S&P500 Short Setup
🔵 Entry Level: $4577.3
🟢 Take Profit: $4532.0 (1.31R)
⛔ Stop Loss: $4612.0
Reasoning:
1) We formed a double top and while the Risk-Reward-Ratio is not very favorable (just 1.3) the setup does provide for quick scalping.
2) With that being said, considering the spread on the platform you are trading (or commission) and the weekend fees (if the target doesn't get hit which is very likely) this trade wouldn't make too much sense, but I decided to share my thoughts just in case.
🔵 Entry Level: $4577.3
🟢 Take Profit: $4532.0 (1.31R)
⛔ Stop Loss: $4612.0
Reasoning:
1) We formed a double top and while the Risk-Reward-Ratio is not very favorable (just 1.3) the setup does provide for quick scalping.
2) With that being said, considering the spread on the platform you are trading (or commission) and the weekend fees (if the target doesn't get hit which is very likely) this trade wouldn't make too much sense, but I decided to share my thoughts just in case.