S&P 500 E-mini FuturesUpdated Mid May Fractal - Showing Legitimate Breakout
Two weeks ago I was a bit unsure of the direction. But as last week went on, I saw that the price action was similar to the May 22 consolidation above the breakout leading into continuation to much higher. Price was at around 312 and I looked for that 310 entry point to land some 7/13 320s and 7/17 325s which I was able to get on Wednesday. Unfortunately we pushed sideways for two days before the end of day rally, which should not have been a surprise considering May 22 was a Friday as well.
The similarity is unreal. The fractal looks spot on. The target from the fractal would be 340, likely by 7/24. I added some 340s but 8/21, just to give myself some extra time. Likely too much time and unnecessary.
Looking for a 323-325 top tomorrow before a strong pullback to retest 318-320. That will be the best possible buy point for the extended run towards higher highs here with possible target of 340.
The similarity is unreal. The fractal looks spot on. The target from the fractal would be 340, likely by 7/24. I added some 340s but 8/21, just to give myself some extra time. Likely too much time and unnecessary.
Looking for a 323-325 top tomorrow before a strong pullback to retest 318-320. That will be the best possible buy point for the extended run towards higher highs here with possible target of 340.
Trade active
Trade active
PurchasedSpy 7/13 $320 strikes - price of purchase $0.38 each
Spy 7/17 $325 strikes - price of purchase $0.45 each
As of Friday
7/13 $320 strikes - now $0.55 each
7/17 $325 strikes - now at $0.74 each
Added 8/21 $340 strikes - price of purchase $1.17 each, now $1.39 each.
These probably should have been 7/24. But I wanted more room to breathe.
Note
See related idea for my thought process leading into this play last week.Note
Closed the 7/13 $320 strikes for $1.30 a pop. Still holding
7/17 $325 currently at 1.34 each
8/21 $340 currently at 1.96 each
Trade closed manually
Things didn't play out as planned with timing. Still have a shot at reaching the $340 by 8/21 but decay is really brutal these days. 8/21s are now only 1.79 each.All that price movement, but taking too long and flattening causing a loss of profit.
Will post new chart shortly.
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