Futures Trade Idea

The $E-mini S&P 500 - main 2309(ESmain)$ is displaying a compelling technical setup. Currently riding the waves of an uptrend channel pattern, the market finds itself in close proximity to a minor resistance level. Traders closely eyeing this situation believe that a decisive breach above the key level at 4531.75 could pave the way for a noteworthy ascent towards the upper boundary of this channel.

1 hour chart

This scenario sets the stage for an intriguing trade idea. Should the E-mini S&P 500 successfully overcome the 4531.75 resistance barrier, it could signal the resumption of the prevailing uptrend. Traders could consider going long on E-mini S&P 500 futures, capturing the potential gains as the index strives to reach higher within the confines of the established channel.

However, it's vital to keep in mind that futures trading carries inherent risks, and markets can be inherently unpredictable. As such, traders should always employ prudent risk management strategies, set stop-loss orders, and stay abreast of market developments that could influence the trade. Trading decisions should be made based on thorough analysis and individual risk tolerance.

Disclaimer: The levels given are my own opinions and not investment advice. If you choose to follow the trade, do note that you are responsible for your own money. Prioritise your own risk management, expel emotions & focus on your trading plan. [Sly] 

  $E-mini Nasdaq 100 - main 2309(NQmain)$ $E-mini Dow Jones - Dec 2023(YM2312)$ $Micro E-mini S&P 500 - Sep 2023(MES2309)$ $Micro E-mini Nasdaq 100 - Sep 2023(MNQ2309)$