SPX SPY ES for 6/17/24

The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.

One Thursday we had found balance and thus it became reasonable to trade both ways. From Thursday night’s plan for Friday:

The short setup triggered overnight on the failure in the low to mid 40s (overnight high 5443). The safer entry was when 5436.75 was offered (defended) from below. This resolved for 45 handles max range (closer to 30-35 more realistic for runners)

This then flipped into the long setup for the day. As mentioned in the commentary we could be short on the way down, but needed to be prepared to BTFD:

The clean entry on the look below and fail played out when it was back tested and held from above (twice). For my personal style I am either looking for a back test from above, or some kind of constructive price action that gives me conviction to enter and work against. This as opposed to waiting for a certain number of handles back above the level. The stacked re-bids (yellow) coming off low of night would (and did) give me conviction to enter prior to the back test from above. This was a slow and grinding long, but ultimately resolved for 40 handles max range, with 30 handles for runners being reasonable.

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