$SPY Last week we had less than ideal price action and we still managed to have 5 great days back to back!
We stayed patient and focused on quality over quantity. We know what works and waited for our setups.
Here's a review thread ๐งต as we get ready to do it again this week๐
We stayed patient and focused on quality over quantity. We know what works and waited for our setups.
Here's a review thread ๐งต as we get ready to do it again this week๐
Monday - It took 2 hours of patience before this setup formed. After a choppy first hour we broke support and formed a nice bear flag on the retest
You can see from image 1 how we stalked out this flag for over 30 minutes just waiting for that break. 2 nice plays off this ๐
You can see from image 1 how we stalked out this flag for over 30 minutes just waiting for that break. 2 nice plays off this ๐
Tuesday - Very similar setup here. Coming in we knew from our supply & demand zones that 415 was the support level to watch!
Trend line break sends us below that zone followed by a nearly identical trend line pullback to play. This was some very clean price action ๐
Trend line break sends us below that zone followed by a nearly identical trend line pullback to play. This was some very clean price action ๐
Wednesday - Classic 2 minute strategy setup here. We break over resistance and flag back into the 13ema.
Flag breaks and we ride the wave trailing out stops. I love this play! Minimal risk, High reward ๐
Flag breaks and we ride the wave trailing out stops. I love this play! Minimal risk, High reward ๐
Thursday - After a nice move up we started putting in lower highs and higher lows. This created 2 trend lines to watch. Break the top line we go long and aim for resistance. Break the bottom line we go short and aim for support.
Entered on the pullback and rode the 13ema up! ๐
Entered on the pullback and rode the 13ema up! ๐
Friday - We got stuck in range between the pre market high and previous days low. After the rejection of PMH we waited for price to get below the emas to avoid any possible support.
Entered puts using the ema as risk level and rode in back down to the bottom of the range ๐
Entered puts using the ema as risk level and rode in back down to the bottom of the range ๐
I took 15 trades this week. 11 wins and 4 losses for a 73.33% win rate. I never shy away from good setups because I am scared to take a loss. I have pre defined stop levels for every trade I enter that caps losses at 20% or less. I review them, learn from them, then move on ๐
Thanks for reading! Enjoy your Sunday and lets bank this week ๐ค
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