SPX ES SPY Setups for 12/14
Time to Party?
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For this week we have been bullish above 4651.75 (really above 4644 and low of week so far is 4652. I have said a number of times that we will be long when it is right to be long, and we will be short when it is right to be short. Any subjective bias we may have must simply be set aside in favor of price action. Today it was right to be long as well, and I did not post any short setups at all which likely caught some of you by surprise as I always try to offer both sides. From Last night’s post:
Since we gapped up and held our first spot lower, there was only one long setup available, and it held all day outside of a 1 point excursion trap lower prior to the release.
In the morning I walked through what I wanted to see to execute on this long 10 minutes before it happened. It played out precisely and is a nugget that you can lock away for future reference. We then took profits at what was high of day until FOMC.
Those who held runners into FOMC (allowing the 1 point excursion lower) or those who re-entered on the look below and fail caught I rather nice move higher on FOMC. I don’t personally hold risk into an event so close to my entry but congratulations to those that nailed it!