Updated
S&P500 - Tracking the upside
Hello traders!
In the previous post we explained our two different scenarios. However, since price has taken out 4136 and the main descending trendline, we are now considering only the bullish scenario and thus we believe to be in a primary wave (B) to the upside targeting 4300+. This primary (B) is unfolding as a double three, and with last ABC labeled on the main chart.
Price took the most bullish possibility, that we were not expecting, so our previous short trade was stopped out, but thanks to our risk management rules the loss was reduced and we are still positive in the month of February.
Bigger picture
We will just track and monitor the price action spotting possible setups. Happy trading!
In the previous post we explained our two different scenarios. However, since price has taken out 4136 and the main descending trendline, we are now considering only the bullish scenario and thus we believe to be in a primary wave (B) to the upside targeting 4300+. This primary (B) is unfolding as a double three, and with last ABC labeled on the main chart.
Price took the most bullish possibility, that we were not expecting, so our previous short trade was stopped out, but thanks to our risk management rules the loss was reduced and we are still positive in the month of February.
Bigger picture
We will just track and monitor the price action spotting possible setups. Happy trading!
Trade active
entering for wave v of 3
entry @4157 stop loss 4118 risk 0.5%
target level 4250
Trade active
added at retest. avg entry @4156.8
sl 4118 for 0.7% risk
Trade active
typo before. average entry is @4157.8Note
wave iv target 4105.9
wave iv invalidation level 4095.1
bearis wolfe wave still valid may invalidate wave iv and would be wave ii of C.
Planning to reevaluate at market opening whether to cut or extend
Trade active
extending sl to 4094 risk 1.2%. Re-evauating tomorrowTrade active
Trade active
leaving more breath around invalidationTrade active
reducing some exposure closing part at average entry @4122.
Stop loss at 4091.7 risk 0.8%
Trade closed: stop reached
a but unlucky.. stop loss in the spike down by few points. loss 0.8%
Going up but slight overlap with respect to previous count. alternative in chart
Now flat and observing
Trade active
buying at the retest @4144
stop loss @4130 risk 0.3%
Note
retest failed
bearish below 4092
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.