SPI200 Double Top | Vantage FX

SPI200 Double Top

February 21, 2017

With the US stock market (SP500 on the Vantage FX MT4 platform) making ANOTHER new high overnight, we turn our attention to an early week look at Indices markets.

Now, we had previously highlighted the following 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:
160221_spi200_daily
Click on chart to see a larger view.

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:
160221_spi200_hourly
Click on chart to see a larger view.

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?

Open a live account with top Australian forex broker, Vantage FX and trade what you see!

Dane Williams – @VantageFX

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