June 13-17 2016 – FX Trading Plan for SPX500

I’m expecting the Philippines and the rest of the world to consolidate into a box.  From a weekly perspective – SPX 500 stopped at 2120.7 intraday high last week and fell down.  This week it also followed through the downturn and went as low as 2063.6.

In the short term, you’re better off siding with the bears this week.

In what can be assumed as a large trading box pattern with a range resistance at the 2110 above zones, you can largely assume many traders are on a risk-off mode in equities.

I’m betting we’ll retest the May 15 2016 low point of 2025 this month or on July so take some profits off your stocks.

 

spx w.png

SPX is a box.  We are at the top end of the range and I believe we’re seeing a distribution at this area.  Best to be safe than sorry.  We use rallies as selling opportunities.

box spx.png

Keep selling SPX.  Don’t hold back.  Use rallies to keep on selling S&P 500.  You’ve got tons of reward at 2030.  Just place a stoploss at 2110

spx keep sell.png

Looking further at the hourly chart shows us plenty of breakdowns to confirm our bearish views.  Just keep selling and selling SPX.  Don’t hold back.

spx seller.png

Here’s to hoping we get our sell limit orders done.  None of our stoplosses hit and mostly rewards for the week.

 

Have a good trading time.

 

  • Faceless Trader
Advertisements

About Abc

Abcdefghijklmnopqrstuvwxyz
This entry was posted in Others. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s