Spy Green - Follow so I can get reputation for chat contribution
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After the move up last week from FOMC, we were due for a retracement. The green levels below are FVGs (Fair Value Gaps) that were within different time candles that overlapped. This also shows a bullish flag pattern (typically don't use that but it can help with describing the type of consolidation). The news about the economy since last week was still overall positive in regards to stock values dropping. The only FVG is the red near the top which also is at the location of a 85% retracement so we can scalp that for 10%. But look for a FVG created on the way up. That should be a good place to buy for continuation.
Targets in the future: $525 and $555 (roughly)
After the move up last week from FOMC, we were due for a retracement. The green levels below are FVGs (Fair Value Gaps) that were within different time candles that overlapped. This also shows a bullish flag pattern (typically don't use that but it can help with describing the type of consolidation). The news about the economy since last week was still overall positive in regards to stock values dropping. The only FVG is the red near the top which also is at the location of a 85% retracement so we can scalp that for 10%. But look for a FVG created on the way up. That should be a good place to buy for continuation.
Targets in the future: $525 and $555 (roughly)
Comment:
DO NOT USE THE TARGET. I just placed that down for my entry and close ONLY.