SPY 31/10/2022 Short
Asset and Time frame - SPY, Daily
Entry Price - 386.92
Exit(Stop Loss) -398.53
Exit(Take Profit) - 351.88
Technical Analysis - Price action reached a resistance horizontal trend line, a daily 100MA, and the confirmed top of a down-trending tunnel, the trend is still bearish at the moment, so in order for the price action to break, we need something meaningful to happen on a macro level for the price to break those levels, which I dont see coming.
its always good to reduce risk in a short position, so a 0.75% position has been opened instead of the traditional 1%.
Wishing us the best of luck!
Entry Price - 386.92
Exit(Stop Loss) -398.53
Exit(Take Profit) - 351.88
Technical Analysis - Price action reached a resistance horizontal trend line, a daily 100MA, and the confirmed top of a down-trending tunnel, the trend is still bearish at the moment, so in order for the price action to break, we need something meaningful to happen on a macro level for the price to break those levels, which I dont see coming.
its always good to reduce risk in a short position, so a 0.75% position has been opened instead of the traditional 1%.
Wishing us the best of luck!
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