We have a inverted H&S pattern in the 4hr SPX.
5238.6 target area.
5238.6 target area.
Comment:
Target price reached. A sell stop can be placed below the swing pivot low and we can still catch more pips as she climbs. Happy money trails :) $$$$$$$$$$$
Comment:
Taking some profits here is not a bad idea, leaving 50%-25% on to see if more pips can be had is ok as long as we don't break below 5215.3 area. I wouldn't risk more than that with profits.
A possible head might be forming or A pattern which would spell selling but not until that happens and a breakdown from formation would we worry about that. If you stay bullish past a break below 5215.3 area you run the risk of being a victim to a trend change. I will not promote trade gambling, I try to guide to the best of my ability to trading like a business and pocketing winning trades, not staying in a bullish or bearish mode.
Chart patterns are the footprints of the big money moving around in this market and we will NOT ignore any of them. Whether price breaks out to the upside or downside of a set pattern it is "The Trend" for the time being. Channels ,wedges, pennants etc...are known for false breakouts. More caution to be warranted on those. Validation of a test is recommended on those types of patterns.
Trade smart, trade charts not chats and or advice without a valid technical explanation that coincides with your type of trading method. Best of luck in all your trades $$$
A possible head might be forming or A pattern which would spell selling but not until that happens and a breakdown from formation would we worry about that. If you stay bullish past a break below 5215.3 area you run the risk of being a victim to a trend change. I will not promote trade gambling, I try to guide to the best of my ability to trading like a business and pocketing winning trades, not staying in a bullish or bearish mode.
Chart patterns are the footprints of the big money moving around in this market and we will NOT ignore any of them. Whether price breaks out to the upside or downside of a set pattern it is "The Trend" for the time being. Channels ,wedges, pennants etc...are known for false breakouts. More caution to be warranted on those. Validation of a test is recommended on those types of patterns.
Trade smart, trade charts not chats and or advice without a valid technical explanation that coincides with your type of trading method. Best of luck in all your trades $$$