Ez potential setup here, if it pops on the 15 we have a nice cushion with entry around this area, if it breaks down 2730 then cut it. But i suspect more bull trap
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Consider closing longs now i think
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I’m still targeting like 2860 just keep an eye on it
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I ended up closing long at 2808 because I’m not sure what happens next. Overall I expect SPX to fall (see daily idea)
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Reviewing the charts again, my gut says that there’s a bit more upside in here. XS things we will hit 3k. 2900 is the 79% level on the daily, so I can see some action happening with a daily candle wicked off of 3k.
I think the hourly/15m can continue up these fib channel averages shown on the chart for a bit. It’s not really enough for me to keep a position, its just what I feel is most likely to happen.
In the end, traders never know what will happen. But we CAN know that closing for the day will secure profit and so that’s what I’m doing for today. Around 4 - 5 PM EST you should be reviewing your positions and determining which are worth (for FT traders) being awake likely most of the night, or even holding past the close in the first place.
Let’s see what happens. Plenty of room and time to get in for the next big leg.
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thinks*
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Yes now if it continues to HL/HH in this channel it will eventually break out