15:05 SPI RecapThis morning's set-up was based on the failure of 5539 and the movement back down into 5476 (valid support) but with the expectation that the set-up would continue down below 5476...
The first set-up failed.... but the price action today was based on the previous 5-day ranges:- the high and failure at Wednesday's 50% level @ 5580, the consolidation around Thursday's 50% level @ 5539 , and then the support off the 5-day lows @ 5476.....
Because my analysis and set-up was based on 'short-trading', I just used the Risk level to trade shorts with the expectation that at least price would move down into 5476....
I also made a point all day about the potential of a 14:36 short-covering rally off the R44 spiral lows.... it wasn't where I expected the rally to happen from, but it happened.....
We got an exact 14:36 short-covering rally off 5476, and if it continues up it should swing back to the 5-day 50% level @ 5539...
I didn't trade it, but i've already got a few emails saying others did.....
Choppy trading day:- but the levels and spiral points were enough to give everyone an idea about today's trading.
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