mrfalvo
Short

SPX500USD Scalp Short Potential

OANDA:SPX500USD   S&P 500 Index
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SPX is approaching the first major resistance area . I expect a possibility of some rejection around this area and it showed yesterday with the monthly rejection. Along with this the 4 hour candle closed below the trend leg that took us to the local high as well as 1 hour showing weakness. I believe the risk reward is too good to overlook this trade so i will be taking a scalp short at the top of the range for expectation of at least some rejection. I will be taking 3 contracts short with 2 profit targets within my risk reward scenario and letting 1 ride in case we start to break down lower from here.

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