Updating chart for our members who trade SP

The 4 hour chart shows the possibility of a [The forex alerts and charts are protected for Trader Membership members and above. Join us to see all content]

Updating the chart from the 12th March.

Action arrived at yellow box for circa 20 points = $5000 profit on one full contract, or $1000 profit on one e-mini contract (so far)

For the big contract (SP), there are 10 ticks in a point, and each tick is worth $25, making a full point worth $250. For ES, there are 4 ticks in a point, and each tick is worth $12.50, making a full point worth $50.

BTW – You can use the tag cloud on the right hand side to view all ‘SP500′ posts

I mentioned on the 4th “potential building for printing an Evening Star, although still 18 hours before candle end a more confirmation needed to be totally sure that a top is in.”

That pattern did not complete as you can see in the diagram below invalidating the Purple Trace. It always pays to wait for the completion of any candle pattern before considering a position. As you see once the candle closed it gave a completely different (bullish) picture with also an Ichimoku buy signal appearing – all 3 elements confirming (yellow spots).

Ichimoku buy signal appeared with the 3 elements confirming.

Action spiked into the Chikou resistance zone with some potential building for printing an Evening Star, although still 18 hours before candle end a more confirmation needed to be totally sure that a top is in.

Looking for a potential  reversal pattern to appear in the Kumo, and if this occurs a move lower may ensue.

To view all SP500 posts in date order click on ‘SP500’ in the Tag Cloud on the right hand side.

Update

Narrowing Wedge could indicate a move down to test the Kumo. 4H Chikou is on the verge of a breakthrough

We are not trading this ourselves.

I’m not totally positive on the possibly moves here, but maybe 1119-1120 could contain any upward thrusts followed by a test and break of the ‘neckline’ and Kumo followed by a reverse test. We are not  trading this presently so please also DYOR.

Still moving to plan along the purple track

If any members are interested in this I can occasionally put up my trade thoughts on SP500.

For example – chart from 2 days ago with purple trace

RESULT so far