$SPY daily update. Classic sweep below macro pivot -0.618 Fib (641.72) for two days just to reclaim it on the third day. Still a lot of ball game left this week as the calendar flips to April. Have to know where macro Fib levels are and I treat them as magnets. Fibs is a cheat code for algos.
Hopefully this was helpful for some.
Zoom in on $SPY 4hr and 641.72 was tested premarket for the second time this week (during premarket). This is where Trump pumped the market. Will he do it again?
Look at $SPY weekly. It already hit the full measured move from covid low to high at the -0.786 fib (685.69) and stalled around there. It's now coming back down to test the next Fib extension -0.618 (641.72). If this does not hold buckle up. I wouldn't be surprised to see a sweep below this fib then a pop for at least a technical bounce.
It doesn’t matter if it takes years.
What else are you going to do?
Chase hot takes? YOLO into memes? Blow up accounts every few months because you can’t sit still?
You aren’t going to study charts, backtest setups, journal trades, manage risk, compound quietly, and build real edge because you have “something better” to do?
Your mind is playing tricks on you.
Ego kills traders faster than bad entries.
The traders who compound fastest assume they’re wrong early.
-About their thesis
-Their position sizing
-Their new strategy
-Their timeframe
-Their risk rules
-Their edge assumptions
-Their whole damn portfolio
Test small. Fail forward. Iterate ruthlessly. Patience prints money. Impatience prints excuses.
What are you actually waiting for?