Long Micro S&P 500 Futures - 2024-05-06
Layer 1
| Trade Setup | Minor Pattern - Reversal |
| Entry Date | 2024-05-06T14:29:14+01:00 |
| Entry Price | 5178.25 |
| Size | 1 |
| Initial Stop | 5155 (-23.2500) |
| Profit Target | 5267 (88.7500) |
| Reward/Risk | 3.82 |
Micro S&P 500 Futures: Daily
After completing a H&S Top by reaching the price objective on April 19, the market rose steadily over the following week. Returning to the neckline, then declining sharply before finding support at a higher level than the initial breakdown from the pattern. The market closed above the neckline last Friday and closed higher than the previous test of the neckline. This trade is placed based on the expectation that the decline from the H&S has put in it's swing low and the uptrend has resumed, reflected by the higher low and higher high since the April 19 low.