SPY when stars align!
Updated
as i was helping someone better understand some of these terms, like golden pocket...
actually ill skip it. okay the SPY, everyone's favorite!... (to play 0dtes on) jk, i do it too sometimes.
This is a great example of a "high probability set up". when you have multiple indicators pointing to the same thing.
we have not 1 not 2 not 3 but 4! indicators all lining up to a single area (when stars align, ahh) and it just so happens to be the area we were aiming for before we started charting. ADD CONVICTION
1. Previous S/R level & high volume area
2. Golden Pocket
3. Unfilled Gap
4. 50 Day Moving average
all lining up to the same key zone, that 402.50 area. im not saying we get there tomorrow or the next day, we could never see it again nothings for sure. but if we do this is a critical level of support. because if it holds, that's still a higher low on the daily and weekly time frame. what am i watching for this week? that 406.15 call it 406 to 407.50 area im watching to see if that holds support, or if we break through it and go down to test that 404.50 area. and if thats broken then im targeting 401.50 to 402.50/403.
Upside targets - almost every dollar is resistance and major major resistance around 417-422. 412 to 413.75 if we can get above that we could see alittle higher in the short term, im leaning slightly bearish to neutral. i want to see how the rest of the bank earnings affect the market this week. okay im tired and had to type this 3 separate times as this started with me showing a friend what the golden pocket was and how to use a basic fib. happy trading this week. cheers
actually ill skip it. okay the SPY, everyone's favorite!... (to play 0dtes on) jk, i do it too sometimes.
This is a great example of a "high probability set up". when you have multiple indicators pointing to the same thing.
we have not 1 not 2 not 3 but 4! indicators all lining up to a single area (when stars align, ahh) and it just so happens to be the area we were aiming for before we started charting. ADD CONVICTION
1. Previous S/R level & high volume area
2. Golden Pocket
3. Unfilled Gap
4. 50 Day Moving average
all lining up to the same key zone, that 402.50 area. im not saying we get there tomorrow or the next day, we could never see it again nothings for sure. but if we do this is a critical level of support. because if it holds, that's still a higher low on the daily and weekly time frame. what am i watching for this week? that 406.15 call it 406 to 407.50 area im watching to see if that holds support, or if we break through it and go down to test that 404.50 area. and if thats broken then im targeting 401.50 to 402.50/403.
Upside targets - almost every dollar is resistance and major major resistance around 417-422. 412 to 413.75 if we can get above that we could see alittle higher in the short term, im leaning slightly bearish to neutral. i want to see how the rest of the bank earnings affect the market this week. okay im tired and had to type this 3 separate times as this started with me showing a friend what the golden pocket was and how to use a basic fib. happy trading this week. cheers
Note
honestly, im leaning completely neutral, again this was a great example i was using to help a friend. im going into the week neutral.so the way im thinking of trading this week esp monday and tuesday, are the smaller regional banks stronger then expected or as better then feared. ima be long. if they are terrible and there is red flags everywhere, im going to get short. and im not going to be overly aggressively long cuz the deeper we get into 416, 417, 418, the deeper this resistance is, so not gonna be over aggressive with the long. like maybe we get one green candle day maybe bank earnings arnt as bad people think, but if they're bad and we get a gap down ima be short from fridays top to 406. 406 is a beautiful level that we can play off of. and look for down side. IF theres bank fears it (406) was multiple support for several days it was resistance for a days before, then it was support, but we dont know what the bank earnings will be. sometimes im more confident then others times, i said on march 29th we were going to have a bear market rally to 415/417. im not that confident ill wait to see the earnings over next two trading days.
react dont predict. the bank earnings, cpi, ppi, jerome powell. we can have an idea but no one knows for sure. play the odds taking the best high probability set ups and putting yourself Infront of that set up over and over again. you never know exactly how much you can potentially earn. but you can know exactly how much you can lose. aka risk management.
may your stops never hit and your percentage gains 4-7x over what you were aiming for. peace out im rambling enough. lets go!
Note
5/3/23- "when stars align!!!"Note
if you want, you can check out the discord, its free, no selling anything and honestly its just me and another, but who knows. maybe it can be where few people can chat and talk markets thats it. *Ticks of The Trade* discord.gg/CPhUM6aEway more details, trade alerts break downs, why things are happening. swing trading, investing day trading options futures stocks crypto you name it. again if not for you you can leave five seconds later idc this is all educational purposes no monetary gain.
Note
Note
that 402.0 indeed held and we never saw it again...yet. lolcuz like said neveer know anything can happen.
quote from the beginning. "what am i watching for this week? that 406.15 call it 406 to 407.50 area im watching to see if that holds support, or if we break through it and go down to test that 404.50 area."
i wrote all this when we were at the area (Wednesday 29th March) basically the arrow. i posted it a day or so later.
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