Just like I once been told by a seasoned trader “too much information on your chart” and I didn’t listen and killed another few years of my trading life, I will now pass it forward by letting you know that you have too much on your chart. Price levels and price action together with risk management is the only true edge, all else, apart from some high tech voodoo AI top shit, is useless. GL!
Thanks. I agree - I wasted 10 years trying to make that setup (the old school one) work. The only year I ever turned a profit was when I was holding myself strictly to using Elliot wave and only taking the third wave, which we just saw today, because it exists in both impulse or corrective waves. It usually springs off a shallow flag. Every other situation is too ambiguous to bet money on, based on my years "studying" everything else I could think of. However, there really is an "obvious". It is to identify the money you will take by agreeing to enter the market with another counterparty. The loser must be known in advance. But it's just levels, price action, volume and risk management doing it that way. I think all winning methodz have this in common. Today's books:
It seems likely that first 4,020-4,040 SPX would be challenged, that’s where I will be trying to get short. fwiw 3,980 is 50 fibs weekly swing low to high range.
Unless I missed it, I'm surprised nobody has yet pointed out this blue trendline on the bottom of the channel here. So not only did the top dotted black line provide a perfect rejection, but this blue bottom channel line did as well. Its of course never this easy though.