marttrader
Short

$SPY $SPX Levels and plan for today : downside expected

FOREXCOM:SPXUSD   US SP 500 CFD
AS EVERYDAY since 1 month, my favorite side is downside, but as I often said, I mostly made profit on the long side, so I can change my mind after the open.

We will finally open with a decent gap down. I think today could
be the day that the gap down will not be filled and we will go down.
It's not impossible the market will go up at the open but I will be
surprised if we have a green day.
LEVELS
2608 : premarket's high, reversal zone.
2612 : Yesterdays low, reversal zone.
2615 : IF the market close the gap, reversal zone.
I would like to see an accelaration under
the premarket's low.


CHART COLORS:
GREEN = WEEKLY & GREATER ---- BLUE = DAILY ---- PINK = H4 ---- PURPLE = H1
CHART LINES AND ARROWS: SOLID = PAST MOVE ---- DOTTED = ANTICIPATED MOVE
MY TRADING STYLE
I took a lot of time learning Elliot waves and it changed the way I look at charts. It’s much clearer when you know where the market is potentially going. I don’t believe in moving averages theories, candle pattern or other “magic” indicators. I only need one to see divergences. If you trade the “patterns” like “head and shoulder”, “double bottom” or everything else, it’s OK with me because most of the time it fits in the waves count.
The hard part is to catch the strong moves, it’s easy to get lost in consolidation. My way to do is to analyse many timeframes, in a daily consolidation we can catch strong moves in H4 or H1. Same in weekly consolidation, strong move in D1.
NOTE
I do not give advice to buy or sell. I just want to document my journey and interact with other traders. All the levels mentioned are approximative, it can be higher or lower. I am often wrong but I try as hard as I can to cut the losses quickly.
You can reach me on social media, the one with the bird, I am marttrader!
Trade active: SHORT 2614.61 full size, risky one
Comment: Close 1/3 of the position for a small loss. Net entry 2616.03
Comment: Out flat, not enough confidence in this trade.
Trade active: LONG 2621.03
Trade closed manually: Close for a small profit
Trade active: SHORT 2623.78
Trade closed manually: Stop 0
Trade active: LONG 2622.49

Comments

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