Hello Trading Family, I found US500 chart interesting.
We can see that US500 is currently trading inside these two brown trendlines forming a rising broadening wedge.
Here are the two strong zones where I will be looking for high probability setups:
I call them War Zones, (highlighted in Orange circles)
Zone 1: Lower Orange Circle
This highlighted orange circle is a strong area to look for buy setups as it is the intersection of a demand zone and the lower brown trendline acting as non-horizontal support. (trend-following setup)
Zone 2: Upper Orange Circle
This highlighted orange circle is a strong area to look for sell setups as it is the intersection of the round number 4k and the upper brown trendline acting as an over-bought / over-extended area.
As per my trading style/plan:
I will be waiting for US500 to approach one of the orange circles to look for reversal setups on lower timeframes (like a double bottom/top, trendline break, and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck
All Strategies Are Good; If Managed Properly!
~Rich
We can see that US500 is currently trading inside these two brown trendlines forming a rising broadening wedge.
Here are the two strong zones where I will be looking for high probability setups:
I call them War Zones, (highlighted in Orange circles)
Zone 1: Lower Orange Circle
This highlighted orange circle is a strong area to look for buy setups as it is the intersection of a demand zone and the lower brown trendline acting as non-horizontal support. (trend-following setup)
Zone 2: Upper Orange Circle
This highlighted orange circle is a strong area to look for sell setups as it is the intersection of the round number 4k and the upper brown trendline acting as an over-bought / over-extended area.
As per my trading style/plan:
I will be waiting for US500 to approach one of the orange circles to look for reversal setups on lower timeframes (like a double bottom/top, trendline break, and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck
All Strategies Are Good; If Managed Properly!
~Rich