SPI Recap 10:50There were two plays on the market today:- Using the Risk of 5633 as a Trend Guide on any higher moves today.... and Shorting from 5568 down into an R44 low (gap closure)
However a major down move back below 5593 Weekly 50% level wasn't part of my view.
The Market opened lower than expected around the Risk level @ 5633....
My first Trade was based on using this as support and the trading up into an R44 high to exit Longs @ 5663.
44 points up would have matched an R44 high and the Weekly 50% level @ 5668 to 'short' trade down..
I entered longs on an R11 'Hook' @ 5635, trade was looking good moving to a high of 5658 before it reversed down taking out my Trailing stop @ 5629 using the R11 trio.... (-6)
My 2nd trade was based on the R44 spiral low... if the market was going to move higher then either it was going to be from this level @ 5614 or 5593 (Weekly 50%)
Entered longs @ 5616 partial exit @ 5630 (+14)
A bullish set-up had to swing upwards 22 points and then continue back upwards above 5633 (RISK), if this occured I was going to hold into the 5-day highs...
But what happened was a perfect 22 point up-swing and reversal back down under RISK 5633...
How often has this occurred sending the market down, as it came back down I was stopped on breakeven stop @ 5616.
My 3rd trade Long trade was 5595 (Weekly 50% level)...there was an 11 point upswing before continuing down with the daily trend
(stopped 5592) -3
In conclusion:- Trend remains down and is trading below all timeframe 50% levels, and I'll only trade again today if there is a low risk trade, because after the break below the Weekly 50% level @ 5593, anything else today isn't part of my daily plan...
Every other trade today was part of my daily plan, and it could have easily been a great day if the market had risen and extra 5-10 points today because this would have aligned with exitting longs and switching to shorts for an 44 point reversal...
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