7/14/23 (-40) but 10 running drawdown

Lesson/Review

Wasn't able to trade the past two days in which important data drops (CPI and PPI). Inflation data came back a lot better than expected and we've been grinding up since then. we are up nearly 100 points since CPI came out and have made a new yearly high at 4552.25. 0pivot at 4533.33, +1pivot 4557.42, +2pivot 4575.58, -1pivot 4515.17, -2pivot 4492.41. As of writing this at 8:30 a.m. we are right at a new yearly high and 10 points extended off of VWAP and even moreso off the 0pivot. The closest pivot is the +1 to the upside at 4557.42. Looking at the daily/weekly chart we are right at the top of the ascending channel and given the past 2 strong days of trading people may take profits today however I don't want to be biased one way or the other. If we are above VWAP I want to look for support at a key levle and movement to the +1 and/or +2 pivot. If we do find sellers at this new high at 4552.25 I will want to rely on the tape and price action to see if a short above VWAP would be worth taking, as there is room to move to the downside. However I do not want to predict at the reversal, we are in a strong uptrend.

 

Trade 1: I took a long on a pullback to around the yearly high that was made yesterday. I was looking for a move to the +1pivot, risking the bototm of the opening price candle. We moved up and found some resistance, with all the internals (TICK/ADD/VOLD) looking bearish, the SPY/MNQ hitting key resistance levels, and the weighted ticker starting to find buyers. I took this for a scalp for 3ish points. Overall while I didn't stick to my plan, I adapted based on waht the market was showing me and was able to get out on a slightly green trade as opposed to a loser. This was a decent trade at best, I'm just happy I was able to interpret what the market was showing and get out when I did.

Trade 2: This was a news release data candle. The news appeared positive so I took along looking for a scalp recovery. Not the best trade

Trade 3: Reversal trade. Why.

Trade 4: caught the short - got greedy didn't take 8 pts and then went red on the trade

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