I am now an S&P Bull

in #spx5 years ago (edited)

I was short the S&P and recently got knocked out. I posted about my past setup here: https://steemit.com/spx/@knircky/s-and-p-is-nail-biting-at-least-to-me

After that knock out I went immediately long and doubled my position this morning at the resistance line of 2824.

My new setup

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The breakout of the last three tops is significant and the re-test of this former resistance line, which now has become support, reassuring.

This gave a really favorable setup with a risk reward ratio of 7:1. Something that is quite rare.

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I traded this purely technically, but got really lucky when the FED made their announcement today. Thank you money printing-machine-i-do-what-i-want-with-your-market.

I am now expecting the S&P to move towards the all time highs. We can then re-evaluate when we get there, but for now the plan is to close around 2940. I am still worried for the long term, but the charts tell me that for now the direction is up.

I am now an everything bull and long crypto and the stock market.

When it comes to stocks I am most excited about Tesla, as we just the past few days had a chance to get a really cheap entry.

My biggest problem right now is that I have too much cash currently.

Happy trading.

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Very nice bro, just be carefull about your SL i hope the price cross the Resistance lvl clean with no pull backs

I have very tight stops in place at 2807, as i believe this is break or make moment

Yes i can see it, but im afraid that todays Fed decision could affect the Stock Market

Yeah, that breakout of the resistance makes it tough to stay bearish

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Sideways prices for some time as the market waits for trade deal or earnings... the outcome of thosr catalysts will determine next direction I think.

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