A long shadow touches the furthest end of the buy zone(yellow box) creating 1 of the better Reward: Risk Trade.
Trade has already engaged, and I have two targets for this trade setup, check out the link(3) on my trading view account if you like to unlock the full version of this analysis.
These would be my areas of interest IF I were to trade the SPX. I am Bearish. However, I do believe that it'll be a rally in price right before the bears enter the market to push it lower. When? Hell if I know. I would pay close attention to price action since it tells you everything you need to know. Happy Trading!
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Making this simple :
The highest close since the bottom has been on March 20 at $6210 (green line).
Lowest close since the increase has been on March 22 at $5710 (red line).
A daily candlestick with a close above the green line suggests the price will move upwards, while the opposite is true for the red line.
I don't normally track & trade the British Pound/Japanese Yen. However, I wanted do a markup to keep my skills sharp. If I was trading this currency pair I would wait for long positions. Let's see what happens. Happy trading!
This is just an observation, (and nothing more), but the Daily Paired Candle Pattern that I have marked with an arrow is a Combination Pair that tends not to fill.
I have marked it on the DJI (as I am trading the US30 with a short position from 28, 868 which I opened on the 10th of January 2020) but this pattern is also evident on the SPX, (perhaps even more so)....
I believe we may have reach a bottom. Review my Candlestick charting video and let me know what you guys think. I will look for conformation with the RSI but this may be the bottom. I'm not saying we are going to go in "v" shape up, we may go sideways for a while and retest the lows. Review and let me know your thoughts.
Points i'm trying to...