10/12 ES SPX SPY Setups

From last night’s post my “favorite setup” for the day played out perfectly after some early chop which was reasonable to expect following PPI and before FOMC minutes. This is a good example of where “letting the trade come to you” can benefit you tremendously, especially if you got chopped up earlier in the day. We don’t always have to be in a trade. Again we have a major data point (bigger tomorrow) that could change everything so I’ll outline some scenarios and how I would trade them.