8/15 Plan for SPY/SPX/ES

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The weekly plan should be read and the weekly video should be watched prior to reading this post. Weekly Plan

Today SPY 0.00%↑ was a bit tricky early on but ultimately the pattern of higher daily highs and higher daily lows has continued.

For today we knew that sellers needed traction below 5443 at minimum and really 5432.5. Coming into the session we marked out a box on the 8:30 30 minute data candle. Sellers made an agent but the dip below 43 was aggressively snapped up with 32.5 never really threatened. The look below and fail of the box provided a 10 handle long (failed a back test of overnight VWAP the first time) and then nearly 40 handles the 2nd time after the look below and fail of the IB low played out the 2nd time, rendering it even more powerful.

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To learn more about how I trade, see the post “What is Trading Doggy Style” Here