FullTimeTrader
Short

SPX500-bearish butterfly

FX:SPX500   S&P 500 index of US listed shares
778 4 15
A pattern to consider, we have a trendline acting as resistance also.
Happy trading.
Will you just use a sell limit at the 127 extension to enter this trade? What R/R ratio were you going for that you placed your stop where you did? It appears to be in a completely random spot
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Yes, we must place a sell limit order, some pips above the high. Every setup is different and there are many systems to manage a trade. In this case i chose the B point of the pattern (because the main trend is bullish). Its working well but this trade is risky, so we can manage the trade on the 4H chart also. I place fixed targets just for information purposes.
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riskmode FullTimeTrader
Your stop loss though, why is it where it is? It seems totally arbitrary.
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In this case we are at all-time highs, so the i placed the SL some pips above the PRZ and the trendline as reference.
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