I'm targeting a long position for SP500 on the 2-hour chart using Elliott Wave analysis.
The current price level is around 5,420.45. I've identified the completion of wave (4) and am anticipating an upward movement into wave (5).
My target level for this upward movement is based on the Fibonacci extension of wave (3). The target level is:
- 1.618 Fibonacci extension level at around 5,714.37
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 5,415.20. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target level. If the price shows signs of resistance or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in SP500 while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 5,420.45. I've identified the completion of wave (4) and am anticipating an upward movement into wave (5).
My target level for this upward movement is based on the Fibonacci extension of wave (3). The target level is:
- 1.618 Fibonacci extension level at around 5,714.37
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 5,415.20. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target level. If the price shows signs of resistance or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in SP500 while effectively managing risk with clear entry, target, and stop loss levels.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.