I generally trade stock and not the indices. BUT I produce a SPX personal trading plan such as this most weekends . Thought I would share it, but SO much of the potential success of a chart such as this depends on my personal character, rules and accumulated strategies (to many to explain here) I'm not sure how useful it is to anyone else.
Because I am lazy I tend to look for times when I can "do Nothing" which you will see on the chart. I think of myself as knowledgeable in Elliott but prefer to initiate and end trades based on price levels and fibs, I try not to be in the "wait for on last wave" game. (which is often the 1 wave which fails to come). I have lost more money not trading then trading. I glance at the market at predetermined set times during the trading day and when it not one of those times I DO NOT LOOK. I pay attention to the weekly, monthly and yearly cycles. I build positions though cost averaging and over 80% of the time I do not use stops. ( as they are too brain numbing/ time consuming, and agonizing to set), and when I used "stops" in the past ... most often I lost money. However, I do use stops when I don't have a clear strategy or plan in mind if the trade goes "not as planned". I can hold months / cost average for months until I have a winning trade or break even.
Regarding SPX market direction, because of the end of year low volume 3835 options pin over the past week (which expired 1:00 on Friday) we have a SPX market "concealing" its "true" intentions. Over the last weeks was the market trying to go UP to which dealers kept push selling it down, or was it tryin to go DOWN with dealers buying it up ?? Who Knows... If you know PLEASE let me know.
Anyway the TSLA relief rally seems to have retailers back in with a positive attitude, and the last 30 minutes spike on Friday was on good volume and broad. lets see where the market mangers take the market come January.
Because I am lazy I tend to look for times when I can "do Nothing" which you will see on the chart. I think of myself as knowledgeable in Elliott but prefer to initiate and end trades based on price levels and fibs, I try not to be in the "wait for on last wave" game. (which is often the 1 wave which fails to come). I have lost more money not trading then trading. I glance at the market at predetermined set times during the trading day and when it not one of those times I DO NOT LOOK. I pay attention to the weekly, monthly and yearly cycles. I build positions though cost averaging and over 80% of the time I do not use stops. ( as they are too brain numbing/ time consuming, and agonizing to set), and when I used "stops" in the past ... most often I lost money. However, I do use stops when I don't have a clear strategy or plan in mind if the trade goes "not as planned". I can hold months / cost average for months until I have a winning trade or break even.
Regarding SPX market direction, because of the end of year low volume 3835 options pin over the past week (which expired 1:00 on Friday) we have a SPX market "concealing" its "true" intentions. Over the last weeks was the market trying to go UP to which dealers kept push selling it down, or was it tryin to go DOWN with dealers buying it up ?? Who Knows... If you know PLEASE let me know.
Anyway the TSLA relief rally seems to have retailers back in with a positive attitude, and the last 30 minutes spike on Friday was on good volume and broad. lets see where the market mangers take the market come January.