S&P500 | Daily rising wedge | GTradingMethod

Sep 11

Good morning fellow traders,

S&P price action is tightening inside a rising wedge on the daily chart, with volume steadily dropping.

Rising wedges often signal potential reversals, but with CPI on deck, volatility could go either way.

My guess, price tests top of rising wedge, finds resistance and down we go - a long way down.

Keen to hear your thoughts on whether CPI is going to be a catalyst for a breakout or breakdown?

Sep 11

Trade active

Started scaling into the trade.
Price has tested the resistance of the rising wedge.
Hoping for a bigger breakout that turns into a fake out.

Sep 11

Note

Okay, fully scaled into short position. Stop loss at at 6598

Sep 11

Note

Moved my SL to 6603.
Don't like doing this. Basically maxed out my risk threshold now for my trades.
The bull is out of control, bears rise and shine please

Sep 12

Note

Still holding short.
Would have preferred a better reaction from the bears at resistance but I do think momentum is waning.
Lets see what happens today.