Week of 8/25/2024
Week of 8/25/2024
Bitcoin, Crude, Palantir, SPY + Free video included
Please click below for Discord access. Be sure to check your “junk” folder for the invite or sign up link.
Here is a link to the free video from 2 weeks ago The Path to New Highs. It still applies.
I have created a separate room in the Discord for those that are not able to day trade and can’t have alerts going off all day from the intraday commentary. This room will be specific to swing trade entries and setups, and high-quality day trades that have the opportunity to turn into a swing. I hope that this helps members who work or have other responsibilities to filter out the noise. Previously, major swings and investments were often lost within the intraday commentary. I will be adding more of these trades as well.
The Bitcoin trade is now up nearly 8K from our entry which never took a drawdown. This has to have been the trade of the week for us. At this point we will simply monitor the trade for continuation and let it run as far as it will run.
Crude:
We entered a long on Crude Oil futures Wednesday night/Thursday AM. The entry of 71.69 took 9 ticks of drawdown (71.6 low) before crude traded to 75 today.
We are now eyeing a trade on PLTR 0.00%↑ as well.
SPY 0.00%↑ continues to track well according to the above video. SPX closed 35 handles from its all-time high and SPY roughly $3. ES is further off due to normal contract decay as we approach contract roll. You may recall this picture from two weeks ago:
Here we are now. SPY and SPX are even closer to the top of their broadening formation (megaphone)
Many of you may be bearish. I get it. However, nothing bearish in price can really happen until we a multi-day balance break to the downside. Thursday’s selloff did nothing but form a multi-day balance. We were fully prepared for this since Tuesday and many of us longed the close on Thursday. We remain in balance now, which I’ll characterize as a 5-day balance. From last week’s plan:
Our plan for the week will be relatively straightforward, and we will use the daily plans to execute. We have a box. If you missed my free video on how to play boxes, it can be seen here LINK to Box Trading
Be sure that you have read the free series I’ve started introducing Volume/Market Profile. I will continue to add archives of free content as it will be easier to find than searching for old Substack posts. You can find it halfway down the page at the following link PharmD Capital