S&P 500 Index 04 May 2021 Long Trade -1.0R Loss

REASONS FOR TRADE:

Daily chart: 10-day MA was angling up.

4hr chart: Testing support zone when stochastic %K was oversold when the trade was considered on 04 May 2021.

See S&P 500 Index daily and 4hr charts below.

S&P500 Index Daily and 4hr charts

ENTRY:

Entered long on 4 May 2021 19.40hr at 4180 when S&P500 was testing its support zone with the %K oversold. Stop and take profit were placed at 4165 and 4215 respectively

EXIT:

The support zone did not hold, price declined and hit my stop at 4165.

The trade setup did not work out for a -1.0R loss. 

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.