SPX SPY ES for 4/9/24

The first 5 parts in my free series explaining some basic profile concepts is now available at www.pharmdcapital.com. This section and other free material will be added to over time.

The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE. This includes the 3-week box setup that could present some amazing and large trades this week.

Late post tonight due to a family outing so just a brief recap. Sometimes it is just as important to know where not to initiate a trade as it is to know where to initiate a trade.

The post for 4/8 I said that I was generally not looking to initiate trades between 5240 and 5267. We were looking for short on a look above and fail or fails of 67 and looking for longs on a look below and fail of 40.

Looking at the chart one can see how choppy price action was in the 50s, but how clean the moves were when trading from one extreme to another. The overnight session opened on a gap up to 5269.25, resolved down to 5336.5, all the way back up to 5267, and back down to our 46 level. We did have an intraday long set up perfectly on the look below and fail of the IB low into 5246, but generally trading the edges made for some amazing trades.

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

-For those that trade SPY/SPX, there is an ES to SPY/SPX converter in Tradingview. See announcements in the Discord.

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