Creating this journal as an impetus to chart every day, even if I won’t be trading the following day. Also as a means to engage in a sort of ‘paper trading’ where I make plans for what I might do based on my technical analysis, then follow up to see what took place or if I was correct in my analysis.
SPX
- Notes: On the Daily, SPX is following to a T the channels I’ve had laid out since 3.26.2021. Though it broke the first minor channel it respected the major channel I have drawn; a channel it has respected since October of last year. Incredible. If the market (SPX) can push back above the secondary channel, I see no immediate obstructions until the all time highs of 4393. The last burst from the support did not take the price action to the upper bounds of the channel drawn. Could we be seeing a loss in conviction? Or is this another breath before take off.
- Prediction: If price breaks below 4315, play puts to 4290. Above 4345 play calls to 4355, then 4370.
- Follow up | 7.25.2021 9:36 pm | SPX performed almost to the letter, exactly how I outlined it would here and I took no position. I am still early in my education, relatively, but the consistency with which I’ve been constructing my supply & demand levels & the exactness with which the market has reacted to them is almost unbelievable to me. I need to slowly begin taking positions on my convictions. I am becoming just as much of a technician as people making a fortune more than me. I’m waiting for the punch in the face that’s going to come if I get too confident. But I need to assert that confidence first before any inevitable awakening hits me. If I proceed cautiously, thoroughly, maybe I can avoid it.