Since after the morning analysis, no short setup had actually occurred yet today in the strongly rising gold market, I kept an eye out for other trades. And here, the extreme sideways range in the S&P 500 came to mind as a reasonable trading setup.
Anyone who saw my AgenaTrader webinar from Thursday about support and resistance surely also saw how the demand came in again and again in the area of 2159 throughout the entire trading day in the S&P 500. This meant that a super support level was formed.
A check of the monthly and weekly chart, furthermore, showed a very strong intact upward trend; in the daily chart, the sideways range in question had developed over the last nine to ten trading days. Overall, therefore, a good starting point for a range trade in the long direction.

The limit for the entry was 2158.75 with the stop at 2152 at the bottom end of the range. The target of the trade was the 2172, i.e. the upper end of the sideways zone.
Unfortunately, this target was missed by 1.25 points in the first run-up, which forced me to secure a good portion of the initiated profit using my position management. Following this, the trade was stopped out at 2169 with 10.25 points of profit.
Not only for the trend-following setups should one make sure to always trade a good opportunity to risk ratio, but also for trades running within a range. In this case, the opportunity to risk ratio was almost exactly 2:1, which for me is an ideal ratio. Even with the trailed stop, significantly more was earned than the original risk.

Disclaimer:

Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer’s investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk.