It hasn't ventured out of the channel yet since thee beginning of the month. It's been very predictable and easily tradeable this week as long as you're paying attention to the support and resitance zones that it continues to create as it works it's way through the channel. However, we're nearing the ATH and I'm curious as to if we'll see if the resistance force of the ATH (3398.2) will knock it out of the channel. I've set many buy limits when it makes its small predictable dips at the end and/or beginning of the day. They'll eventually trigger the entry and continue on. I'm not a position trader, but I have been placing many positions in SPX the last 2 weeks due to the predictability. But now a new frontier is just at the heed.
We could see the classic Squeeze play that may end up in the channel creating a new all time high looking something like this.
Or we could see the price action bounce otside the channel from the resistance of the ATH. Retest that high as a double top before making a correction. That nay look something like this.
I'm Personally Bullish and I'm setting another buy limit around here and hoping to be apart of the new high when it happens. I see the support line at 3362 and it may dip a little lower, but that's where I expect my next entry.
A couple of Scenarios to think about. The best thing to do is not overthink it. Not predict price but react to it. My personal opinion is that it's been easy to set buy limits at support levels and continue riding them up. I don't see why this would be any different.
We could see the classic Squeeze play that may end up in the channel creating a new all time high looking something like this.
Or we could see the price action bounce otside the channel from the resistance of the ATH. Retest that high as a double top before making a correction. That nay look something like this.
I'm Personally Bullish and I'm setting another buy limit around here and hoping to be apart of the new high when it happens. I see the support line at 3362 and it may dip a little lower, but that's where I expect my next entry.
A couple of Scenarios to think about. The best thing to do is not overthink it. Not predict price but react to it. My personal opinion is that it's been easy to set buy limits at support levels and continue riding them up. I don't see why this would be any different.
Comment:
Setting up a future fib and the 71 level lines up perfectly with my entrance as well as the current high is the 618 of the new high that I think we'll eventually get to is 3490.
Comment:
EDIT: *The 785 level matches my entrance/support level perfectly*
Comment:
Goal post has changed a little since we've seen all consolidation. 3364 for an entrance now maybe?
Trade active:
Nailed the entry with Patients! The photo below is just a time lapse of the above. 3364 for the win on the entrance!
Comment:
Better look at the entry.
Trade closed: target reached:
I took profit at 3382. Set my the few lots I had left running from all of my trades at 3367 and got stopped out. took a lot of profit along my way up the channel. now that we're out of the channel, I'll be looking for a new setup. I may just wait to see how it plays out today. Could be a sell first thing at open.
Comment:
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
