S&P500 - A little dangerous but having a big P/L in Long Order
In my trading view, it's a bit dangerous if trading at this level. The Index is nearing Old High, but that is still on Lower Channel Line.
I have 2 scenerios:
1. The Old High can be a strong Resistant Level and makes a correction. However, placing a Short is a danger in the short-term uptrend until seeing a clear reversal signal.
2. The Index is on the Lower Channel Line and can reach to the Upper Channel Line. In this case, I see a big P/L ratio if placing a Long and put a Stop-Loss in the Stop Area.
Hope my idea can help your trading :)
I have 2 scenerios:
1. The Old High can be a strong Resistant Level and makes a correction. However, placing a Short is a danger in the short-term uptrend until seeing a clear reversal signal.
2. The Index is on the Lower Channel Line and can reach to the Upper Channel Line. In this case, I see a big P/L ratio if placing a Long and put a Stop-Loss in the Stop Area.
Hope my idea can help your trading :)
Comment:
The Market Index has been reaching close to the strong Resistant Level. Maybe the breakout that beyond this level can be a confirming signal for Bullish in my trading system.