2.7% winning trade with x1 leverage :(
Now, I am just waiting for SPX to hit either the top or the bottom of the downtrend channel and to go short or long accordingly.
Just like Bitcoin, SPX is in a downtrend channel. Hence, shorting will be a safer and better risk/reward ratio option to trade.
Don't forget to press "Like", TA :)
Taiwan Bear
****************************************************************************************** Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you: - Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+) - Understand that every trade carries a risk, and don’t expect you can make profits from every trade
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Did you manage to open your short positions @ $2644.9? If you did, congratulations, 1% (x1 leverage) profits already.
If you think this call was outstanding, please give a "Like" :)
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SPX has been performing quite unexpectedly in the last few candles. It went above the trend line and found the trend line as support. However, the 0.618 retrace @ $2661 is still holding strong as resistance.
The price action is quite unclear at the moment. Below is the possible scenario that SPX could play out.
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Short opportunity - wait for breakout of ascending triangle
Keeping an eye on SPX might have bring benefit to cryptos in general. As people exit on positions, as an alternative investment, they'll pump up the volume on cryptos which in turn can be good for all of us.
Just a theory.
Taiwan_Bear
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@serhan, Cryptos are more bearish than SPX. I doubt people will switch their investments to Cryptos..
DCGYC
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your ES numbers are off. is this a daily, weekly or longer term trade?
@DCGYC, Two potential area to short. Should be in the next 7 days.
DCGYC
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@DCGYC, so whats your entry, stop loss and exit target. i trade the es which is the same as spx. curious but its a tight trade to cent value in terms of entries, stop loss. your zone is too wide. can you provide a detailed number. i am genuinely curious. i like your btc analysis btw
Taiwan_Bear
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@DCGYC, The two yellow blocks are where I will consider to enter my shorts.
I think SPX will hit $2705 - 2709 as the resistance, and break down. It's hard to give you a exact number now because I don't know when it's going to break down.
Or, SPX might even test the $2743.85 price level. Will need to wait for clear signal.
Just a theory.