January 10, 2024 SPX, SPY, ES Trade Plan
Market Recap
We had some nice two action in the market today which is my most favorite trading conditions. While I love my sleep for those ES/US500 futures traders overnight you got into the shorting game consolidating all night below 4765 and above 4756. We finally got the breakdown where price consolidated into the morning eventually targeting a low off 4770 ES or near our 4735 SPX target.
Our two bearish ideas called for these two trade ideas that hit overnight…
If there is a failed breakout of 4765 target 4750
Below 4745 target 4735
We then opened the intraday session near this 4735 target. It was in our chat room where I updated our pivot to 4735 and suggested that I would go long above 4740 targeting 4765. I even mentioned that 4740 will act as resistance as it consolidates before we break out. Take a look at your 5 min chart and you will see this until we broke out finally after 10:10am from 4735 and then 4740 at 11:10am right as we started to break out.
By no means was today an easy day to trade at the open and I will help explain. It was unfortunate as I had the right call but due to the slow moves today and other commitments I needed to attend to I had to cut my trade around 11am at 4745. The right call was made in the chat and we eventually hit our 4765 target. This is why we adjust our trade plans - we start and find those key levels and IF this happens THEN this will occur. 4750 was the first area of support we ripped right through that pivot. When I saw overnight action and newly options flow data from overnight it triggered 4735 as a key pivot level for the session.
Once I entered the trade it was just a matter of having a plan on how I was going to mitigate risk, why I was going to cut the trade, and if those two ideas were not breached off you go. It’s all about conviction and more importantly the WHY. You start to understand the WHY while not a cheat code it is the closest thing…
I wanted to share an update on our ADBE 0.00%↑ trade plan in which we were targeting for 587.5-590 as long as we were above 575. The strike idea we shared and our strategy of what expiry and strike has turned into some amazing profits for us. Calls went from 7.50 to 18.00 and 4.80 to 14.00. Just amazing! Congrats on whose who took these trades. I am officially flat on it and this trade idea is now closed…
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Here is a check in on our BPSPX chart - first non-red day for it over the past 6 sessions.
Let’s bookmark this image and come back to it each month…
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