Quant_

SPX500 Within a Channel - 2 Possible Longs

Long
OANDA:SPX500USD   S&P 500 Index
SPX500 Long Setup Idea

Entry Levels:
1) $3,785.7
2) $3,764.8
TP & RR: $3,870.7 (4.89 and 5.71)
Stop Loss Levels:
1) $3,768.3
2) $3,746.1

REASONS FOR THE TRADE

SPX500 may be due for a small correction and I want to catch the indicated level, which is a flip from resistance to support. I believe it should hold well, but what I am really looking for is a quick, clean wick to the entry or worst-case scenario a close and then a quick trend up. If the price closes under that level, then the trade will be invalidated and I will be looking to open the second long order with an even better Risk : Reward. I will also be looking at the Trend Volume RSI Analysis and what it prints in terms of trend and divergences.
Trade active: Exactly as I imagined it - nice wick to the entry zone and then shooting back up. I am trialing the Stop Loss now and looking forward to hitting the target.


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