I would wait for it to retest the broken trendlineon 60minute and not jump the gun.I put an entry at the high of this retest-pattern to be extra sure it goes in the right direction once im in. Imo this gives a safer entry. Put Sl somewhere safe in the bigger correction e.g.
Well everybody does it different i guess. But my current approach with following this trade-setups is like this:
This way you have more confidence you get in the right trades imo and not get stuck in a bulltrap. But nothing is 100% assured in trading. This the SPY symbol btw, since i dont have data on lower timeframe with SPX500. But you can follow this approach with patterns on SPX500 of course.
No buy setup here before a weekly close above all time high 2100 level. And I know the market. The zone between Anil's top channel line and 2100 is dead man's zone. Take a look at what happened 20th of April 2016, last time price managed to get one single day close above 2100.