Market Analysis and Trades for 4/28
If you are looking to join the Discord (now separate from the newsletter) please see here: JOIN THE DISCORD Please email help@pharmdcapital.com if there are any technical issues. Plans/levels will be posted in the Discord so there is no reason to subscribe to both.
The weekly post and video for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
Since Monday we have continued to see bullish setups yield bullish results, while bearish setups have produced very little in the way of bearish results. Friday was just another example of this. Though we were trading near the extreme top of range we’ve been monitoring (and therefore a bit cautious with new longs) a bullish setup presented into the IB close (the first 1 hour of cash session). The IB low was set just above a key weekly spot and this is exactly the kind of trade I look for. The LBAF played out right at 10:31/10:32 EST and it never really looked back, ultimately resolving for 70+ handles if one was so inclined to hold runners (they were never threatened)
This may seem wildly obvious, but it is easy to lose track if we are biased. If bearish setups aren’t producing bearish results, then it should be considered bullish. If bullish setups aren’t producing bullish results, then it should be considered bearish. Once we have an understanding of which setups should produce a given result, we can readily identify any subtle changes in character which signify a potential change in trend. This will be extremely critical early this week as we make an assessment about a potential breakout vs a potential failed breakout. The next 400 handles are likely determined this week.
Paid Content Below or in the Discord