marttrader

$SP500 my plan for today - reversal this morning?

FOREXCOM:SPXUSD   US SP 500 CFD
Yesterday I made a good day LONG on SP500 even if I think it will not go high forever. Today I see a possible run up at the open but I think some reversal could happen between 2580-2600 because of the levels FIB gives me and the usual reversal levels.
It could reverse right at the open because we reach 0.618 of the last impulse and it's an important level and the premarket is up.

Conclusion : I wait to see what happens at the open, maybe a long trade to start if the signal is good, if I see weakness, it's a SHORT and could go hard!

I will post daily chart in the comment because we are reaching important levels also in D1.

Have a nice day!

CHART COLORS:
GREEN = WEEKLY & GREATER ---- BLUE = DAILY ---- PINK = H4 ---- PURPLE = H1
CHART LINES AND ARROWS: SOLID = PAST MOVE ---- DOTTED = ANTICIPATED MOVE
MY TRADING STYLE
I took a lot of time learning Elliot waves and it changed the way I look at charts. It’s much clearer when you know where the market is potentially going. I don’t believe in moving averages theories, candle pattern or other “magic” indicators. I only need one to see divergences. If you trade the “patterns” like “head and shoulder”, “double bottom” or everything else, it’s OK with me because most of the time it fits in the waves count.
The hard part is to catch the strong moves, it’s easy to get lost in consolidation. My way to do is to analyse many timeframes, in a daily consolidation we can catch strong moves in H4 or H1. Same in weekly consolidation, strong move in D1.
NOTE
I do not give advice to buy or sell. I just want to document my journey and interact with other traders. All the levels mentioned are approximative, it can be higher or lower. I am often wrong but I try as hard as I can to cut the losses quickly.
You can reach me on social media, the one with the bird, I am marttrader!
Jan 08
Comment: In the reversal zone.
Jan 08
Trade active: SHORT 2575.28
Jan 08
Trade closed manually: Close for a loss
Jan 08
Trade active: SHORT 2577.78
Jan 08
Trade closed manually: CLOSE AT 2550.23 for a nice profit!
Jan 08
Trade active: SHORT 2556.78 small size, try to re-enter
Jan 08
Trade closed manually: STOP 0, don't want to risk my today's profit.
Jan 08
Trade active: SHORT 2558.78 small size
Jan 08
Trade closed manually: Out for a small loss. Still green on the day!

Comments

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