Plan Your Trade July 2 - The Big Rally Day Is Here.
This continued series highlighting my SPY Cycle Patterns continues this week.
Today, the Rally pattern is in Trend mode. This usually suggests a powerful potential for a moderately large upward price bar on the SPY chart.
Although, this morning, we are seeing a moderately high pre-market price below yesterday's closing price. Does this negate the Rally pattern?
Nope. The pattern is fixed. It will either become successful or fail.
Remember, these SPY Cycle Patterns have a (roughly) 70% to 80% success rate. Thus, we can rely on them for guidance, but we must always prepare for potential failure (just like when making trading decisions).
I'm sticking to the SPY Cycle Patterns today. I'm not worried about the deep, lower opening price right now. However, this profoundly lower pre-market price could prompt a substantial"wash-out" event for the shorts when the market shifts to the regular session.
It seems that today is going to be a "make or break" day. Watch this video to see how I will play today's price action.
Go get some.
Today, the Rally pattern is in Trend mode. This usually suggests a powerful potential for a moderately large upward price bar on the SPY chart.
Although, this morning, we are seeing a moderately high pre-market price below yesterday's closing price. Does this negate the Rally pattern?
Nope. The pattern is fixed. It will either become successful or fail.
Remember, these SPY Cycle Patterns have a (roughly) 70% to 80% success rate. Thus, we can rely on them for guidance, but we must always prepare for potential failure (just like when making trading decisions).
I'm sticking to the SPY Cycle Patterns today. I'm not worried about the deep, lower opening price right now. However, this profoundly lower pre-market price could prompt a substantial"wash-out" event for the shorts when the market shifts to the regular session.
It seems that today is going to be a "make or break" day. Watch this video to see how I will play today's price action.
Go get some.
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