SPY positioned for upside. Will CPI carry SPY to new highs? Trade Ideas for Wed Sep 10
High Probability Trade Idea wins again, but I botched the execution! Spot on Secondary Idea.
Ever have one of those days where you knew exactly what to do but just didn’t do it, or didn’t do it right? That’s what happened to me. I let doubt creep in and instead of following the process and what the probabilities dictate, let emotion and maybe I wrong this time creep in. What triggered that was the price action was super choppy yesterday and gave conflicting price action signals. Though technically it was consistent, but my edge often comes from recognize patterns and action ahead of lagging technicals.
The biggest thing outside bad execution on the main idea that got me frustrated was I traded in the middle of the range instead of waiting for the easy money setups at the levels. Remember to measure and track are you doing what you are suppose to do or not. It’s super EASY to fall back into bad habits.
Here’s my review of yesterday’s action and lesson on RSI DIVERGENCE.
What is Two Hour Trading?
Two Hour Trading is my system for finding and executing trades while spending less than two hours a day trading. My goal is to earn 100-300% on the capital I risk while waiting for 1000%+ gain trades to set up. Key benefits include:
High-quality trades with excellent reward vs. risk
Avoiding overtrading and losses from it
Trading to win vs. trading not to lose
Stacking the deck in your favor
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Plan for Wed Sep 11
Stick to process. The process and trade setups I teach works. Rinse and repeat over and over again. There will be losses. Any good system will have them. Being systematic also means the gains will repeat and come again too. If you keep changing your system/process trying in an effort to never lose a trade, you will never get to where you want to go.
Market Context
SPY is showing bullish bias in premarket, trading above the pivot at 652.62 after a strong close yesterday at 652.23. The latest premarket close is 653.74, positioned between the pivot and R1 at 654.6, with recent price action indicating potential for failed breakouts near resistances.
Key Events Today
8:30: CPI
8:30: Initial Jobless Claims
Key Levels and Their Significance
660.96: potential strong resistance, relevant in extended rallies.
656.79: projected upper resistance for failed breakouts
654.60 - High Priority: Key resistance for failed breakout reversals, frequent bounces with volume >2x average in recent data, 70% probability based on 1-minute chart rejections, ideal for scalpers at open.
653.90: Data-derived from premarket high, potential short-term resistance with volume support, 65% probability, for scalpers, active early session.
652.62 - High Priority: Pivot point for support tests, shows clear rejections and volume spikes, 75% probability, suitable for day traders, relevant at open.
650.43: Support level for failed breakdowns, historical hold with Fibonacci alignment, 60% probability, for swing traders, mid-day relevance.
648.45: Deeper support with multi-day low alignment, volume spike >2x average, 55% probability, for swing traders, later session.
644.28: Lowest support, low priority with infrequent touches, 45% probability, for longer holds, end-of-day relevance.