S&P500 | H2 Double Top | GTradingMethodHello Traders,
Watching the S&P for a potential double top.
It also aligns with the retest of the rising wedge, which is has already broken to the downside. This kind of confluence gives me extra excitement about a trade.
What I still need to happen for me to open the trade:
- H2 candle close in the entry range
- H2 candle that closes in the range needs a certain closure rate
- RSI needs to create another divergence
- Volume needs to be lower on T2, although my system does give exceptions if there is a data release, in this case FOMC, so exception will likely apply.
📊 Trade Plan:
Risk/reward = Between 3.3 and 4.3
Entry price = Between 6630 and 6639.9
Stop loss price = Between 6649.2 and 6656.8
Take profit level 1 (50%) = 6576
Take profit level 2 (50%) = 6553
I would ideally like my stop loss above the rising wedge, that way it needs to break through both barriers.
Also, if this pattern plays out, I think it will drag the crypto market down with it... Unfortunately.
💡 GTradingMethod Tip:
Always predefine your risk before entering a trade. This is a non negotiable to becoming a professional trader.
🙏 Thanks for checking out my post!
Make sure to follow me for updates and let me know in the comments — do you see the wedge retest as bearish, or do you think the bulls have more room to run?
📌 Please note: This is not financial advice. This content is to track my trading journey and for educational purposes only.
Peace
G
