The Most Simple SPX Plan in The World (KISS)
Updated
This is my overall map/view of how I am going to play this correction on the MOST BASIC scale. I am putting this up to remind myself to KISS, or Keep It Simple Stupid. Currently I am short, averaged in right around the current level (2750). I will exit my short on either a downside move to the 200EMA or a strong upside move to the "'Positionless" zone.
The rest of the plan is pretty self explanitory. The lighter colors from the 2750-2875 indicate lack of conviction on my part, and therefore smaller trading sizes.
Once again, this is just so that at any point, I have something to look at to go "oh yeah, that's where i'm at".
Disclosure: I am not an investment adviser and this is not investment advice. This is for educational purposes only. I use these charts to help stick to my game plans and stay accountable to my charting, stop losses, and goals. I decided to make them public to desensitize myself from the fear of getting things wrong and in order to release myself from the trading mistakes that I believe come with such fear of failure.
The rest of the plan is pretty self explanitory. The lighter colors from the 2750-2875 indicate lack of conviction on my part, and therefore smaller trading sizes.
Once again, this is just so that at any point, I have something to look at to go "oh yeah, that's where i'm at".
Disclosure: I am not an investment adviser and this is not investment advice. This is for educational purposes only. I use these charts to help stick to my game plans and stay accountable to my charting, stop losses, and goals. I decided to make them public to desensitize myself from the fear of getting things wrong and in order to release myself from the trading mistakes that I believe come with such fear of failure.
Comment
Update: Stopped out of my initial short at the bullish break of the symmetrical triangle. Re-shorted at the bearish break (when prices re-entered my red shorting zone). I sold my shorts at the close today, as the price action touched the 200MA. (I am now using the regular moving average instead of the EMA because it seems to have a stronger correlation.) I picked up 1/4 of a bullish position instead, and will look to monday to see if I will pick up the rest of the position or re-short. I will re-short if price falls through the 200MA AND the possible double bottom at 2525. I will pick up more longs if price falls to the 200MA and bounces once again without falling through. I think this is a likely monday morning scenario: Scared sellers in the morning push the price back down to the 200, and the bulls (and algorithms, lets be real) come in and buy at the 200MA. If this occurs, I am long for a 23.6% - 38.2% retracement (or 2650... 2650 looks like a good out) at least, at which point I will re-evaluate. Usual disclaimer: this is for educational purposes only, and is not meant to be taken as investment advice. These are not recommendations for trades, rather they are just my current ideas, of which I get plenty wrong :) .
Comment
Update: Took profits in my trade from the 200MA to 2650, which was smaller then full sized due to the fact that it never re-tested the 200MA, which would have allowed me to buy in further. Either way, ill take the win. Now I have no position but am biased short until SPX breaks the 2660-2665 range with some conviction, in which case I will go long, or bounces off of it to the downside, in which case I will go short. Usual disclaimer: this is for educational purposes only, and is not meant to be taken as investment advice. These are not recommendations for trades, rather they are just my current ideas, of which I get plenty wrong :) .
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