Trade Idea on ES-MINI S&P500 by Thinking Ants
Consider this as an idea to develop your own setup
Main items of the 4hs chart
a)All the major trendlines that were working as dynamic supports have been broken
b)On MACD we can see divergence on the Histogram
c)The first support we have is the neckline of the Previous Head and Shoulders pattern that didn't evolve as supposed
d)Currently, the price broke out the major ascending trendline, we will wait for a corrective structure on a lower timeframe such as 1HS
e)How to know if the corrective structure is valid? expect a clear ABC pattern and a pullback to the broken trendline
f)Always check that you have a proper risk reward ratio before entering the market
Main items of the 4hs chart
a)All the major trendlines that were working as dynamic supports have been broken
b)On MACD we can see divergence on the Histogram
c)The first support we have is the neckline of the Previous Head and Shoulders pattern that didn't evolve as supposed
d)Currently, the price broke out the major ascending trendline, we will wait for a corrective structure on a lower timeframe such as 1HS
e)How to know if the corrective structure is valid? expect a clear ABC pattern and a pullback to the broken trendline
f)Always check that you have a proper risk reward ratio before entering the market
Trade closed: target reached