Good Morning Mindful Traders,
Mindful mornings can be the best way to start the day always remember to nourish the mind by using meditation as a tool & nourish the body with healthy food and exercise. This will keep us sharp and mindful during the day.
We completed a great trade from 3207-3254 Friday-Monday. There were many clues leading up to why this leg up would occur and we were privileged enough to have the opportunity at taking advantage of it.
Facts: SPX Signaled a bear run when it failed an attempt to hold support at our 21 EMA on July, 23rd, 2020 (3274). This created a leg down movement which triggered an initial support touch at 3200 and a secondary at 3200 on July 26th, 2020 creating a double touch to signal that the SPX was ready to retrace to its .618 Fib line (3254).
Objective: The current objective with SPX is too see how it handles retesting its current resistance at 3254. If it fails to reach above we would look at entering a short trade - Short Trade: Place trade at failed attempt to breach above 3254 with a target set to 3200 support level . If the price movement breaks below 3200 we would continue to hold the short trade otherwise we would take profits.
Objective 2 Reassess SPX for long opportunity above 3254.
Keep in touch - Lets win trades together-live a balanced life with much fun and joy! Trading is not the be all and end all but it is a good way for us to make some coin!
Please Like & Share!
Mindful mornings can be the best way to start the day always remember to nourish the mind by using meditation as a tool & nourish the body with healthy food and exercise. This will keep us sharp and mindful during the day.
We completed a great trade from 3207-3254 Friday-Monday. There were many clues leading up to why this leg up would occur and we were privileged enough to have the opportunity at taking advantage of it.
Facts: SPX Signaled a bear run when it failed an attempt to hold support at our 21 EMA on July, 23rd, 2020 (3274). This created a leg down movement which triggered an initial support touch at 3200 and a secondary at 3200 on July 26th, 2020 creating a double touch to signal that the SPX was ready to retrace to its .618 Fib line (3254).
Objective: The current objective with SPX is too see how it handles retesting its current resistance at 3254. If it fails to reach above we would look at entering a short trade - Short Trade: Place trade at failed attempt to breach above 3254 with a target set to 3200 support level . If the price movement breaks below 3200 we would continue to hold the short trade otherwise we would take profits.
Objective 2 Reassess SPX for long opportunity above 3254.
Keep in touch - Lets win trades together-live a balanced life with much fun and joy! Trading is not the be all and end all but it is a good way for us to make some coin!
Please Like & Share!
Hope everyone started their days with some mind and body exercises! So I shorted at 3260 as I noticed we were oversold and still had a head and shoulders pattern in play. I will be looking to exit today - Lets see where.
On this chart we are currently in a retrace to test 3243. If it breaks up and holds past 3243 I will close my position - If not I will hold until we see movement closure to 3200 and re adjust from there.