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I wanted to expand on one of the set-ups I posted…sort of like a play by play and glimpse into my trading edge. Here was the snapshot and the snapshot was from Friday morning. I trade futures and this snaphot is the S&P 500 futures.
I wanted the upper level, price turned during the 10 am reversal and has formed another supply zone, might get a chance to still short this Market.
US equity markets gapped up today, looking to short the S&P 500 futures if price can move up a little bit more and I see price breaking down.
This is the daily chart and everyone in the world is looking at the 2800 level. The blue line below the yellow lines represent my daily supply zone.
When price is in or near higher time frame supply, it gives me permission to look for shorts. Taking the chart down to a 15 min chart, I saw a 15 min supply zone.
Taking the 15 min chart down to a 2 min chart, I see two supply zones.
So when price returned to the zones, I was looking to short price at the 2nd level…the first level is like my offensive line, so I was looking for those sellers to battle the buyers, so if price reached the 2nd level, there would be no buyers left, just sellers.
But that never happened, what happened was a “M” pattern or reversal pattern formed.
The price breached the pivot low of the “M” pattern, so I was waiting for a slight pull back to short price, but that never happened.
The price formed another supply zone and so I was waiting for price to pull back, but that never happened either.
Price did eventually hit target, before reversing mid-day.
No sweat, the beauty of the Market is, it always gives you another opportunity, it’s like a tree that bears fruit, the key is not to pick the rotten ones.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
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