I'm not sure if SPX is going to continue doing what it has been for most of the week as usually the last day of the week can be a turnaround day. SO I've drawn up a lot on this chart that I've hidden but, I'm looking for two thigs to happen and either way I don't think it can go wrong.
1. The day starts at 9:30 a.m NY time and it moves up into the box I have set between 3798.6-3818 at that point I would should as has been the case for the last two days and the price will reach for a low that would be lower than yesterdays low between 3722-3706.
2. Or the the day could start and thE price reach into that low mentioned above 3722-3706 but we see a rebound at the end of the week and long the SPX at this point until it hits the box above around 3798-3818.
3. There is a third option I see less likely but still likely, and that is as the day starts, price reaches just below 3722 before longing just above it's current high 3783 before plummeting further down.
I'm waiting til 9:30 to make a better informed decision but I just wanted to put my thoughts out there as the possible scenarios as to what I believe will happen wIth then SPX. I'm leaning toward option 1, but that's just me. Will Update at 9:30 or just post the idea to short or long. And my finger will be ready to press either button on MT4.
SPX500USD
1. The day starts at 9:30 a.m NY time and it moves up into the box I have set between 3798.6-3818 at that point I would should as has been the case for the last two days and the price will reach for a low that would be lower than yesterdays low between 3722-3706.
2. Or the the day could start and thE price reach into that low mentioned above 3722-3706 but we see a rebound at the end of the week and long the SPX at this point until it hits the box above around 3798-3818.
3. There is a third option I see less likely but still likely, and that is as the day starts, price reaches just below 3722 before longing just above it's current high 3783 before plummeting further down.
I'm waiting til 9:30 to make a better informed decision but I just wanted to put my thoughts out there as the possible scenarios as to what I believe will happen wIth then SPX. I'm leaning toward option 1, but that's just me. Will Update at 9:30 or just post the idea to short or long. And my finger will be ready to press either button on MT4.
SPX500USD
Trade active:
Shorted at 3816
Comment:
Went right into the box I drew that I knew it would go into.
Trade active:
If you haven't taken profit please do so now or as close to 3740 as possible.
Comment:
This thing could pop back up to 3824. I don't think it will, but there is a possibility. So if you want to take your as much profit now and leave a trailer running, that would be best if you're going to leave a stop loss that could take away from your profit. If not protect your profit by placing your stop loss in front of your entry, if you do that, I would still take some profit as well.
Comment:
My personal decision was to take all but 10% of the profit near 3740. I left the little 10% running with the stop loss set at 3826 as you see above. 90% profit taken at 70 handles 10% lost with 16 handles is well over a $500 day if you placed just one standard lot on this trade.
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
