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justinmitchelltech
Dec 3, 2020 12:10 AM

SPX/SPY Breakout Trade Idea Long

SPDR S&P 500 ETF TRUSTArca

Description

Breakout of recent 320-360 range. Confirmed by above average volume as well as continuing uptrend - close on higher highs.

Trade active

Comment

Bullish day, closing on hi, upping the probability of this trade reaching profit target.

Trade closed: target reached

2R Profit
Comments
samitrading
How far can we go up, or just 380 is the top.

wish you the best.
justinmitchelltech
@samitrading 380 is simply my first target. It’s simply 2x my risk. I calculated my risk on this trade by taking the low of the signal candle minus 1 ATR. That risk would characterize a significant move back beneath the breakout area. 380 is also a reasonable first target, because over last year or two, SPY has liked to range in 20 point increments. If it will go higher, only time will tell. If you want to ride it higher, maybe use a moving average to trail your stop.
samitrading
@justinmitchelltech,

Thanx. very probable set up, trend +wave alike.

wish you all the best Justin
justinmitchelltech
@samitrading Thanks for the feedback! I wish you the best as well.
samitrading
@justinmitchelltech, keep up the good work.

wish you all the best.
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