Trading Plan for Leap Day
It’s hard to believe it’s Leap Day 2016 already!
Let’s jump right in to our Monday Trade Planning Levels for the S&P (NYSEARCA:SPY) @ES (E-minis) and trade the movement toward or away from these key levels.
I’ve been highlighting these levels each day to our Daily Planing Members (join us for access).
A quick glance reveals the key importance of the 1,940 @ES pivot. It’s the rising 20 EMA on the Hourly Chart and – more importantly – the 50% Fibonacci Retracement of the 2016 swing as drawn.
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We’re seeing – as expected/logical – an initial bounce or rally “up away from” 1,940 toward 1,960 and probably 1,971 our short-term upside swing target.
The alternate or breakdown thesis triggers under 1,940 which opens a sell pathway back toward 1,920 then 1,907.
Whatever other strategies you’re using, print out and focus your attention on the 1,940 pivot and the upper/lower targets accordingly.
We trade the movement (usually in the form of intraday retracement trades) toward or away from these levels.