Weekly Plan 3/27 '22
Traders-
This is another installment of my personal trading journal which documents my thoughts and opinions and some levels I will be watching next week across a variety of markets. In this week’s journal I will be documenting why I am short term bearish on S&P500 now at 4550/4600 and what may support or invalidate that argument. I am also looking at a few dead cat tech names which may also sell if QQQ and Spooz were to falter here. As always remember all ideas presented in this newsletter are simply my opinions and personal thoughts.
I will also be sharing a couple of new ideas that have popped up on my watchlists. This is a premium post and if you have not yet, consider subscribing to my newsletter to receive up-to 5 such posts every week!
Section A Wrap Up
Before proceeding to share my thoughts for next week, let me in interest of transparency talk about the themes shared last week and how they fared.
PS # for those in a hurry to get to next week, scroll down to Section B with my levels and plan.
Starting with Friday…
On Friday I shared the key orderflow level 4515. This was an extremely choppy day and was hard to trade personally. Right at the open, I felt the market was weak and I expected lower prices. I shared 4492 as my LIS for the session as the session progressed.
We did end up going higher to 4540 from 4515 during first half of the day as 4515 held remarkably well. After a couple of hours, we sold down into 4490’s and 4493 I believe was the low of the day, a few ticks above my 4492. Afterwards we ended up rallying all the way back up to 4440 with some minor skirmishes in between at my shared levels. Choppy and frustrating I managed to stay alive!
Here is the link to my Friday plan if you have not yet reviewed it: FRIDAY
Chart A below from Intraday action on Friday. Notice how stubby this profile is. Often an indication that the lower prices will be revisited.
We will talk more about this but also how 3 times we tried to fall back into the prior value area and got bid up each time. If this had not happened on a Friday and on a lower than average volume, I would have considered this quite bullish.
These journals are key for me to amplify what has been working for me and minimize what not so much. These are part of my preparation and trader psychology which I shared in detail in this post: Trader Mindset. I think mindset is the most important aspect of trading and must not be minimized.
Thursday
Thursday was a good day for me. Most of the FinTwit got very bearish here at 4450 where I remained cautiously bullish as long as 4450/4425 held. This in hindsight tuned out to be correct. Here is my plan from Thursday: Thursday PLAN
I was also bullish on Bitcoin and miners stocks like RIOT which did ok on Friday.
Wednesday
Wednesday yet again I was bullish as long as 4450 held.