SPI Recap 16:11
SPI moved down from the Weekly 50% level of 5993 and back down into Major support around the Quarterly lows @ 5493.
The Price action and the coming together tomorrow of the 5-day range will have Wednesday's 5-day 50% level aligned with the Weekly 50% level, and all of a sudden price could be above the 5-day 50% level and also the Weekly 50%, which will favour a rotation back towards the 5-day highs...
Since the previous post, I was looking for the Quarterly lows of 5493 to support the market, move higher and then add longs on an R44 spiral bottom and hold into close.
The Market moved higher but the R44 spiral bottom didn't eventuate, it just continued higher.
When I posted the previous Post I didn't think the market would come back down and re-test and consolidate above 5493:-
I re-entered longs using the same pattern as before: double R11 reversal @ 5501 and exit @ 5517.... (+16)
I wanted to BUY @ 5506 because it was my view that the same price acton was going to happen again as yesterday but it hit 5508 and continued higher...(missed longs)
Next thing I was trying to short the market around the 2nd R44 top, because of the view price would swing down into an R44 low, before continuing higher....
R44 spiral Top 5573
Short 5570 (stopped 5577) -7
Short 5571 (stopped 5575) -6
Short 5569 Partial exit 5562 (+7) Stopped 5575 (-6)
Short 5572 Partial exit 5560 (+12) Stopped 5580 (-8)
Weekly 50% level 5593
Short 5586 Exit 5571 (+15)
In Conclusion: I could of and should of traded the market better today, but when I missed to opening short trade from 5593, it made me chase the entry and then I exited far too early @ 5562.
I wasn't concerned about the next loss on trading longs around 5550, because that was part of today's plan...
The trading longs around the lows of 5493 was part of the plan, but it had to be verified with certain price action....(major support)
Shorting around these highs late in the day wasn't part of the plan....
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