tradingdiaries
Long

Reverse head and shoulder S&P 500

FX:SPX500   S&P 500 index of US listed shares
The S&P500             shows a nice reversal head and shoulders formation on the chart.

The S&P             is moving in an uptrend for the last days and weeks. I think this formation shows good that the trend will continue after a pullback.
The neckline of this formation is also at the 38.2 fib level of the last upside move. So I expect a short term price fall back to 2083 +/-. And then the price should go up to an area around 2115-2120.
Comment: Right now the price is back at the neckline, I will watch the chart now for a good opportunity to move in and open a long trade. I will update the chart again if that is the case and I found a good entry.
Trade active: The price is back at the neckline.
I will open a trade now with a tight stop loss below the last low under the neckline.
Target is around 2110-2120. Will see how it works.

Just to mention it, this is no edvice to anyone to do as I do. Do your own analysis and decide if you want to take a trade or not. This is just my opinion.
Trade closed manually: I closed my trade today after the price bounced back. So I closed at 2091 my trade and took a profit home. Now I will stay out of the market until the referendum for the "Brexit" is over.
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