Long or Short game plan:
✔️ Entry: $120.25
⛔ Stop: $122.34
🤑 Profit: $116.26
By all means I would have shorted the level here, but what worries me is the massive amounts of shorts that have piled up. If price bounces off the $119.19 level and then starts trending up, going through the upper trendline of $122.10, we may very well see a short...
Simple game plan, considering price action is narrowing down:
✔️ Entry: 4090.00
⛔ Stop: 4050.00
🤑 Profit: 4203.90
Alternative scenario would be for the price to rest on the lower trendline, slowly trending up until it does a sudden drop down. In order for the above mentioned setup to be valid, I would like to see a bounce off that level, not consolidation.
For what it's worth, I'm dropping a very basic analysis of the current price action for S&P500. It seems that the price is resting on the middle trend line of the descending channel.
The risk-takers might want to open a long order at the current level of $4,150 with a target at $4,400 and a stop loss below the recent lowest low, which is $4,060.
$SPX500 Game Plan
As much as I hate opening a position against the trend, these are two levels that I will be observing. In an ideal scenario I want to open the short upon confirmation. What does this mean?
If price reaches one of the two levels - $4524 or $4586, I want a small retracement followed by a double top or lower low. I can then open a short position...
Oil has reached an important price level, which will determine the trend for the following week (at the very least). From here I see only three possible scenarios, starting with the most likely one to occur.
1) Price pulls back from the resistance level, as I presume a lot of people will be shorting the high level of 25th October. Alternatively, it can...
$OIL Weekly Analysis
From where we stand, today seems to be the day, which will determine the weekly trend. A bounce up in the $78.25 area should lead to higher high and a potential uptrend.
If the lower trendline doesn't hold, I will be opening a short, targeting at least $76.90 and potentially looking for stacking short orders.
Currently still in "'Sit Tight...
OIL Weekly Analysis (Short)
Currently price is in the upper part of an ascending channel, approaching a downtrend line. There's confluence of three levels here - the descending trendline, the ascending trendline of the current channel and a resistance level.
I am looking for a short position in the $78-$79 area with a relatively tight stop loss slightly above...
$SPX500 Weekly Analysis (Long)
Based on the formed ascending channel, I believe price is currently in overbought territory, and as such it will retrace back down to the lower trend line. The zone of interest is between $4,646 and $4,710.
That is of course in case the price doesn't go through the highest high level ($4,815), in which case I will either be buying...
S&P 500 Long Setup
🔵 Entry Level: $4485.5
🟢 Take Profit: $4598.5 (2.59R)
⛔ Stop Loss: $4441.8
- Expecting price to respect the lower trendline in the descending channel one more time before correcting to the upper one
- Entry level is also previous resistance level from August and September
SPX500 Short Setup
🔵 Entry Level: $4714.3
🟢 Take Profit: $4632.6 (2.61R)
⛔ Stop Loss: $4745.6
1) Resistance level
2) Expecting divergence in the RSI Candles indicator
3) Yet to test the lower trendline of the ascending channel
OIL Short Setup
🔵 Entry Level: $82.90
🟢 Take Profit: $78.42 (2.17)
⛔ Stop Loss: $84.96
1) Currently an overbought level, expecting a slight cool down after which a new move up should follow, taking us to the entry target.
2) If this setup turns out to be valid, the price should print lower high on the indicator, while making a higher high on the...
S&P 500 Weekly Plan
🔵 Entry Level: $4598.0
🟢 Take Profit: $4645.3 (2.05 R)
⛔ Stop Loss: $4574.9
🔵 Entry Level: $4651.8
🟢 Take Profit: $4599.4 (1.59 R)
⛔ Stop Loss: $4684.7
1) A clear setup would be opening a long position at what was recently resistance, as it is likely to be turned into support. However, this is too obvious of...