I have hard stop orders on my position trade, but would prefer not to post my stops. I do think there's a good chance I've taken all the heat I need to, and may well tighten my stops as this price action plays out.
Intraday, there definitely WAS a Wyckoff upthrust. Two tip-offs: (1) a rapid retreat down after the new high (within a few minutes); and (2) high volume on the new high. The trap was sprung. For the record, I didn't trade it. I don't trade the first thirty minutes ever. When I analyzed by P/L by time a few months ago, I learned that I suck the first 30 minutes (get chopped up), so I start at 10:00 now.
I think the diamonds usually have more swings up and down to form the slanted sides of the diamond from the charts of diamonds I have seen.
I left a resting order at 1495, with a 3 point stop in the overnight. Nice to see it got hit while I'm at work. I just lowered my stop to 1493 to lock it in. 1490 has been a MAJOR level in SPX over the past 6 months plus its the 50% retracement from the 1520 high. I dont think this will be a major top before a big move down since I dont see much divergence going on in any timeframe, but at least there is this small bounce.
Buy1Sell2: Your exit strategies are interesting to say the least. You shorted your full position at 1511--had an unrealized gain at around +71 points and we are now approaching where you shorted. From my vantage point entries are important but it is the exits that define excellent trading. This is the second time in the past 4-5 weeks that I have seen you fail to take profits at very important support levels. DMartin