SPX ES SPY Trades for 2/7/24
From the outside today looked like a rather boring and choppy day. Outside of a brief look above and fail of yesterday’s high (our short setup), the day traded entirely within yesterday’s range. It was, however, a profile trader’s paradise. If you are a trader on any timeframe, I would recommend learning how to trade balance as it can be rather lucrative even on swing horizons. The day was once again bound between our long setup and our short setup. Overnight traded lower, coming into our buy zone.
Not the first touch that held 4955 and compare it to the thrust after the second touch swept below 4955 even slightly.
From there the trade resolved 24 handles higher where our short setup played out
Price came right back down to 4955. It held 4955 exactly (a false break of the overnight low would have been preferred and had more thrust) and traded right back to retest the open (4970). One could have reasonably captured 50 handles conservatively in a matter of 3 hours. 4953-56 then offered 2 additional longs back to 4970 before finally breaking a bit higher into the end of day.
Because the last two days traded within Friday’s range, the potential move from this area can have some thrust. As always we will be prepared for both scenarios but with a healthy bias.
Learn to Trade Doggy Style
-For those that trade SPY/SPX, there is an ES to SPY/SPX converter in Tradingview. See announcements in the Discord.
Discord policy may change to a wait period in the near future. Instructions for access (free for paid substack subscribers) are HERE. Reminder that it can take a couple days to get the invite link and ultimately assigned member status once in the “landing” area of Discord.
-To learn more about what this Substack offers, please click HERE. I would like to avoid people signing up before they know what they are getting.