As a naturally risk averse person who is trying to work on being risk tolerant, working with a small account especially on high confidence days can be very frustrating.
Good Morning! Inverse Head and Shoulders Bottom is Fully Complete. Expected Move was to 4220 (Breakout is typically equivalent to length of head, ~60 points) Tight consolidation in the morning provided a great entry for calls. Now looking to play the Fed move later at 2:00 / 2:30
Trade Confirmations from earlier. Execution once again was flawed. $500 account hard to work with. Entered OTM 4245 due to affordability and confidence in the morning move. Despite this I sadly ended up selling for 20% because I did not like the way contracts reacted at 10:00.
$SPX Trade Idea from yesterday panned out perfectly. My execution could have been better. Entered initially in the morning at the neckline, but got stopped out on the breakdown to 4153. Missed the reclaim and bounce at 4160, but managed to catch the 1:15 candle. TP at 4190.
There are multiple economic events this week, namely the Fed decision on interest rates on Wednesday. I will look for a bounce at 4160, but will also remain on the look out for any signs of failure/trend change, as there is the gap up from today that looks likely to be filled.
Whats up twitter. Doing some prep for tomorrow and seems like we have a textbook inverse head and shoulders set up on $SPX / $SPY. This is a very reliable structure to trade with clearly defined levels. I'll be looking for an entry tmr morning around the neckline support at 4160