marttrader

$SPY $SPX The levels and the plan (the no plan?!)

FOREXCOM:SPXUSD   US SP 500 CFD
This morning you can tell me I have no plan because I am not clear! There is a lot of stuff on my chart this morning. Daily the price is still in my reversal zone, but this chart looks upside again. Maybe one more. The market will open higher and 25 minutes before the open we see for now a little sell off, so in my opinion it looks nice for a long at the open.
As usual, I wait the open, I sit and then I make a decision. My guts still want to short this market but today I am prepared to go long if I have to!

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!
Jan 09
Trade active: SHORT 2584.28 full size
Jan 09
Trade closed: target reached: ALL OUT 2572, nice day!
Jan 09
Trade active: Re-enter short at 2573.29
Jan 09
Trade closed manually: OUT for a small loss.
Jan 09
Trade active: One more try, short 2582, medium size, looks bad now
Jan 09
Trade closed manually: Out flat. Done for this morning.
Jan 09
Trade active: SHORT 2591.48 already stop 0

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