What Did I learn about the Market Today?
Trump has a BIG announcement and beg the audience to “Buy stocks”. Some did and some didn’t. We ended the day with a massive Doji. We are still in the middle of two inflection points: The upper BB and 200 SMA (The Upper BB has moved higher and above 200 SMA today) as resistance & support zone, or 5 SMA (which crossed over the 50 SMA today). No need to front-run anything. We have a large trendline supporting the counter rally. If the SPY can rest into the pocket of support (Trendline, green support zone & 20SMA ) prior to a larger move higher or a Head & Shoulder move lower.
There are usually one or two ‘big plays’ each day. If you identify what the ‘big plays’ are and the key stocks, trading becomes easier. Why? Because you’re getting yourself in the right stocks at the right time. Today, the two ‘big plays’ were 1) There was ORB on earnings and Tactical Longs with Cypto & Quantom stocks early, and 2) There was a 11:05pm tactical long entry during Trump’s conference.
Personal Reflections
- What Did I Miss? I failed to take PLTR at the open, Short on GLD and missed some Cypto plays
- What Trade I Did? Tactical Longs and a ZOMI off the 5MA (Trade #1 below)
- What Worked Today? Trading Tactical Longs off key areas and/or intraday relative strength
Today’s SPY Trade Setups and Analysis
- A scaled-down ZOMI off the Hammer back into the 5MA
- W Pattern bounce of 5MA and break of teal and yellow algo.
- Potentially was an end-of-day trade after the Wegde of Doom break.
