Hello Traders,
Watching the S&P for a potential double top.
It also aligns with the retest of the rising wedge, which is has already broken to the downside. This kind of confluence gives me extra excitement about a trade.
What I still need to happen for me to open the trade:
- H2 candle close in the entry range
- H2 candle that closes in the range needs a certain closure rate
- RSI needs to create another divergence
- Volume needs to be lower on T2, although my system does give exceptions if there is a data release, in this case FOMC, so exception will likely apply.
📊 Trade Plan:
Risk/reward = Between 3.3 and 4.3
Entry price = Between 6630 and 6639.9
Stop loss price = Between 6649.2 and 6656.8
Take profit level 1 (50%) = 6576
Take profit level 2 (50%) = 6553
I would ideally like my stop loss above the rising wedge, that way it needs to break through both barriers.
Also, if this pattern plays out, I think it will drag the crypto market down with it... Unfortunately.
💡 GTradingMethod Tip:
Always predefine your risk before entering a trade. This is a non negotiable to becoming a professional trader.
🙏 Thanks for checking out my post!
Make sure to follow me for updates and let me know in the comments — do you see the wedge retest as bearish, or do you think the bulls have more room to run?
📌 Please note: This is not financial advice. This content is to track my trading journey and for educational purposes only.
Peace
G
Watching the S&P for a potential double top.
It also aligns with the retest of the rising wedge, which is has already broken to the downside. This kind of confluence gives me extra excitement about a trade.
What I still need to happen for me to open the trade:
- H2 candle close in the entry range
- H2 candle that closes in the range needs a certain closure rate
- RSI needs to create another divergence
- Volume needs to be lower on T2, although my system does give exceptions if there is a data release, in this case FOMC, so exception will likely apply.
📊 Trade Plan:
Risk/reward = Between 3.3 and 4.3
Entry price = Between 6630 and 6639.9
Stop loss price = Between 6649.2 and 6656.8
Take profit level 1 (50%) = 6576
Take profit level 2 (50%) = 6553
I would ideally like my stop loss above the rising wedge, that way it needs to break through both barriers.
Also, if this pattern plays out, I think it will drag the crypto market down with it... Unfortunately.
💡 GTradingMethod Tip:
Always predefine your risk before entering a trade. This is a non negotiable to becoming a professional trader.
🙏 Thanks for checking out my post!
Make sure to follow me for updates and let me know in the comments — do you see the wedge retest as bearish, or do you think the bulls have more room to run?
📌 Please note: This is not financial advice. This content is to track my trading journey and for educational purposes only.
Peace
G
تم حذف الأمر
Retested the rising wedge perfectly.I was too busy watching dow jones, which I did open a short on.
For the double top setup, the rsi has now reset so this setup is invalidated.
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لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.