Tricky day today. $ES_F was rangebound for most of the day and looked like it was going to make a run towards 3640, but eventually gave up and dropped 50 points. None of the set ups from yesterday triggered, so today was a day to practice risk management and sit on your hands while waiting for the market to give a clear direction.
Recap:
$DKNG- Passed, Never entered zone for re-entry… but if you had runners they ran
$SPCE- Passed, Set up never triggered
$WKHS- Passed, Set up never triggered. Puts from yesterday closed breakeven
$SPY- Calls from yesterday closed for a loss
A few new set ups for tomorrow, but be careful… Let the market pick a direction before getting into trades.
$ES_F
This could be a WXY correction for subwave 4… but it is getting a little too close for comfort. I would like to see an overnight bounce off the .618 and a nice reversal into tomorrow. If 3547 is lost, the count is invalidated and we are likely in a larger corrective pattern. Personally, I am not taking any trade until this price action resolves and becomes more clear. Preservation of capital is priority number 1.
$AAPL
Possible 1,2-1,2 set up forming with a demand zone below. I like an entry between $117-$117.50. Make sure to look for reversal signals before entering, it could always put in a deep wave ii.
$WMT
Slowly but surely making its way down to the buy zone. If it gets to the .618 I will be going long with a stop under the .786
*** $DKNG set up from yesterday still valid, looking to re-enter long on the gap fill at $42.80***
That’s all for today! Make sure to follow my twitter @rbc_trading for live updates! Remember, don’t force any trades, let the set ups come to you! If the set up does not develop, don’t chase! This is a sure fire way to lose money. There will always be another set up right around the corner!
Lastly, I provide this information at no cost… but if you feel so inclined, I appreciate tips via Venmo (@Ryan_Chandler16)… If you find my set ups helpful and would like to make a contribution of any amount, it would absolutely make my day!
Happy Trading