SP500 Possible inverted head and shoulder
Hello!
SP500 has a possible inverted head and shoulder. If we do break the neckline and close above it. Easiest way to take a trade (at least for me) is with break and retest. That's how you can get really good risk/reward ratios, you wont get bull trapped and that also teaches patience. If you are/want to be a swing trader you need to have this quality to succeed.
If we do take a way downwards we can also short after falling below the right shoulder which I marked.
I guess markets liked what Powell had to say and the decreasing quantitative easing was already priced in (for now).
Take note that 200EMA and 200MA has worked as support previously.. (red arrows) If the 200EMA catches up. Shorting in that situation won't be smart cause the 200EMA can work as support (like previously) and the risk/reward is less than 1/3
If you do take trades, always use a stop loss.
Otherwise you will get your ass burned!
-Jebu
SP500 has a possible inverted head and shoulder. If we do break the neckline and close above it. Easiest way to take a trade (at least for me) is with break and retest. That's how you can get really good risk/reward ratios, you wont get bull trapped and that also teaches patience. If you are/want to be a swing trader you need to have this quality to succeed.
If we do take a way downwards we can also short after falling below the right shoulder which I marked.
I guess markets liked what Powell had to say and the decreasing quantitative easing was already priced in (for now).
Take note that 200EMA and 200MA has worked as support previously.. (red arrows) If the 200EMA catches up. Shorting in that situation won't be smart cause the 200EMA can work as support (like previously) and the risk/reward is less than 1/3
If you do take trades, always use a stop loss.
Otherwise you will get your ass burned!
-Jebu
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