Again, having a plan and sticking to it with patience helps with consistency. As I mentioned in previous post, I was staying out until either one of the zones were in play above or below. The below came today and I had mentioned a print below we will go visit $56.
We opened right at the 58.39 “uh oh” line I call it. Watched price action (had two 5 minute candles close below, then went to 15 minute to see candle structure overall). And then the game plan played out and price went straight on down to $56, printing a low of 55.93. This is why I wait for set ups; to put the odds more in your favor.
I’ll have to re-evaluate the chart tonight but in the meantime, as we sold right into a demand zone, I think we could see a potential relief bounce.
If anyone followed along, hope it worked out for you!
Great call! Unfortunately I had purchased INTC calls yesterday before close but I was able to buy some more around $56 to average down a bit. Hoping for a relief rally to get out !
PT_Marche
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@OptionTrends I think we can get one here, maybe tomorrow. If market holds where it is at, I think this can push up to try and fill the gap. I’ll post an updated chart later tonight
PT_Marche
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@OptionTrends, hope today worked out for you! These wave 3 rallies are powerful and looks like we got the gap fill and then some!
OptionTrends
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@PT_Marche, yes worked out perfectly I exited my position when INTC hit 60.3 towards the end of the day. Didn’t want to hold through earning and SPX faded away in the last 5 mins as well.