Good Morning Mindful Traders,
I hope everyone is enjoying the nice cooling effect of the rain in Ontario Canada - We have been in a major heater for the last 3 months and it is now finally started to cool down.
Lets get to the SPX trades that we can set up here.
FACT Currently SPX has been consolidating in a channel since July 29th - We were able to catch waves 1 through 4 and I had a bit of a hiccup on Wave 5 when shorting around 3243 (Luckily with good risk management skills I was able to take minimal loss) I have not traded since then as I am taking the time to see where this trend is going.
Objective There is a short opportunity here - I am still waiting for SPX to break above this channel (It may not happen) However this is a very typical movement for a wave pattern to do before presenting us with a short trade opportunity. The highest I could see this extending before continuing down is the 3225 level. However as mentioned before the top of the channel could have been the top for this short trade.
Lets be patience and see what happens - Trend is you friend :)
I hope everyone is enjoying the nice cooling effect of the rain in Ontario Canada - We have been in a major heater for the last 3 months and it is now finally started to cool down.
Lets get to the SPX trades that we can set up here.
FACT Currently SPX has been consolidating in a channel since July 29th - We were able to catch waves 1 through 4 and I had a bit of a hiccup on Wave 5 when shorting around 3243 (Luckily with good risk management skills I was able to take minimal loss) I have not traded since then as I am taking the time to see where this trend is going.
Objective There is a short opportunity here - I am still waiting for SPX to break above this channel (It may not happen) However this is a very typical movement for a wave pattern to do before presenting us with a short trade opportunity. The highest I could see this extending before continuing down is the 3225 level. However as mentioned before the top of the channel could have been the top for this short trade.
Lets be patience and see what happens - Trend is you friend :)
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3325 Level is the extension level - Sorry that was a typo!
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SPX Hit resistance at 3292 I have placed a short at this level with tight stops.
SPX Hit resistance at 3292 I have placed a short at this level with tight stops.
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Stop Loss hit again small hit - Trend is long for now as we have broken resiatance.