SPI Recap # 2: 13:08SPI following the overall trend down into the 3-day lows, and any extended push down this week and 5362 is the next lower target (.618 Weekly)
As I've explained before.......the Market path of Price moves from one level into the next, but it's the 'spiral point' that helps minimise Risk.
The above link describes certain levels and probability within each day, and how on occasions the market provides certain patterns that help increase the potential within Daily and Weekly Trends.
This week is different compared to the early price action last Week, because of the lack of rotation within the daily timeframe. (above link)
Last Friday's expectation was that price was coming back down into 5585, after the failure of the Weekly 50% level.
However the high probability pattern to re-enter the trade was an R44 high, which didn't happen. Because an R44 high is always to closet to your 'stop-loss', which minimises Risk and increases the potential of reward.
And the same applies today:- the Expectation of price coming down into the 3-day lows after the failure of the Weekly 50% level @ 5593 was 'mapped' out, however the price action within the day didn't provide the opportunity to re-enter 'shorts' after the initial exit. What I needed was another R44 spiral top to minimise Risk.
Last Week there was much more rotation going on, and today it didn't provide the opportunity to get back into the trend.
Next trade tomorrow...
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