ES S&P500 Fibo Positioning for Long Trade
This idea was first posted on Dec 9 but was hidden as I unknowingly violated one of TV's house rules and the idea was hidden. Reposting for everyone's reference as we get closer to the tgt profit level.
Following Friday's positive NFP, S&P has turned very bullish short term and looks set to break the recent highs again. The duo fibo extensions drawn have an converging fibo level of 2.618 and 1.618 around 3250-3260 levels
If new record highs continued to be set, expect a target price of at least 3259.50 to be achieved before any medium term trend turn. Lean long thereafter with risk reward >1 depending on entry level, stop at 3069.
Happy trading and please click agree/like on this idea to support my work as well as follow my Tradingview profile to get more trade ideas update.
Following Friday's positive NFP, S&P has turned very bullish short term and looks set to break the recent highs again. The duo fibo extensions drawn have an converging fibo level of 2.618 and 1.618 around 3250-3260 levels
If new record highs continued to be set, expect a target price of at least 3259.50 to be achieved before any medium term trend turn. Lean long thereafter with risk reward >1 depending on entry level, stop at 3069.
Happy trading and please click agree/like on this idea to support my work as well as follow my Tradingview profile to get more trade ideas update.
Trade closed: target reached:
With both fibo targets reached past 3260 level, long trade is closed with 4-6X risk reward depending on when entry was taken. Monitor now for dips beyond 4-5% and retracement before turning short.
Continue to watch for short opening confirmation.