SP500 Futures Short September Pullback Falling Wedge 4400 Target
Updated
I am in short at 4516.25 with my stop at 4550 above the swing high. Target is 4415 just slightly above 4400.
A 3 to 1 using only 1 MES. Risking 170.00 for 500.00 potential.
I am basing this trade off of June 1967 as it is identical in nature. I believe we are in the top portion of the falling wedge and price should not come back up here until October where I am anticipating a breakout to new highs.
I want to take 100 points short going down before I try to take 200 points long in October.
A 3 to 1 using only 1 MES. Risking 170.00 for 500.00 potential.
I am basing this trade off of June 1967 as it is identical in nature. I believe we are in the top portion of the falling wedge and price should not come back up here until October where I am anticipating a breakout to new highs.
I want to take 100 points short going down before I try to take 200 points long in October.
Note
Setup in June 1967
Trade active
I accept I could always be wrong but I see an opportunity to go short. I expect this trade, if successful, to last about 3 weeks
Note
Trade closed manually
I closed the trade earlier than was supposed to because it was a counter trend play. I closed it at the daily 21ema at 4465.00 at around a 2 to 1. I am happy with my results. As I am writing this the market gapped up a whopping 50 points back to my break even. I guess I made the right call at that point
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