jayman27
Short

S&P 500 Short Opportunity - Cypher

FX:SPX500   S&P 500 index of US listed shares
Looks like a potential cypher pattern has completed on the S&P             . I'm currently short with stops at 2025.

There are two ways to manage this trade:

A) Aggressive - Move stops to entry when price reaches 38.2% retrace of CD (Do not scale out) and take profits at or just above 61.8% CD - by tightening the stop you reduce the chance of the trade reaching max profit, however you have the best opportunity to get the best possible R:R ratio by going all in all out

B) Conservative - Scale out half of the position at 38.2% retrace of CD. Keep stops at 2025. Close the position at 61.8% of CD - by keeping your stop wide you give the trade more opportunity to reach the higher R:R target

Considerations:
- Fundamentals are bullish considering Friday's NFP (Against trade set up)
- Entry has formed in a previous S/R area (Supports trade set up)

Let me know your thoughts
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