Trade Idea on SPX futures by ThinkingAntsOk
Use this as a guide to develop your own setup
Today we will focus on this Ascending channel as the main structure of the current situation
-The price is finding strong resistance on the upper trendline of the channel
-We can see 3 tests of the trendline without being broken
-On MACD we can see a huge Bearish Divergence
-Finally, there is a Wedge pattern on the final stage of the bullish movement (reversal signal)
-Our Conclusion due to these items is that we are close to a bearish movement with a potential target towards the lower trendline of the channel
-Our condition to take a trade on "ES" is for an ABC formation or similar patterns (flag/irregular/triangles). IF that happens we will trade the breakout of that structure
with an entry below it. You can set your stop above the ABC structure or above the whole bullish movement. Our target will be the lower trendline of the channel.
Today we will focus on this Ascending channel as the main structure of the current situation
-The price is finding strong resistance on the upper trendline of the channel
-We can see 3 tests of the trendline without being broken
-On MACD we can see a huge Bearish Divergence
-Finally, there is a Wedge pattern on the final stage of the bullish movement (reversal signal)
-Our Conclusion due to these items is that we are close to a bearish movement with a potential target towards the lower trendline of the channel
-Our condition to take a trade on "ES" is for an ABC formation or similar patterns (flag/irregular/triangles). IF that happens we will trade the breakout of that structure
with an entry below it. You can set your stop above the ABC structure or above the whole bullish movement. Our target will be the lower trendline of the channel.
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