Identifying A Winning SPX Trade Using Symmetry Support
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Symmetry is such a simple yet powerful concept when using it in technical analysis. Recently, we hit and held key symmetry support on the weekly chart of SPX. We knew that area was support, but we didn't know for sure it would hold, so we typically wait for a trigger against a zone like this.
The first aggressive swing trade entry would have been pretty quick with a 15 minute 8/34 ema crossover to the upside once the zone was tested and held. So far we have seen a beautiful rally of $241.65 SPX points. Now if we can also clear the rest of the hurdles on the way up, the potential is to the 6188.82 area. At this point I'm still suggesting that traders trail up stops on long positions just in case we don't make the full 1.272 target off this area.
Remember that the way to make $$ with this work is SETUP + trigger = entry and then you manage it. The setup would have been a bust if it broke that same key support!
