S&P (SPX500USD): Make this Money Printer Go Brrr!
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Let's see if that money printer can make it rain friends!
Today we are looking to see if the uptrend can continue with the S&P (SPY, SPX, SPX500USD, etc). Longing the uptrend in equities has been profitable recently, let's assume that trend continues and talk about entries, exits, and key levels.
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1. S&P is currently in an uptrend within a channel as illustrated on the chart. We recently saw a reaction off the bottom of the channel which produced a long signal.
2. With the strategy in use we want to go long ONLY when Fractal Trend signals an uptrend (Green background color) AND Breakaway Scalper then signals an uptrend (Green bar color).
3. With a long signal having been recently produced, we are watching R1 and R2 for reactions. If rejected at R1 we will watch for a retest of the trend line or even a trip down to S1. If price can get past R1, then the levels to watch above are R2 and R3.
4. If the uptrend channel is broken, S1 and S2 are the next levels to watch for support.
5. Regardless of which way the price goes, we will be using the built in trailing stop on Breakaway Scalper to reduce risk and lock in profits if we move to the upside.
Like and Follow to help us grow family! 🎉
---
Let's see if that money printer can make it rain friends!
Today we are looking to see if the uptrend can continue with the S&P (SPY, SPX, SPX500USD, etc). Longing the uptrend in equities has been profitable recently, let's assume that trend continues and talk about entries, exits, and key levels.
---
1. S&P is currently in an uptrend within a channel as illustrated on the chart. We recently saw a reaction off the bottom of the channel which produced a long signal.
2. With the strategy in use we want to go long ONLY when Fractal Trend signals an uptrend (Green background color) AND Breakaway Scalper then signals an uptrend (Green bar color).
3. With a long signal having been recently produced, we are watching R1 and R2 for reactions. If rejected at R1 we will watch for a retest of the trend line or even a trip down to S1. If price can get past R1, then the levels to watch above are R2 and R3.
4. If the uptrend channel is broken, S1 and S2 are the next levels to watch for support.
5. Regardless of which way the price goes, we will be using the built in trailing stop on Breakaway Scalper to reduce risk and lock in profits if we move to the upside.
