15:40....SPI RECAP
Today's expectation was that price was heading upwards towards the 5-day highs @ 5713. This was because price was opening above the Weekly 50% level and also the 5-day 50% level.
Around those 5-day highs was my 'Sell' Zone...
I also had the view that price would most likely move down from 5668 into the lower 'gap' before swinging upwards...
My plan was to trade down and then trade up using precise levels in the market, because more often than not around those levels will often provide some 'follow-through'
If I was only interested in trading 10 point moves in the market, then every trade would have been a winner. However I'm not trading only 10 point moves, I focus on 22 and 44 point ranges.
If my view today was that the market was moving down, and today's open was trading below the 5-day 50% level and the Weekly 50% level, then the 22 point rejection under 5633 would have been an ideal 'short' trade. But the market dynamics wasn't aligned today, whereas this was the technique I used on Monday.....
22 point rejection under support which becomes resistance
The continued down move today did provide another 'low' risk trade:- shorting the 5-day 50% level @ 5586 along with the R44 spiral top.
Because Today's down move wasn't part of my Trading set-up, I was only interested in taking out 22 point moves when shorting around 5585.
The rotation of the market allowed 2 'shorts', if the market continued down without reversing up into an R44 high @ 5585, then I wouldn't have shorted or traded again..
I'm not interested in Trading longs around these lows today, because there isn't any support in the market until price moves back into the Quarterly lows @ 5493.
Until tomorrow.....
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