SPI200 Double Top
Vantage | Feb 21, 2017 01:20AM ET
With the U.S. stock market (S&P 500 on the SPI200 range on the blog. Of course if you open up the chart now and take a look how that coiling triangle pattern broke out, it went straight to the top of the range, and immediately onto test higher resistance from there:
SPI200 Daily:
Daily resistance that you can see has held for now, printing a pretty obvious double top in the process.
I’ll let you zoom out a little further yourself to see the previous price action at this level back in 2015, but price is most definitely also pushing into a larger zone of interest in any case.
SPI200 Hourly:
Taking another couple of steps down to the hourly, I’ve drawn a lower time frame level that we can possibly use to manage our risk around for tight risk:reward IF the higher time frame double top does in fact hold.
You could of course do this a number of ways so the important thing is waiting to see if the level holds and then making our play from there.
Do you diversify your forex trading with indices markets on MT4?
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